| Aggressively grow umbrella as anchor institutional revenue driver |
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- Launch of our InFund Preservation and annuity umbrella solution in October 2016
- Launch of our group retirement annuity solution in February 2017
- Over 50 new clients joined our umbrella funds
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- Drive new business through the restructuring of the new business approach and redefining the principles of team measurement
- Roll out the group value proposition to umbrella fund clients
- Retailise the umbrella fund core
- Refine the market approach with a plan to increase participation in the SME sector
- Develop mid-term road map for migration of unified Alexander Forbes Retirement Fund/ core offering to open architecture
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- External risks: political changes and macroeconomic economy
- Internal risks: staff retention, which is being mitigated by restraint programmes
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| Get ‘back in the boardroom’ and improve cross-sell to end consumers |
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- Launch of various employer solutions to meet the needs identified through interaction with the boardroom including AFRIS (Alexander Forbes Retirement Income Solutions) and financial well-being value proposition
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- Increase the number of boardroom engagements
- Assign strategic relationship partners to key institutional clients
- Extend our group value proposition to a broader customer base
- Greater integration with the retail division and retail solutions
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- More boardroom touchpoints and solutions
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- External risks: political changes and macroeconomic economy
- Internal risks: staff retention which is being mitigated by restraint programmes
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| Improve operational efficiency in administration and address standalone retirement fund profitability issues |
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- Implement process enhancements in respect of contributions
- Aggressive roll-out of Alexander Forbes online to employers linked to retirement funds for the submission of electronic claims
- Streamline the claims process to more effectively reduce turnaround times and number of claims through a centralised time
- Continued analysis of client profitability
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- Operational efficiency enhancements in line with the Sapiens project
- Execute plans for unprofitable clients taking into account end-to-end pricing
- Extend our administration platform and value proposition to self-administered retirement funds
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- Efficiencies achieved via Sapiens environment with corrected pricing
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- Internal risk: delivery of Sapiens solution
- Client acceptance of revised offering and pricing
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| Expand our other institutional products and services |
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- Launch of AFRIS in April 2017. AFRIS is our institutional living annuity solution available to standalone retirement fund clients
- Launch of the death benefit consulting solution to retirement funds and employers
- Expand the Africa employee benefit solutions to South African companies operating in Africa
- Launch of beneficiary fund administration services to complement our existing beneficiary fund consulting services
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- Roll-out of our solutions to our clients and the markets
- Introduce strategic relationship management for key institutional clients
- Roll out the group value proposition to standalone retirement fund clients
- Expand beneficiary fund offerings to the market
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- Diversification of employee benefit consulting and administration services
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- External risks: political changes and macroeconomic economy
- Internal risks: staff retention which is being mitigated by restraint programmes
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| Leverage the traditional core to optimise asset capture from pension fund business |
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- Identify clients and allocate strategic resources to support clients in developing the appropriate solution to meet their unique requirements and to facilitate the conversion of those assets
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- Embed the approach and ensure scale for execution of the strategy
- Require differentiated contribution (DC) advice model, i.e. Managed DC
- Evolve AF Investments’ investment philosophy and value proposition
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- Increased assets under management and advisement
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- Perceived independence concerns of customers
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| Expand to focus on external pension fund assets and external non-pension fund assets |
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- Identify clients who would be a match to the value proposition
- Strengthened strategic relationships with external consulting houses
- Collaborate with Mercer on opportunities within the long-term insurance sector
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- Launch revised investments value proposition in line with our restructured operating model
- Build capacity for liaising with external consulting houses
- Enhance direct sales capability
- Identify and develop plans to approach clients on our solutions
- Build capability through our advisory to develop bespoke solutions for long-term insurers in conjunction with Mercer
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- Increased assets under management and advisement
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- Bandwidth across existing sales force
- Failure to attract suitable long-term insurance actuarial skills
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| Expand alternatives and passives offering |
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- Manage range of existing passive offerings
- Investigate partnerships for offering alternatives
- Collaborate with Mercer on global alternatives for South African clients and local alternatives for global clients
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- Review alternatives and passives offering, their design and purpose, in line with our revised investment value proposition
- Seek partnerships or acquisition opportunities to accelerate development
- Roll out our offering to our clients and the market
- Build capability through our advisory to develop specialist alternatives capability (best-practice framework)
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- Increased assets under management and advisement
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- Limited alternative offering opportunity
- Ability to find deal flow in private markets space
- Potential to erode margins through passive-only offering
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achieved
not achieved
