WINDSOR,
Conn., Jan. 29, 2025 /PRNewswire/ -- SS&C
Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that
Robinhood Markets, Inc. ("Robinhood") (Nasdaq: HOOD), a financial
services company, has joined RolloverCentral® as an IRA
provider. SS&C's RolloverCentral platform connects the account
opening systems of IRA providers like Robinhood with the processing
platforms of third-party administrators to create a simple, secure
rollover process for participants.
"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 20% increase in the total dollar amount
of rollovers, and a 7% increase in the number of accounts rolled
over.
"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 U.S.
customer in good standing. Robinhood does not provide tax advice -
consult a tax adviser with questions.
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 Menlo Park, California, Robinhood puts
customers in the driver's seat, delivering unprecedented value and
products intentionally designed for a new generation of investors.
Additional information about Robinhood can be found
at www.robinhood.com.
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 Windsor,
Connecticut, and has offices around the world. Some 20,000
financial services and healthcare organizations, from the world's
largest companies to small and mid-market firms, rely on SS&C
for expertise, scale and technology.
Additional information about SS&C (Nasdaq: SSNC) is
available at www.ssctech.com.
Follow SS&C on Twitter, LinkedIn and Facebook.
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SOURCE SS&C
