The Future of Data Sharing & Technology in the Retirement Planning Industry
Technology is reshaping the retirement plan industry, and at the center of it all lies data. How does data move, who is responsible for oversight, how much manual data manipulation needs to be in place, how can we protect client data… it’s all about data.
As Retirement Plan Consultants (formerly known as TPAs), we sit at the intersection of payroll, recordkeeping, compliance, and plan design. And for years, that intersection has been marked by manual processes, time-sucking, frustrating, imprecise manual processes. But the future? the future is streamlined automated data integration.
Read more about the SPARK API initiative and how Asteri Collective member, Joe Burt, is leading the way to set the industry standard for data integration here:
Direct Payroll Integration = Fewer Errors, Faster Plans
Thanks to platforms like Finch and ASC, payroll data no longer has to be uploaded, emailed, or rekeyed. These integrations sync data directly from payroll providers to plan administration platforms, cutting down on errors, delays, and headaches.
Employers get time back. TPAs get cleaner data. Everyone wins.
Recordkeepers and TPAs Can Finally Work in Real Time
When data flows smoothly, so does collaboration. Integrated systems give TPAs and recordkeepers shared access to timely payroll and census data critical for compliance testing, nondiscrimination monitoring, and Form 5500 preparation.
This isn’t just about convenience. It’s about unlocking higher-value work. Instead of chasing down spreadsheets, we can focus on plan optimization and compliance strategy.
Better Tech Means a Better Participant Experience
Today’s participants expect digital access, not paper forms. Portals and mobile apps now allow users to check balances, adjust deferrals, and access tools all in real time. That leads to higher engagement, better savings behavior, and ultimately, better retirement outcomes.
Compliance Starts with Clean, Secure Data
As data sharing increases, so does the need for robust cybersecurity. Encryption, multi-factor authentication, and incident response protocols aren’t optional—they’re table stakes. Firms like Congruent Solutions are pushing the envelope on security architecture that keeps ERISA data protected and audit-ready.
What’s Next: AI, Automation, and Blockchain
Artificial intelligence is starting to streamline administrative tasks, detect fraud, and offer predictive analytics. Robo-advisors are making managed portfolios more accessible to small plans. Blockchain may not be mainstream yet, but its potential to simplify transactions and increase transparency is on the horizon.
What This Means for the Asteri Collective
As the industry moves toward tighter data ecosystems, the role of the Retirement Plan Consultant becomes even more strategic. We are the bridge between payroll, plan design, and recordkeeper execution. When the data flows right, everything else does too.
It’s not just about keeping up. It’s about leading the way forward.
