Fidelity’s recent announcement of its plans to launch Fidelity Freedom® Lifetime, a new guaranteed income solution within its target date lineup with insurers Nationwide and New York Life, is a signal for the retirement industry – you can read the full announcement here. It reflects growing demand for lifetime income and the increasing demand for recordkeepers to bring more integrated and personalized retirement income capabilities to market.
Launching retirement income solutions requires coordination across a complex ecosystem. Broadridge is proud to serve as the technology provider helping to enable this solution by connecting Fidelity, and the insurers, to create participant-facing experiences in a way that is operationally sound, scalable, and straightforward for firms and end users to adopt.
As interest continues to grow for lifetime income, many recordkeepers are working through the same challenge: how to support greater optionality and more provider relationships without creating significantly more complexity behind the scenes. New demand often means additional integration points, workflows, data management, and coordination across multiple parties. That is where Broadridge helps.
Through our recently acquired retirement income connectivity capabilities, powered by iJoin, Broadridge provides the infrastructure that helps unify the asset manager, insurer, and workplace capabilities needed to bring these solutions to market. Our role as the technology partner is to help connect the ecosystem in a way that supports enterprise deployment, operational flexibility, and a seamless user experience. For recordkeepers, that can mean a more scalable path into the retirement income market.
Why connectivity matters more now
The retirement income market is shifting. Participants are looking for more certainty around how their savings will translate into income that they can depend on throughout retirement. Plan sponsors want choice, flexibility, and solutions that are straightforward to adopt. Advisors want ways to help bridge accumulation and decumulation with experiences that feel connected rather than fragmented.
At the same time, recordkeepers are under pressure to support multiple solution providers and income models while keeping the participant experience simple and the operational burden manageable. Broadridge’s approach is designed to give recordkeepers more options in how they deploy income capabilities across their platforms, whether through SSO, APIs, or other integration models.
“Recordkeepers are looking for ways to expand retirement income access without adding unnecessary operational friction,” said Steve McCoy, Head of iJoin at Broadridge. “Our role is to help connect the ecosystem so firms can bring solutions to market more quickly and efficiently and support a simpler experience for participants, advisors, and plan sponsors.”
More than middleware
At Broadridge, we think about this work as more than just connectivity.
Our retirement income capabilities are designed to help recordkeepers:
- Expand access to income solutions through a robust marketplace of leading providers
- Simplify integration across providers to reduce implementation friction
- Support advisor and participant engagement through more seamless experiences
- Bridge accumulation and decumulation with integrated advice and income capabilities
- Enable modular, flexible deployment across enterprise platforms
In other words, our role is to help recordkeepers balance innovation with risk management and create a more scalable way to deliver retirement income solutions that are practical to implement and easier for participants to navigate.
A model for the future
As the market evolves, firms will need to support a broader range of income options, provider models, and participant expectations without introducing unnecessary complexity. We’re proud to help enable this solution at a time when integrating these capabilities effectively is more important than ever.
If your organization is evaluating how to bring more connected retirement income capabilities to market, Broadridge can help. Get in touch with us using the form below to start a conversation.
[Disclosure] All entities listed within this document are separate and non-affiliated companies.