Recordkeeping Tech Needs an Overhaul: Study

Three-quarters of retirement advisors believe recordkeeping technology is outdated and needs an overhaul, according to a survey released Monday by Vestwell. Over half said user experience was their biggest challenge using recordkeeper technology. Forty-eight percent cited lack of integrations and 45% said high fees were the biggest tech challenges they faced with their current providers.

Vestwell conducted the survey in August among 434 advisors who sell retirement plans and 164 plan sponsors on the company’s platform.