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The pace of recordkeeper consolidation shows no signs of abating. Last year’s headline-grabbing deals, such as Empower’s purchase of MassMutual’s and Fifth Third Bank’s recordkeeper business and Franklin Templeton’s acquisition of Legg Mason’s recordkeeper unit, are expected to continue a decades-long trend.

“It’s very hard to make money in this business, especially with the continued investment in technology that’s needed,” explains Robyn Credico, defined benefits consulting leader with Willis Towers Watson. “Then you add in financial wellbeing. You need something to be able to keep up and also make you stand out.”

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