Unlike some technology solutions in the retirement plan space, Vestwell doesn't aim to replace plan advisors. (Photo: Shutterstock)
Consolidation of recordkeeper service providers to the defined contribution market may not yet be as torrid as some early predictions, but it's happening.
The trend is expected to continue among the largest national recordkeepers—a list numbering about 40—and among the scores more of regional providers.
"From a pure recordkeeping standpoint, there is excess capacity," Alexander D'Amico, a partner in McKinsey's financial services practice, told BenefitsPRO earlier this year.
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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.
