business people running along giant pencil line over cliff Challenges ranging from regulatory changes to potential competition from non-traditional players and more will force recordkeepers to reshape strategic thinking, McKinsey’s report finds. (Photo: Shutterstock)

The “razor-thin” margins that recordkeepers of employer-sponsored retirement plans already operate under will narrow in the foreseeable future, forcing incumbent providers to rethink their operating models and cultures if they are to compete, according to new analysis from McKinsey & Company.

The good news for recordkeepers looking to grow is that the $26 trillion retirement market–the defined contribution market accounts for $8 trillion–will continue to grow, even as baby boomers retire.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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