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PLAN DISTRIBUTIONS: DC Recordkeepers: The Evolution of an Industry
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Journal Article
PLAN DISTRIBUTIONS: DC Recordkeepers: The Evolution of an Industry
2020
Overview
Disruptions included trends such as [\"Report Says Rocky Road Ahead for Recordkeepers,\" National Association of Plan Advisors, https://www. napa-net.org/news-info/daily-news/report-saysrocky-road-ahead-recordkeepers (retrieved August 2019)]: * Unbundling recordkeeping and investment services; * Adoption of passive, rather than active, investment options; * Demand for institutional share pricing across investment options; and * Adoption of target date funds and collective investment trusts as qualified default investment alternatives. [\"Financial Wellness Programs Offer DC Recordkeepers New Opportunity to Become Holistic Providers,\" Cerulli Associates, https:llwww. cerulli.comlabout-uslpressl2019-april-cerullispark-financialwellnessl (retrieved August 2019)] By expanding the types of advice available to include financial education, budgeting, emergency and health savings accounts, cash flow management, and debt optimization, recordkeepers position themselves to capture a larger share of the financial services marketplace and build enduring relationships with participants/clients. Recordkeepers will need to spend money, time, and resources on: * Integrating legacy systems to realize cost efficiencies. * Applying new technologies, including artificial intelligence, digital advice, blockchain, and cloudbased technology, to deliver cutting-edge experiences and protect plan, client, and participant data. [...]recordkeepers may offer health savings accounts, student loan management, emergency savings accounts, and other financial products. * Improved digital experiences.
Publisher
Aspen Publishers, Inc
