Our ability to fulfil clients’ needs is at the core of their confidence in us. Failure to meet clients’ needs has broader implications for them, as an inappropriate product or service could erode their financial soundness, stability and resilience, particularly if clients have low levels of financial literacy or are excluded from the formal economy. To be appropriate and suitable, products and services should therefore align to our clients’ financial situation, investment objectives, level of risk tolerance, and level of financial knowledge and experience.
According to the 2018 Sanlam Benchmark research, South African retirement fund members are still no closer to moving towards their desired financial outcomes and maintaining their pre-retirement standard of living. Despite attempts to monitor performance over time, the proportion of members thought to be able to maintain their standard of living in retirement continues to drop and is estimated at just 19% of members in stand-alone funds and 14% of members in umbrella funds
To address this challenge, Sanlam Corporate aims to improve the economic outcomes of the society we serve by increasing savings rates and ensuring the best possible retirement outcomes:
The service is proactive and targets members approaching retirement. This ensures they are aware of their options, including annuity solutions and tax implications.
This was part of SEB’s ongoing commitment to prioritise empowerment as a business goal and national economic necessity. The Progressive Smooth Bonus Fund is South Africa’s first black managed, smoothed bonus product managed by 27four Investment Managers and guaranteed by Sanlam. The product addresses the needs of retirement funds that are aware of transformation objectives.
A highlight for the year was Sanlam’s gap cover being selected as the leading product for people younger than 60 in a comprehensive, first-of-its-kind gap cover survey by GTC. The survey included 20 providers of gap cover solutions, offering 84 plans covering 18 different product types.
Started in 2013, Sanlam Corporate’s trustee training programme equip trustees with the skills and understanding they require to carry out their duties effectively. This is particularly important in the protection and growth of assets that secure the financial futures of so many workers in South Africa.
Sanlam Corporate focuses on delivering best of breed employee benefits and healthcare solutions to institutions ranging from small, medium and micro-sized enterprises to large corporate clients. Sanlam Corporate comprises: