Reframing retirement

The possibility of what’s to come

Demographic, financial and policy shifts will continue to fundamentally change the US retirement landscape during the next decade, presenting compelling growth opportunities and disruptive threats. Consider what could happen within the next decade:

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If these changes become reality, the entire retirement ecosystem will look profoundly different.

We help firms across the retirement ecosystem reframe their value proposition, from streamlining operating models to growth strategy and transformation through emerging technologies. Our keen understanding of the current and possible future enables a pivot from reactive to proactive.

We help organizations create long-term value within the retirement ecosystem.

The current situation

Severe economic disparities and a lack of overall financial security have resulted in a savings crisis that needs to be addressed urgently.

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The COVID-19 pandemic further exposed the savings and protection gaps, income inequality and the lack of financial inclusion, as EY research has shown. Given these challenges, the US is on the cusp of a retirement crisis. Traditional retirement service providers – including recordkeepers, wealth and asset managers, insurers, and advisors – also face challenges, including:

  • Industry convergence and new competition
  • Constant technological advances
  • Intense pressure to deliver near-term results
  • An evolving legislative and regulatory landscape

What’s the bottom line? We need better financial resiliency solutions and an overall reframing of retirement planning in the US. Stakeholders that shape a clear vision and purpose will be best positioned to succeed in the more dynamic and purpose-driven industry of tomorrow.

Building the foundation for the future

The EY vision for the future US retirement market is founded on a tech-enabled, data-driven and customer-centric ecosystem that will evolve from today’s more linear value chain. To get there, retirement services providers need to determine the best ways to innovate and drive long-term value — both for their organizations and consumers. They must also challenge previously held assumptions. Incumbents have long counted on trust in their brands as an ongoing strength, but for most of the last decade, that trust has been eroding.

According to EY research, 37% of consumers now name a FinTech firm as their most-trusted financial brand. Organizations with winning strategies will solve for trust, discover better ways of working across the ecosystem and, in some cases, embrace co-opetition.

A reimagined retirement business model addresses a not-so-distant future where financial security and wellness come through hyper-personalized and connected solutions; where demand is driven by both the consumer and the various subsectors of the broader financial services industry that intersect with retirement.

As the industry evolves, it’s imperative that retirement services providers prioritize consumers’ holistic financial needs. Key elements and capabilities, some of which are being established today, will provide the foundation for customer centricity. For example, holistic, employer-driven financial wellness offerings will transform the retirement planning experience. Personalized investment solutions and advice will help individuals get to and then through retirement. Open finance, increased data access and portability will shift the power to consumers who will choose to work with providers that offer the best solutions for their needs.

The global EY team of retirement professionals is focused on the industry’s most urgent issues and most compelling opportunities. We are collaborating across the retirement ecosystem on strategies and services to help organizations remain relevant now and in the future.



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