The United States has the world’s largest retirement market, with over $34 trillion in retirement assets.
The US Defined Contribution market continues to grow year after year, with contributions coming from all segments and sectors. In numerous ways, the DC market is critical to the US retirement market:
- Consumers access wealth and asset management services primarily through over 100 million participant accounts.
- With nearly $9.6 trillion in assets under administration, the US DC market accounts for slightly less than 30% of the country’s managed retirement assets.
The retirement industry’s bookkeepers are recordkeepers. Consolidation of Recordkeeper players has occurred in recent years. From a peak of 400 recordkeepers, the market has shrunk to less than 150 players today.
We discuss the trends and challenges confronting the US recordkeeping industry in this whitepaper, as well as the importance of recordkeepers developing a digital roadmap for a resilient and future-ready business.
Read the whitepaper to learn why it is critical for recordkeepers to create a digital roadmap.