IQ GROUP APPOINTS TREVOR GOVENDER AS PRINCIPAL CONSULTANT
Melbourne, 25 September, 2019 – IQ Group, expert consultants in the Australian superannuation and wealth management sector, is pleased to announce the recent appointment of Trevor Govender to Principal Consultant.
With over 25 years of Industry experience, Trevor brings a wealth of knowledge to the IQ Group team. His extensive work in Information Technology and Operations, including platform development, Information Management (including BI) and process improvement across both third-party administration and directly with Trustee offices, will support our growing list of clients.
Trevor’s most recent role was Head of Customer Service at Sunsuper, where he was responsible for shaping and imbedding the new Target Operating model to support Sunsuper’s Digital transformation. Prior, he worked across various change programs, and has strong knowledge of Waterfall and Agile delivery methodologies.
Brian Peters, chief executive officer, IQ Group commented: “We are thrilled to have Trevor join us and add his considerable Super Operations and Business Insights experience to the team!”
Trevor joins the principal consulting team where he will be instrumental in partnering with clients to build better outcomes for their customers. In addition, Trevor will bolster the senior leadership team as IQ Group enter the 20th year of helping clients navigate complex regulatory requirements and simplifying change in the superannuation industry.
ABOUT IQ GROUP
IQ Group is a team of expert consultants with deep industry and technical expertise in financial services – particularly in superannuation. For almost 20 years we have worked collaboratively to help our clients break down complex regulatory requirements and simplify change with compliant processes and the right technologies for the best possible outcomes for business success, today and into the future.
IQ Group have been involved in more successful transitions with Australian trustee offices and administrators over the last 10 years than any other company in Australia. Our people are experts and our clients trust us again and again to deliver. Their success is our success.
I had a number of people ask about the IQ team shuffle video that we posted on social media recently, so here is a bit of background.
Early last year we started to look at our team makeup differently. As consultants our work life often varies and can involve many changes in our projects and work teams throughout the year, so we explored ways to help our people feel connected and empowered to make decisions. Our aim was to provide support by giving our people access to experienced team members, but at the same time encourage them to work with people they actually enjoyed being with and learning from.
( https://www.linkedin.com/posts/iq-group-australia_every-year-iq-staff-have-the-option-to-work-activity-6562475707811921920-zSeO )
We embraced a new concept – What if your team leader was also someone you liked????
If we expect our leadership group will act with smart autonomy, and trust them with our work, our brand, and a corporate credit card 😊, then why shouldn’t we trust them to find good outcomes working with colleagues they know well? We trust that our people come to work to be the best they can be and having a trusted team leader is a good start.
Connected, supported and trusted … not a bad base.
To achieve this, we borrowed from recent thinking inspired by Stan McChrystal – Team of Teams (trust and purpose drives us in a complex world) and David Marquet – Turn The Ship Around! (intent based leadership) and even Jeremy Rifkin – The 3rd Industrial Revolution (lateral networks and relationships) – we love our books!!
We then left it to individuals to talk to their leadership group and find chemistry. It was a bit like speed dating but without the super awkward moments!
We “shuffle” our teams once a year. Not perfect – but better. We are still evolving, but we have seen:
- Stronger commitment to supporting each other
- Commitment on real feedback (good and not so good) and hard performance discussions
- Retention well ahead of the industry
Not sure what the next stage is, but it’s working.
It has been just over a year since The Superannuation Voluntary Code of Practice (ICoP) launched on 1 July 2018 which means that funds who have opted in have only 2 more years to fully transition – June 2021 may seem far off however there is still a lot of work to be done!
By now, funds should have:
- Confirmed their intent to adopt ICoP and
- published their transition plans online informing members of expected timeframes.
These were the easier bits.
Since ICoP was introduced the industry has been hit with the Protecting Your Superannuation Package Legislation (PYS). With a more immediate implementation date of 1 July 2019, and with both initiatives addressing the removal of insurance cover due to account inactivity, compliance with the PYS legislation moved to the top of the list for funds.
From an administrator’s perspective, they too have inadvertently been caught out by the PYS requirements and their ICoP schedule has slipped. Most are now talking to funds about August 2019 where members will be able to cancel their insurance over the phone. The clock is ticking.
Now that we have moved beyond 1 July 2019, funds should be ready to return their focus to ICoP and reviewing insurance benefits designed to be ‘Appropriate and Affordable’ for Automatic Insurance Members (AIMs). Basically, making sure premiums are affordable and do not exceed 1% of estimated member salaries.
Fortunately, there is no longer a requirement to remove a member’s insurance cover based on their AIM or non-AIM status (with some notable exceptions). Funds do need to consider, however, which members to identify as ‘vulnerable’ and what assistance will be offered to those members as per ICoP requirements.
A significant section of ICoP addresses insurance claims, enquiries and complaints and the recommended timeframes for communicating with members during each stage. Trustees need to commit to review claim decisions in 5 business days which may prove difficult for some and prompt a review of existing business processes.
Of course, at the heart of ICoP is communications, and the requirement that interactions with members be clear and upfront. Funds will need to review all their member communications to ensure that information being issued to members meet these criteria. This can include welcome packs, annual statements and even social media posts!
The good news – funds still have another 2 years to fully transition. The bad news – with the frequency of changes in the industry, no doubt additional requirements will pop up along the way, such as the ‘Putting Members Interests First’ Bill proposed to commence later this year, which may or may not push ICoP back down the priority list. The time will pass very quickly whatever happens, so best strategy is to push forward. And of course, be in touch if IQ Group can help.
Leadership, rather than just managing, is becoming one of the real differentiators in our rapidly changing Super/Wealth landscape. At the ASFA spotlight on leadership and transformation luncheon last week, a number of keynote speakers including Chris Davies (CEO of Telstra Super) gave some valuable insights into simple ways businesses can create a positive leadership environment. One of the key points made was that gender diversity was not just a moral position, but one that had a significant positive business case payback to organisations.
“Diversity makes business sense; it does not need to be just a moral position.”
One of the biggest takeaways from the conference was the idea that age plays an interesting role in introducing different forms of leadership amongst employees.
Within the next three years, Gen X, Y & Z will make up 92% of the workforce. For leadership initiatives to prosper internally, each employee and their respective generational leadership styles must be understood.
Also, technology is fundamentally ingrained into the present-day working environment and whilst it is there to make work life more efficient, it can have many detrimental aspects by making us work longer, blurring the lines between home and work.
In summary, leaders must be open to change and adapting to new circumstances as the landscape of work is changing and we need to equip our staff with the tools to succeed.
What a great event.
Kostas Kalantzis, attending the ASFA Luncheon on behalf of IQ Group