Nationwide and SS&C Technologies partner to enhance service for advisor-sold plan sponsors and participants
Columbus, OH – Nationwide and SS&C Technologies (SS&C) are announcing a new partnership involving the management of Nationwide’s advisor-sold retirement plan platform. Under the agreement, SS&C Retirement Solutions, a division of SS&C, will provide the software, administration and associated recordkeeping processes for Nationwide’s advisor-sold platform.
“Partnering with SS&C will allow Nationwide to accelerate our efforts to offer the value-added solutions that today’s plan sponsors and participants demand,” said Eric Stevenson, president of Nationwide’s retirement plans business. “This partnership will move up the timing of our platform modernization efforts and allow us to introduce new and enhanced capabilities, all while delivering an extraordinary experience.”
SS&C is based in Windsor, Conn., and is the recordkeeper of more than 20 providers, representing 8.4 million plan participants. Nationwide is one of the largest providers of retirement plan solutions to both public and private workplaces.
The partnership will apply to Nationwide’s advisor-sold business and the company will continue to maintain its proprietary DCDirect recordkeeping system. The go-forward strategy is to place all advisor-sold business on the SS&C platform beginning in early 2021, with all other existing advisor-sold business by the end of 2021.
“While how we manage our advisor-sold platform is changing, who we are, our value proposition and our history of providing award-winning solutions and experiences will continue to differentiate us in the market,” Stevenson added.
“We are excited to partner with Nationwide to help transform their advisor-sold retirement plan business,” said John Geli, President, SS&C Retirement Solutions. “We look forward to leveraging our end-to-end digital platform to help Nationwide reduce complexity, increase efficiencies and deliver a more personalized experience to plan participants.”
Nationwide has been in the retirement plans business for 45 years, administering 37,000 plans and helping more than 2.4 million participants in government, corporate and non-profit sectors stay on track with their financial goals. With more than $141 billion in assets under management, the company serves some of the largest and most complex plans in the industry offering a range of flexible choices to meet the needs of plan sponsors of any size.
Recognized by JD Power and DALBAR for industry leading service, Nationwide's unique approach to the plan participant experience results in participants saying they are more than four times more likely to contribute to their retirement plan, with 56 percent saying they are more confident they'll reach their goals. These results are driven using behavioral data that helps participants take the next best action to stay on track with their unique goals.
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.