Global fintech firm Broadridge Financial Solutions has organized and launched a new retirement security consortium to accelerate the adoption of guaranteed income solutions in retirement plans, and also to harness the collective insight of retirement experts.
The Retirement Income Consortium’s stated goal is to support greater access for workers to retirement income solutions while creating a “due diligence framework for retirement income solution evaluation.” Additionally, the group hopes to work with retirement income solution providers and others to better educate advisors and plan sponsors.
Citing the passage of the SECURE Act, the Consortium hopes to elevate the awareness of the importance of retirement security and preparedness for Americans. The lack of retirement readiness is a national concern and also sees women continuously lagging behind men.
A recent report from the Secure Retirement Institute found that only three in 10 workers feel very prepared for retirement, meaning seven in 10 workers say they are either somewhat prepared or not at all prepared for retirement.
A new standard
The Consortium plans to address the gaps in retirement income solutions implementation within plans by creating a “due diligence framework.”
“The early interest that we received last fall materialized into commitments from a great group of industry leaders that have a shared commitment to helping participants retire with more security than they have today,” said John Faustino, Broadridge’s Head of Fiduciary Education and Technology Business.
He added that a number of additional commitments and member companies are forthcoming, but not yet ready to be announced.
HEAR BROADRIDGE FI360’S JOHN FAUSTINO DISCUSS THE CONSORTIUM ON THE 401K SPECIALIST PODCAST
Founding members of the group include retirement industry heavy hitters:
- AllianceBernstein
- Allianz
- BlackRock,
- Income America
- Nationwide
- Principal Financial Group
- Prudential Financial
- TIAA-Nuveen
Also joining the mix is the American Retirement Association, itself a consortium of retirement associations including American Society of Pension Professionals & Actuaries, the American Society of Enrolled Actuaries, the National Association of Plan Advisors, the National Tax-deferred Savings Association, and the Plan Sponsor Council of America. Broadridge indicated that additional firms may join the group at a future date.
The Consortium plans a free introductory webinar in May to further explain its focus. More information can be found here.