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Communicating Peace of Mind


COMMUNICATING PEACE OF MIND

ka-shi-lau

Ka Shi Lau
Managing Director & CEO
BCT Group

Implemented less than a year ago, the Default Investment Strategy (DIS) marks an important milestone in the MPF industry. As the bellwether in this new frontier, BCT Group took away the MPF Capability Award in Best Managed DIS, among other awards. When asked about the secret to the win, Ms. Ka Shi Lau, Managing Director & CEO, said unique positioning and excellence in communication are the keys to success. More details follow.

BENCHMARK (BM): Congratulations! In what ways are your DIS funds special? And how do you choose a fund manager to partner with?
Ka Shi Lau (KSL): BCT is highly honored to receive the awards from BENCHMARK. BCT Group’s uniqueness lies in its positioning in the market – independent of investment managers. This positioning grants us the freedom to appoint different external investment managers with a global presence and investment expertise. The same applies to the DIS.
Fund management is an integral part of our DIS solution. That’s why we exercise stringent due diligence in our manager search in developing our DIS funds. We do so to ensure the soundness and quality of the underlying products we select for the Core cumulation Fund and the Age 65 Plus Fund. To address risk considerations, we adopt a prudent risk management process to evaluate risks and measure the suitability of investment managers on an ongoing basis.
BM: How do you ensure that the managers can keep up their performance?
KSL: As a gatekeeper of members’ retirement money, we ensure that clients’ interests always come first. We have in place in our workflows an internal check and control framework that includes regular due diligence, supervision, and risk control on fund governance and performance. In addition, we have a watch list system to monitor the monthly performance of laggard funds so that we can take further action based on the progress of improvement made by the relevant managers.
Optimizing our products and fund manager selection is a continuous process. We understand that it may be difficult for an investment manager to excel in all areas of investments, such as asset class, geographical region, and sector. Therefore, one of our key initiatives in 2018 is the enhancement of the fund platform for our BCT (MPF) Pro Choice, which will expand the multi-manager approach BCT has adopted since MPF’s inception and further harness the strengths of different investment managers. Under the new structure, the performance of the underlying funds can be better monitored and investment managers can be replaced more efficiently when required. This will ultimately help to diversify risks, lower volatility of the funds, and enhance investment returns.
BM: Your transition into DIS was smooth. Can you tell us what kind of preparation work you’ve done to facilitate the launch?
KSL: Being well prepared with targeted communication. The smooth transition into DIS was enabled by our well-thought out ember communication strategy and the joint effort by BCT’s colleagues. Our preparation work started far before the launch and included conducting a thorough checking procedure to identify the members affected by the DIS and ensure that important information was communicated to the targeted group. In addition, in-depth training was conducted to equip frontline colleagues with sufficient knowledge to handle DIS inquiries.
Our award-winning call center was well prepared to cope with the drastic increase in DIS inquiries, while hundreds of briefing sessions were arranged for employers and members to understand the change. Our communication plan was designed to address the needs of various stakeholders. For example, DIS materials were prepared specifically for employers, scheme members, intermediaries, and the public to raise their awareness of DIS.
BM: With DIS as the key milestone in the MPF system, what do you see as the next major change, both in the industry and in BCT?
KSL: We anticipate ongoing efforts by the authorities and industry peers to spearhead the MPF reform. Digitalization is another emerging trend in the MPF arena. The regulator MPFA is currently mapping out the design and functionalities of the “eMPF” platform, aiming to improve the accuracy, reliability, and efficiency of the system in the long run.
Innovation is the key. As mentioned earlier, BCT will soon be enhancing our fund platform for our master trust scheme, but our innovation extends beyond the product level. In 2018, we will further strengthen customer connectivity and experience by innovating in different aspects of our business – bolstering our digital capacities, driving e-communications, streamlining administrative processes, and continue to educate people about the importance of retirement planning. BM

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未雨綢繆 溝通雙贏

ka-shi-lau

董事總經理及
行政總裁劉嘉時女士
BCT銀聯集團

及全港幾百萬打工仔的退休保障,不到一年前實施的「預設投資策略」(DIS)標誌著強積金行業一個重要的里程碑。作為這個新領域的其中一位領導者,BCT銀聯集團(BCT)勇奪今年BENCHMARK強積金實力大獎中的「最佳預設投資管理」獎。我們請來BCT的董事總經理及行政總裁劉嘉時女士,大談獲獎秘訣。她認為集團的獨特定位和卓越溝通是致勝關鍵。更多細節如下。

《指標》:首先恭喜你!你們集團的DIS基金有何特別之處呢?你又如何選擇合適的基金經理合作?
劉嘉時:BCT非常榮幸獲得BENCHMARK的獎項。我認為BCT的獨特之處在於市場定位——獨立於基金經理,這使我們能夠自由選擇市場上具有環球投資經驗及各具專長的基金經理。我們在管理DIS基金時,都以同樣方針替計劃成員作出最佳選擇。
基金管理是我們DIS方案的一個重要部分。這正是我們在聘請基金經理管理DIS時,特別進行了嚴格的盡職調查的原因。只有這樣,才能確保我們為「核心累積基金」和「65歲後基金」(DIS下的個別基金)選擇的基礎產品保持一定的穩健性和品質。有關風險的考量,我們亦採用了審慎的風險管理流程來為基金評估風險,當然不少得持續檢討基金經理的表現是否適合繼續管理基金。
《指標》:你們會如何確保基金經理保持一定表現?
劉嘉時:作為計劃成員退休金的把關者,我們把客戶的利益放在首位。平日的工作流程中,我們已經建立好內部檢查和控制的框架,包括對基金管理和績效進行定期盡職調查、監督和風險控制。此外,我們還引入監控名單機制,每月監察落後基金的表現,視乎相關基金經理的改進情況而採取相應行動。
事實上,優化產品和挑選基金經理是一個持續過程。我們明白基金經理或許難以在所有資產類別、地理區域和行業等投資領域均取得佳績,因此,BCT在2018 年的重要策略之一就是提升BCT積金之選的基金平台,擴大BCT自MPF成立以來採用的多元經理策略的運用,並進一步發揮不同基金經理的優勢。在新的架構下,更有效地監控基金表現,並在有需要時替換投資經理。我深信這最終將有助於替計劃成員分散風險、降低基金的波動性並提高投資回報。
《指標》:你們集團過渡到DIS的過程可謂一帆風順,可以告訴大家事前做了哪些準備工作?
劉嘉時:我認為最重要是早作準備,而且溝通要到位。DIS能夠順利推出,絕對有賴我們深思熟慮的溝通策略和BCT同事的共同努力。我們在DIS推出前很久已開展準備工作,當中包括識別出受DIS影響的計劃成員,以確保相關的重要信息能有效傳達給他們。此外,我們內部亦進行了深入培訓,令前線同事有足夠的知識處理DIS查詢。
我們屢獲殊榮的熱線中心早已做好準備應付急劇增加的DIS查詢,我們同時又安排了數百場簡報會,讓僱主和計劃成員了解新安排下的變化。我們賴以成功的溝通策略,特別針對不同持份者的需要來設定。例如,我們分別為僱主、計劃成員、中介人和公眾準備DIS材料,以提高他們對DIS的認識。
《指標》:DIS作為強積金制度的一個重要里程碑,你認為業界和BCT的下一個重大變革是什麼?
劉嘉時:我們預計積金局和業界將繼續為強積金改革出一分力。而電子化無疑是強積金行業的另一個新趨勢。積金局目前正開展「積金易」電子平台的設計和制訂其功能,長遠能使系統更準確、可靠和更有效率。
於千禧世代,創新是關鍵。如我之前提及,BCT很快便會加強我們集成信託計劃的基金平台,而我們的創新不止於產品層面。展望2018 年,我們將在不同業務範疇進行創新改革,進一連繫客戶,提升客戶體驗,包括加強電子化、推動電子通信、簡化行政流程等,並繼續推動投資者教育,教育市民退休計劃的重要性。 BM

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