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"Two tectonic forces" are on a collision course in California, says Tim Rouse, executive director of the SPARK Institute, which advocates on behalf of retirement plan providers. One stems from the larger digital economy, and consumers' and lawmakers' demand for greater privacy and protection of the data individuals generate online.
The other comes from the workplace retirement and benefits segment of the economy, and the growing consumer demand—from individuals and employer plan sponsors—for holistic financial direction tailored to individuals.
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In California, state lawmakers have been the first to take action to address what Rouse called the "justifiable movement around data privacy."
Largely in reaction to the Cambridge Analytica scandal, which involved allegedly pirated Facebook data from 87 million of the platform's users, the California Consumer Privacy Act was introduced in early 2018, and signed into law at the end of June.
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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.
