On today's episode of the Tech Talk Tuesday podcast, Ryan McQueeney is joined by Chad Parks, founder and CEO of Ubiquity Retirement + Savings, to discuss the intersection of technology, retirement planning, and small business.
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Ubiquity Retirement + Savings is a rapidly-growing fintech company that offers customizable, flat-fee retirement plans for small businesses. Chad started the business two decades ago after realizing that small businesses were drastically underserved in the retirement planning market. The company strives to use technology to improve its offerings and outcomes, most recently launching a cloud-based SaaS record-keeping platform called Paradigm.
Beyond Ubiquity, Chad is an expert on the retirement industry and has encouraged federal lawmakers to pass small-business-friendly legislation. He has even produced a documentary film , Broken Eggs: The Looming Retirement Crisis , to help educate Americans on lingering problems in the retirement landscape.
This combination of experiences makes Chad the perfect person to talk to about technology, retirement planning, and small business. In today's Tech Talk, Ryan and Chad chat about the intersection of these ideas, focusing on the needs that still need to be met, the progress that has been made in recent years, and where small businesses should go from here.
Chad said that small businesses are slowly adopting "one-stop shop" platforms for saving, planning, record management, and accounting. These types of suites have been available to larger businesses in the past, but small business owners are just now starting to see software designed for them.
But there is still plenty of work to be done, Chad thinks. Companies like Square SQ , Paychex PAYX , and Intuit INTU are fantastic at what they do-yet these services still hold a relatively small share of their respective markets, as many owners still opt for a pen-and-pencil management.
There are also national considerations that affect small business owners just as they do our wider society. Huge generations are entering retirement age and life expectancy is high, stretching the resources of federal retirement programs to the brink. Chad argues that people need to shift their perspective on saving for retirement to account for this situation.
Luckily, there are plenty of new tools and resources that make this shift easier, and Ryan and Chad discuss several of them on today's episode. Make sure to check it out for more information!
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