hotel borobudur, jakarta, 20 october 2014€¦ · hotel borobudur, jakarta, 20 october 2014 steven...
Post on 31-May-2020
5 Views
Preview:
TRANSCRIPT
DPLK:DPLK:Areas of ImprovementAreas of Improvement
ASOSIASI DANA PENSIUN LEMBAGA KEUANGANASOSIASI DANA PENSIUN LEMBAGA KEUANGAN
Hotel Borobudur, Jakarta, 20 October 2014Hotel Borobudur, Jakarta, 20 October 2014
Steven TannerSteven Tannertancho@pacific.net.idtancho@pacific.net.id
2Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Your team is a keyYour team is a key
Capacity and servicesCapacity and services
InvestmentInvestment
EducationEducation
Benefit statementsBenefit statements
The futureThe future
ContentsContents
3Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Should have appropriate level of knowledge, skill, and Should have appropriate level of knowledge, skill, and competencecompetence
Should also possess soft skillsShould also possess soft skills Presentation, communication, writing, etc.Presentation, communication, writing, etc.
Ongoing self development and improvementOngoing self development and improvement Professional credentials?Professional credentials?
Certification of competency?Certification of competency?
Size of your team does matterSize of your team does matter
Your team is a keyYour team is a key
4Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
StateState‐‐ofof‐‐thethe‐‐art technologyart technology Ability to adapt quickly with everAbility to adapt quickly with ever‐‐changing needschanging needs
Improve online activities, including future demands in online Improve online activities, including future demands in online investment switch investment switch –– this may reduce timing lag and limitation this may reduce timing lag and limitation of investment switchof investment switch
Take advantage of the social mediaTake advantage of the social media
How often do you update your website?How often do you update your website?
Provide standard and consistent reportingProvide standard and consistent reporting Avoid poor manual reportingAvoid poor manual reporting
Capacity and servicesCapacity and services(1)(1)
5Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Provide retirement software and toolsProvide retirement software and tools Allow participants to see how they would benefit from Allow participants to see how they would benefit from
increasing their savingsincreasing their savings
What is your process and standard of practice of What is your process and standard of practice of returning calls and attending complaints?returning calls and attending complaints?
How do you communicate changes to participants and How do you communicate changes to participants and clients quickly?clients quickly?
How often do you review your contracts to see if all How often do you review your contracts to see if all promises have been fulfilled?promises have been fulfilled?
ContinuedContinued
Capacity and servicesCapacity and services(2)(2)
6Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
ChoicesChoices: too many (may be confusing), too little (not : too many (may be confusing), too little (not enough to choose from), and not flexible (too rigid)enough to choose from), and not flexible (too rigid) Fixed investment packagesFixed investment packages: are they designed with specific : are they designed with specific
type of participants/clients?type of participants/clients?
Do you distinguish the needs between individuals and Do you distinguish the needs between individuals and corporations?corporations?
Make available sufficient detail of risk profile of each Make available sufficient detail of risk profile of each funds funds –– individual circumstances may changeindividual circumstances may change Ensure that they understand (care for your clients) Ensure that they understand (care for your clients) –– do you do you
provide investment education materials and how do you provide investment education materials and how do you measure they understand?measure they understand?
Ensure individuals understand to balance risk and returnEnsure individuals understand to balance risk and return
InvestmentInvestment(1)(1)
7Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Most individuals do not have investment knowledge Most individuals do not have investment knowledge and they end up leaving the initial choices unchangedand they end up leaving the initial choices unchanged How do you assist them in choosing?How do you assist them in choosing?
How do you ensure that participants are regularly made aware How do you ensure that participants are regularly made aware of their current investment choice and strategy?of their current investment choice and strategy?
Retirement saving is not just about investing, but it is Retirement saving is not just about investing, but it is also about the future outcomesalso about the future outcomes How do you monitor, communicate, review, and change?How do you monitor, communicate, review, and change?
Have you ever performed gap analysis to indentify gap Have you ever performed gap analysis to indentify gap between income needed in retirement and amount between income needed in retirement and amount contributed?contributed?
ContinuedContinued
InvestmentInvestment(2)(2)
8Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Should provide information on performance of Should provide information on performance of individual funds as well as combination of fundsindividual funds as well as combination of funds
Comparisons should be made among funds within the Comparisons should be made among funds within the provider and the industry to identify the impact of provider and the industry to identify the impact of different outcomes of assets allocationdifferent outcomes of assets allocation
Benchmark used should be clearly defined and how it is Benchmark used should be clearly defined and how it is matched with clients asset allocationmatched with clients asset allocation
ContinuedContinued
InvestmentInvestment(3)(3)
9Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Should hold regular meeting with clients to review Should hold regular meeting with clients to review investmentinvestment Identify if clients investments are under performingIdentify if clients investments are under performing
How do you assist clients to correct them?How do you assist clients to correct them?
Explicit information on charges must be disclosed, Explicit information on charges must be disclosed, including charges on mutual fundsincluding charges on mutual funds
Ensure that your external fund managers are in line with Ensure that your external fund managers are in line with your standard quality of serviceyour standard quality of service
ContinuedContinued
InvestmentInvestment(4)(4)
10Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Education should be a priority to assist Education should be a priority to assist participants/clients make informed decisionsparticipants/clients make informed decisions
Education materials on basic financial, retirement Education materials on basic financial, retirement planning, and investment concepts should be made planning, and investment concepts should be made available and easy to understandavailable and easy to understand …… and it is dynamicand it is dynamic
Newsletter, bulletin, website, etc.Newsletter, bulletin, website, etc.
Face to face participants communication and education Face to face participants communication and education at plan launch and on a routine basisat plan launch and on a routine basis
EducationEducation(1)(1)
11Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Conduct regular public seminars and workshopsConduct regular public seminars and workshops
What about public education and campaign?What about public education and campaign?
Information to assist participants who are approaching Information to assist participants who are approaching retirementretirement Annuity products or any monthly paymentsAnnuity products or any monthly payments
How to invest the lump sum (if any)How to invest the lump sum (if any)
ContinuedContinued
EducationEducation(2)(2)
12Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Disclosure of account balances (inflows/outflows) are Disclosure of account balances (inflows/outflows) are important for accountabilityimportant for accountability But mostly not easy to interpret and it does not deal with the But mostly not easy to interpret and it does not deal with the
end result (enough savings at retirement)end result (enough savings at retirement)
Benefit statements and other communications should Benefit statements and other communications should help participants understand how they are progressing help participants understand how they are progressing towards their desired retirement incometowards their desired retirement income
Providing only funds value is meaninglessProviding only funds value is meaningless
Benefit statementsBenefit statements(1)(1)
13Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
Good quality benefit statements should clearly explain Good quality benefit statements should clearly explain (supplement with short narrative), at least the following(supplement with short narrative), at least the following Amount of contributions have been savedAmount of contributions have been saved
How they are being invested and how they have performedHow they are being invested and how they have performed
Overall investment returns (in %) of the funds for the periodOverall investment returns (in %) of the funds for the period
Charges taken out of the contributions and investmentsCharges taken out of the contributions and investments
Estimate or general illustration of the accumulated value of Estimate or general illustration of the accumulated value of their accounts at retirement (methodology and assumptions their accounts at retirement (methodology and assumptions should be clearly specified)should be clearly specified)
Participants need to know if desired retirement income Participants need to know if desired retirement income can be achieved at the current rate of contributionscan be achieved at the current rate of contributions If not, how much additional contribution is neededIf not, how much additional contribution is needed
ContinuedContinued
Benefit statementsBenefit statements(2)(2)
14Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
The immediate futureThe immediate future You are supposed to provide quality services to clients, You are supposed to provide quality services to clients,
participants, market, and the society as a wholeparticipants, market, and the society as a whole
Data on clients profile, participants age profile, investment Data on clients profile, participants age profile, investment profile, etc. are essential statistics information for future profile, etc. are essential statistics information for future development of the industrydevelopment of the industry
Databases must be upDatabases must be up‐‐toto‐‐date at all timesdate at all times
So, please, please, pleaseSo, please, please, please……!!
The futureThe future(1)(1)
15Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
The notThe not‐‐soso‐‐long futurelong future Develop code of ethics and professional responsibilityDevelop code of ethics and professional responsibility
Regulating principles of client first, integrity, objectivity, fRegulating principles of client first, integrity, objectivity, fairness, airness, professionalism, competence, confidentiality, and diligence professionalism, competence, confidentiality, and diligence
Develop standards of practiceDevelop standards of practice Practice is based on norm practice, advancement of Practice is based on norm practice, advancement of
professionalism, and enhancement of practice processprofessionalism, and enhancement of practice process
ContinuedContinued
The futureThe future(2)(2)
16Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
17Rapat Umum Anggota ADPLK Rapat Umum Anggota ADPLK –– 20 October 201420 October 2014
top related