Robinhood Joins SS&C's RolloverCentral® as IRA Provider
SS&C Technologies Holdings (SSNC) announced that Robinhood Markets (HOOD) has joined RolloverCentral® as an IRA provider. The platform connects IRA providers' account opening systems with third-party administrators' processing platforms to streamline rollover processes.
RolloverCentral automates the rollover process, enabling participants to open and fund IRAs in real-time without paper check delays. The platform has seen significant growth, with a 20% increase in total rollover dollar amount and a 7% increase in rolled-over accounts in Q2 2024.
The partnership aims to simplify retirement savings management for Robinhood customers while reducing processing inefficiencies. The integration modernizes the traditional check-based process, facilitating easier account opening and funding for rollover IRAs.
SS&C Technologies Holdings (SSNC) ha annunciato che Robinhood Markets (HOOD) è diventato fornitore di IRA in RolloverCentral®. La piattaforma connette i sistemi di apertura conto degli IRA con le piattaforme di elaborazione degli amministratori terzi per semplificare i processi di rollover.
RolloverCentral automatizza il processo di rollover, consentendo ai partecipanti di aprire e finanziare gli IRA in tempo reale senza ritardi dovuti ai controlli cartacei. La piattaforma ha registrato una crescita significativa, con un aumento del 20% dell'importo totale dei rollover e un aumento del 7% nei conti trasferiti nel secondo trimestre del 2024.
La partnership mira a semplificare la gestione dei risparmi pensionistici per i clienti di Robinhood, riducendo al contempo le inefficienze nel processo di gestione. L'integrazione modernizza il tradizionale processo basato sui controlli, facilitando l'apertura e il finanziamento degli IRA da rollover.
SS&C Technologies Holdings (SSNC) anunció que Robinhood Markets (HOOD) se ha unido a RolloverCentral® como proveedor de IRA. La plataforma conecta los sistemas de apertura de cuentas de los proveedores de IRA con las plataformas de procesamiento de los administradores externos para agilizar los procesos de rollover.
RolloverCentral automatiza el proceso de rollover, permitiendo a los participantes abrir y financiar IRA en tiempo real sin retrasos por cheques en papel. La plataforma ha visto un crecimiento significativo, con un aumento del 20% en el monto total del rollover y un aumento del 7% en las cuentas transferidas en el segundo trimestre de 2024.
La asociación tiene como objetivo simplificar la gestión de ahorros para la jubilación para los clientes de Robinhood, al mismo tiempo que reduce las ineficiencias en el procesamiento. La integración moderniza el tradicional proceso basado en cheques, facilitando la apertura y financiación de los IRA de rollover.
SS&C Technologies Holdings (SSNC)는 Robinhood Markets (HOOD)가 RolloverCentral®에 IRA 제공업체로 가입했다고 발표했습니다. 이 플랫폼은 IRA 제공업체의 계좌 개설 시스템과 제3자 관리자의 처리 플랫폼을 연결하여 롤오버 프로세스를 간소화합니다.
RolloverCentral은 롤오버 프로세스를 자동화하여 참가자들이 종이 수표 지연 없이 실시간으로 IRA를 개설하고 자금을 조달할 수 있도록 합니다. 이 플랫폼은 2024년 2분기에 총 롤오버 금액이 20% 증가하고 이전된 계좌가 7% 증가하는 등 실질적인 성장을 기록했습니다.
이번 파트너십은 Robinhood 고객의 퇴직 저축 관리를 간소화하고 처리 비효율성을 줄이는 것을 목표로 합니다. 통합은 전통적인 수표 기반 프로세스를 현대화하여 롤오버 IRA의 계좌 개설 및 자금 조달을 용이하게 합니다.
SS&C Technologies Holdings (SSNC) a annoncé que Robinhood Markets (HOOD) a rejoint RolloverCentral® en tant que fournisseur d'IRA. La plateforme connecte les systèmes d'ouverture de compte des fournisseurs d'IRA avec les plateformes de traitement des administrateurs tiers pour rationaliser les processus de rollover.
RolloverCentral automatise le processus de rollover, permettant ainsi aux participants d'ouvrir et de financer des IRA en temps réel sans retards dus aux chèques papier. La plateforme a connu une croissance significative, avec une augmentation de 20% du montant total des rollovers et une augmentation de 7% des comptes transférés au deuxième trimestre 2024.
Ce partenariat vise à simplifier la gestion des économies de retraite pour les clients de Robinhood tout en réduisant les inefficacités de traitement. L'intégration modernise le processus traditionnel basé sur les chèques, facilitant ainsi l'ouverture et le financement des IRA rollover.
SS&C Technologies Holdings (SSNC) hat bekannt gegeben, dass Robinhood Markets (HOOD) als IRA-Anbieter zu RolloverCentral® gestoßen ist. Die Plattform verbindet die Konteneröffnungssysteme der IRA-Anbieter mit den Verarbeitungsplattformen von Drittanbietern, um die Rollover-Prozesse zu optimieren.
RolloverCentral automatisiert den Rollover-Prozess, sodass Teilnehmer IRA in Echtzeit ohne Verzögerungen durch Papierchecks eröffnen und finanzieren können. Die Plattform verzeichnete ein signifikantes Wachstum mit einem 20%igen Anstieg des gesamten Rollover-Betrags und einem 7%igen Anstieg der übertragenen Konten im Q2 2024.
Die Partnerschaft zielt darauf ab, das Management der Altersvorsorge für Robinhood-Kunden zu vereinfachen und gleichzeitig Verarbeitungsineffizienzen zu reduzieren. Die Integration modernisiert den traditionellen Check-basierten Prozess und erleichtert die Kontoeröffnung und -finanzierung für Rollover-IRAs.
- Partnership with Robinhood expands SS&C's RolloverCentral provider network
- 20% increase in total rollover dollar amount in Q2 2024
- 7% increase in number of accounts rolled over in Q2 2024
- None.
Insights
The strategic partnership between SS&C and Robinhood through RolloverCentral marks a significant technological leap in the $12.2 trillion IRA market. The integration addresses a critical pain point in the retirement services industry by digitizing the traditionally cumbersome rollover process. Q2 2024 data showing a
This collaboration holds particular significance for SS&C's revenue growth trajectory, as the company typically generates fees from both transaction volume and assets under administration. The partnership with Robinhood, known for its millennial and Gen-Z user base, strategically positions SS&C to capture a larger share of the emerging wealth transfer market, estimated at
The technological infrastructure provides SS&C with several competitive advantages:
- Enhanced market share through automated rollover capabilities
- Increased processing efficiency reducing operational costs
- Scalable platform supporting future growth
- Strategic positioning for demographic wealth shifts
For investors, this partnership signals SS&C's continued innovation in financial technology and its ability to adapt to changing market dynamics. The company's focus on modernizing retirement services through strategic partnerships and technological solutions suggests strong potential for sustained growth in its retirement solutions segment.
"We are pleased to join RolloverCentral as an IRA provider. Partnering with SS&C's RolloverCentral allows us to seamlessly integrate into the greater retirement ecosystem, making it easier for our customers to consolidate and manage their retirement savings," said Steve Quirk, Chief Brokerage Officer at Robinhood. "SS&C's simple IRA account opening process will help us reduce inefficiencies and support the influx of rollovers as our business grows."
RolloverCentral automates and streamlines the rollover process, facilitating the flow of assets while reducing processing inefficiencies. Participants can open and fund an IRA with a rollover from their plan in a single, real-time process without paper check delays. By offering access to rollover services at the plan level, IRA providers can more easily capture rollover dollars and maximize rollover opportunities for participants.
Demand for rollovers has been rising, driven by demographic shifts, the ongoing Great Wealth Transfer to younger generations and an increase in job changes among the working population. In Q2 2024 alone, SS&C saw a
"We are excited to welcome Robinhood to the RolloverCentral platform," said Larry McQuaid, chief revenue officer of SS&C Retirement Solutions. "As rollover IRAs continue to grow in popularity among investors, the market need for a simplified, technology-enabled rollover process is abundantly clear. By connecting leading IRA providers like Robinhood with recordkeepers, SS&C RolloverCentral lightens the burden on investors, advisors, recordkeepers, and providers. The integrated solution modernizes the current check-based process, helping participants more easily choose, open and fund the rollover IRA account to meet their investment needs."
Learn more about RolloverCentral here.
About Robinhood
A Robinhood traditional or Roth IRA is available to any
Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, commodity interests, and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in
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
Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.
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SOURCE SS&C
FAQ
What is the impact of Robinhood joining SS&C's RolloverCentral for SSNC investors?
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