There is further consolidation in the retirement plan business as TD Ameritrade is selling its retirement plan and custody assets to Broadridge Financial Solutions/ Matrix Financial Solutions≥
TD Ameritrade is not getting out of the business completely as they said they would continue to serve as a retirement plan administrator and recordkeeper.
Upon closing of the transaction, Matrix is expected to have approximately $420 billion in assets under administration and over 118,000 plan accounts in custody.
Every week, it seems that someone else is selling out. Wells Fargo just made their announcement recently that they were leaving the 401(k) plan business. As the business becomes more competitive, which has been the case since fee disclosure regulations were implemented in 2012, more and more consolidation has happened and will continue to happen.