Right Lane is proud to announce the 2020 Industry Super Forces at Work Report has now been published.
This is the eighth year Right Lane has conducted research on the forces impacting industry super funds. The report, exclusive to subscriber profit for member funds, is based on our research and reflections on our work with more than 20 industry super funds and many of their service providers over the past 20 years.
The current COVID-19 situation is first and foremost a health concern. We must keep our people and workplaces safe and reduce the risk to our families and communities. The secondary challenge is keeping the wheels of our economy and businesses turning. Decisions still need to be made, strategies and plans developed, and we still have to bring together groups for powerful, meaningful collaboration if we are to continue to deliver as best we can through turbulent times.
In light of this, we thought we’d share five practices for conducting successful remote/digital workshops.
At Right Lane, most of our work centres on helping our clients develop and implement better strategies. Because it’s so central to our practice, we try to stay on top of every development in the academic literature and practitioner discourse. We reflect regularly on our project learnings, and we endeavour to harness our own ideas and advance knowledge in the field.
This collection ‘New year, new challenges. Ideas to inspire action’ includes some of our best thinking with regard to resource allocation, team effectiveness, strategy implementation, and getting full value from strategy workshop outcomes.
Account consolidation and legislative changes are placing pressure on funds’ fee models, putting their business models at risk.
At a system level, funds are experiencing an increasing gap between total expenses and total fees due to a decline in total member accounts. In the past five years, total expenses grew by 6% CAGR, while the total number of member accounts declined by 2% CAGR, total revenues declined by 1% CAGR. This issue is likely to be exacerbated by a fundamentally more expensive business model required to meet members, regulators and other stakeholders’ expectations and to compete with more aggressive rivals.
Inside Super 2 (UPDATE) – Direct-to-consumer: remaining relevant in the future of super distribution
In November we shared with you insights on remaining relevant in the new super distribution landscape. Our analysis showed that an increase in switching activity was largely benefiting two industry funds, who have seen record cash inflows mostly at the expense of the retail funds that came under intense scrutiny during the Royal Commission. Since then new APRA data shows that these two funds continue to win the vast majority of ‘switching FUM’ as demonstrated by net roll-ins excluding successor funds transfers (SFTs).Read More
In this edition of the Right Lane Review we are asking you to commit to taking action. Sometimes it feels like we expend all our energy in the thinking and planning, and that the doing falls flat. It takes real commitment to see things through and it is often what is lacking in organisations. This edition focuses on action – frameworks and tools to help you commit to your course of action and see it through to success.Read More
In our experience helping hundreds of organisations with strategy development and execution, we have found that those that adhere to six critical steps (Frame, Align, Cascade, Task, Oversee and Review) avoid the common strategy execution pitfalls. To truly excel at strategy execution however, organisations must go beyond this basic recipe and discover their own ‘Ex-FACTOR’.Read More
The evidence shows that change management efforts frequently go awry. We’ve found that using a mnemonic, the HANDS of change – Hardwiring, Ability, Narrative, Desire and Support – can help our project teams to address what’s required for success. This article explores a case study to show how the helping HANDS of change function in practice.Read More
Hard though it is, choreographing a great strategy workshop, with meaningful, compelling outcomes is only half the battle. The other half is doing something with them – committing to a series of interrelated next steps and getting them done. While it’s not hard to justify the dollar investment in your strategy workshop, it is important to get full value from the workshop outcomes.Read More
In recent years, we’ve witnessed an elevation of expectations when it comes to developing business cases for government or not for profits. Business cases require evidence and a coalition of support. At Right Lane, we believe robust stakeholder engagement is the key to getting your project off the ground and for more fruitful collaboration once it is underway.Read More