Vanguard is poised to be at the forefront of the financial services business once again — this time "disrupting" the retirement industry, writes Amber Czonstka, a principal in the firm's institutional sales, in a recent blog.
The retirement industry, she notes, has many of the "same puzzle pieces" as the financial services business, specifically being "tethered" to legacy mainframe systems, which makes it difficult for plan administrators to "fully capitalize on real-time enhancements in the same way that fintech companies can."
Czonstka equates trying to make changes to that system like trying to create "a new state-of-the-art app on a flip phone."
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Ginger Szala
Ginger Szala is executive managing editor of Investment Advisor magazine. She covered the financial business and alternatives industry for 30 years while editor of Futures Magazine Group. MSJ Northwestern, BA University of Wisconsin-Madison. She is based in Chicago. Go Blackhawks!
