ALEXANDER FORBES CLIENT ENGAGEMENT RESHAPING OUR INDUSTRY

Alexforbes on 28 October 2022 hosted pension fund trustees, principal officers and company executives at a breakfast session which discussed key retirement industry issues and developments in Botswana. The event was also used to reinforce the recently unveiled name change from Alexander Forbes to Alexforbes, and the new vision, purpose and customer value proposition to form a greater connection to the people that the company serves.

Alexforbes Botswana CEO Mrs Poloko Masitara said the rebrand is a critical and pivotal milestone for the company, and signifies its shift towards a growth strategy and to become the most impactful provider of financial advice serving both institutional clients and individual customers in Botswana. At the event, Alexforbes shared its value proposition “pioneering insight to deliver advice and solutions that impact your life”.

Speaking to the invited guests, Mrs Masitara said the session was meant to focus on:

Engagement and dialogue on key themes and opportunities reshaping the retirement industry in Botswana.

Gaining insight on changes within the Retirement Fund Industry and their impact. Unpacking current changes within the pension fund industry as well as its impact, as we realign and redefine our value preposition to reshape our industry together.

Alexforbes Group Chief Executive, Mr. Dawie de Villiers shared with clients and stakeholders the Alexforbes strategy, highlighting that the delivery on this strategy will mean that the company transitions to an improved operating model.

“Through the Alexander Forbes brand, we will strengthen the ‘client-centric’ approach through the integration of the different business lines Corporate & Employee Benefits (Consulting), Retail (Financial Planning Consultants and Individual Client Administration). This model will include client-facing team with divisional experts, a hub for innovative solutions development and product enablement and a joint platform for services, including fund administration and support services,” he said.

The Head of Client Servicing, Mrs Nina Sephuma provided an insight on the Retirements and investments reform in Botswana. She also spoke about the notable changes from the Pension and Provident Fund Act going into the Retirement Funds Act. In closing, Mrs Sephuma said the change in legislation had the following implications:

Flexibility for members to utilise a portion of their retirement saving as they see fit; Depletion of retirement savings due to increased encashment options and deductions allowable;

Possible reduction in the national average Net Replacement Ratio;

Increased regulatory and administration requirements;