The Untold Value of Member Engagement

As we enter the next chapter of the Two-Pot Journey, we reflect on the past year of change in the employee benefits and financial environments.

One of the most important results of the change in legislation is the need for member engagement and especially, ongoing education. When listening to the legal feedback sessions on changes coming with the Conduct of Financial Institutions Bill (COFI) and Treating Customers Fairly, the role of an experienced employee benefits consultant cannot be overstated. In fact, the assistance gained from your benefit consultant or contracted financial advisor through such engagement can be life-changing.

I emphasise the need as a member of a fund myself and as support to employers, brokers, consultants and service providers. Without such engagement, the future can look confusing and frankly bleak for members.

Experience shows that delays resulting from lack of disclosure regarding changes in legislation are having dire consequences – especially for members affected by illness, death, and funeral claims while enrolled on a fund.

Electronic and mobile platforms are great options for gaining insight that you as a member need e.g. on topics such as good savings habits, the importance of having a good financial plan, as well as the basics of the death, disability and funeral cover.

If you as a member are uncomfortable to voice your lack of understanding and knowledge in an open forum, an online platform can be ideal.

Employers and funds should provide such opportunities as well as set up Joint Forum Meetings and appoint staff representatives to champion less capable and experienced members.

Let’s empower members to start the conversations and get the feedback that they are paying for.