How to Go From Outdated to Upgraded

Upgrading legacy systems doesn’t have to be all-or-nothing to deliver real impact

Retirement plan providers are under growing pressure to deliver competitive, differentiated solutions. For many institutions—especially those where retirement plans aren’t a core business—it can seem like the only technology choices are to manage everything internally or to outsource the entire operation. That’s no longer the case. Today’s modular, modern technology gives you the flexibility to keep what makes your offering unique while upgrading only what needs to change. The result: stronger client relationships, improved efficiency, and faster time to realize value—all without a full-scale system replacement. 

How to upgrade retirement plan technology in a strategic, manageable way 

1. Assess your retirement plan value chain
   You don’t have to choose between doing it all or doing nothing. A modular approach can help you accelerate digital experience enhancements while continuing to own the client relationship, the investment strategy, or other core strengths and value drivers. For example, you might keep advisory and investment services in-house but partner for more complex or operational retirement plan-specific services like plan administration or compliance testing. Even something as targeted as providing a self-service compliance tool can create noticeable value for plan sponsors—without building the team and experience on your own.

2. Mitigate risk by modernizing
   Sticking with outdated systems is no longer the safe choice. Regulatory changes, cybersecurity threats, and rising participant expectations mean that doing nothing carries real risk. Legacy platforms often can’t keep up with compliance demands or security standards, exposing your organization to operational vulnerabilities and reputational harm. Technology upgrades, when done strategically, can serve as a risk management tool—not just a tech enhancement.

3. Adopt an agile mindset
   By moving away from all-or-nothing thinking, you can start seeing value faster through more focused strategic improvements. You don’t need to be a scrum master to appreciate the power of quality-assured, continuous, automated enhancements—especially when changing your mindset has enabled you to tailor technology services to the unique objectives of your business and deliver them seamlessly to your clients. In the retirement plan space, this means your customers benefit directly from the more rapid deployment of new features and functionality and associate continuous innovation with your brand.

4. Understand AI’s role as part of a competitive retirement plan experience
   AI has become more than a buzzword—but do you know how it’s driving meaningful improvements in retirement plan service outcomes? Strategic and secure AI solutions can quickly analyze client questions, provide customized responses with greater speed and accuracy, and automate summaries and archiving. This more accurate and expedited model frees service teams to focus on more consultative conversations that improve satisfaction, retention, and growth. In practice, AI is helping providers reduce administrative load while enhancing the client experience at scale.

5. Rethink integration to take advantage of strategic connectivity
   It wasn’t that long ago that API (application programming interface), not AI, was the trending technology wave. Integrations are as important as ever, but now it's about delivering more seamless workflows and end-to-end experiences. Purpose-built connectivity across platforms and technology stacks in the retirement plan industry, in particular, can enable more personalized retirement plan guidance, optionality, and resources for plan participants. The ability to support savers’ needs throughout their retirement journey with personalized solutions tailored to users’ preferences and needs is key to driving engagement and better outcomes.

6. Access data-driven insights and analytics
   With so much connectivity, there is both opportunity and challenge in extracting actionable insights for more informed decision-making. Take the guesswork out of retirement plan business optimization through advanced analytics that can inform plan design, investment lineup decisions, and fiduciary strategies. In fact, it’s that much more important that you explore new technology options that can guide the optimization of your retirement plan business design and capabilities.

Choose partners, not just platforms

In the end, technology is only as powerful as the people behind it. When evaluating your path ahead, look for more than features and functions. Seek partners who understand the retirement industry and can provide strategic guidance, implementation support, and ongoing innovation. The right partner brings expertise, not just infrastructure, helping you move forward with confidence and clarity.

Ready to learn more?

Read Rethinking Outsourcing: The Value of Tech-Enabled, Strategic Growth Partnerships and visit our Institutional Partnerships page.