A new resource from KWP Growth Partners called the RetireTech Map 1.0 showcases 60 workplace retirement plan companies that are addressing key industry challenges and offering innovative solutions.
The map, released on Dec. 11, categorizes these companies into nine focus areas, including employee engagement, lifetime income, and portability, providing a clear view of advancements in the retirement ecosystem. By highlighting progress, it enables stakeholders to understand how these solutions contribute to broader industry goals.
“We saw an opportunity to provide a 20,000-foot view of the innovators creating new ways to expand retirement coverage and security,” said Will Prest, managing partner at KWP Growth Partners. “While larger companies can often afford retirement benefits, the retirement industry wasn’t built for the mass market or small employers. RetireTech is helping close the coverage gap for smaller businesses while helping existing industry players offer innovative solutions.”
The initiative began by examining four major industry challenges: expanding retirement plan access, increasing participation, boosting engagement, and improving outcomes. The map contains workplace retirement plan companies exclusively, with a focus on digital-first and digital-forward innovators transforming retirement services for working Americans. It’s the first version and will be updated periodically.
Notably, the map excludes incumbent companies to focus exclusively on independent, digital-forward companies driving change. It also excludes standalone tools without a workplace retirement component, and non-retirement-focused firms unless they also deliver workplace retirement services.
“We saw an opportunity to provide a 20,000-foot view of the innovators creating new ways to expand retirement coverage and security.”
Will Prest, KWP Growth Partners
Lisa Kottler, KWP’s partner of strategic growth and innovation, emphasized the map’s potential impact. “We want incumbents, founders, and advisors to see the landscape, the emerging trends, and the key players. This resource can foster strategic partnerships, relationships, and even acquisitions,” she said. “It is inspiring to see technology revolutionize retirement planning, making it more intuitive, inclusive, and impactful.”
Highlighted solutions in the map span recordkeeping, employee engagement, financial wellness, affordability, and more.
The Map will soon be followed by its partner piece, a Next Gen 401(k) report, which includes 12 emerging trends and other insights based on months of research. The report will be released in January.
“The retirement industry is at a turning point,” Prest added. “Firms that fail to embrace innovation risk losing competitive edge, market share, and participant trust. Our RetireTech analysis underscores the trends leaders should follow to stay ahead and drive growth.”
Minneapolis-based KWP Growth Partners is a strategic advisory firm that collaborates with providers, advisors, and fintech innovators to provide comprehensive insights that help financial services leaders navigate complexity, identify emerging trends, and drive meaningful growth.
Download the RetireTech Map 1.0 here.
SEE ALSO:
• Why Digital Distribution is Critical to Closing the 401(k) Coverage Gap
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
