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As the saying goes, ‘the tallest poppy gets its head chopped off’. It seems that there are persons out in the market with only one goal and that is to tarnish our exceptional reputation by making us out to be inflexible and arrogant. Those that know us will no doubt agree that we are in fact humble and down to earth and will discount such comment as a deliberate attempt at discrediting RFS. These could be competitors who want to raise their image to our level by lowering ours or it could simply be persons who have an axe to grind with us.

Our fee model

Our ‘arrogance’ is typically portrayed in the context of our fee model. RFS probably uses one of the most scientific methods to determine the cost of its services to its clients of service providers in the pensions industry. For any client it should be comforting to know that the services you pay for are determined in a scientific manner. This means that they are fair towards you, first and foremost. Fairness in determining fees is an obligation of any service provider who is a member of any professional association. In our case, top managers are members of a number of different professional associations whose code of ethics obliges them to apply fairness in the determination of their fees. This means the client is paying for what he is getting. Conversely it also means the client is not paying for a service he is not getting. Secondly, a client should be comforted knowing his service provider applies a scientific method to determine the costs of his services as this means the service provider has a sustainable business model.

The fact that RFS has been around as a self-sustaining Namibian organisation for over 17 years now is testimony to the sustainability of our business model. New entrants to the industry may prefer a misguided strategy of buying market share by offering unsustainably low fees. For the client who buys into this, it means one of two things. The service provider will either revert back soon with the scenario of having to close doors or the client agreeing to a fee adjustment or of the service provider in fact closing doors – a nasty situation for any pension fund if it was your administrator.

Would you call this arrogance?

Our business principles

Our ‘inflexibility’ is typically portrayed in the context of our way of dealing with client enquiries on special ‘non-standard’ services. As our slogan goes ‘rock solid fund administration that lets you sleep in peace’, we are very principled in approaching such requests. Firstly, requests must be defined properly so that both parties understand what is required, what the parties’ expectations and obligations are, what risks need to be addressed and how these risks will be addressed. Until all these pre-requisites have been met, trustees may at times experience our response frustrating and overly dogmatic. However at the end of the day, our concern for protecting the interests of fund members and trustees should in the final analysis provide the comfort and peace of mind to our clients that all ‘i’s’ have been dotted and all ‘t’s’ have been crossed and that their risk exposure is consequently minimised. RFS’ reputation speaks for itself!

Would you call this inflexible?

Conclusion

Comments referring to RFS being arrogant and inflexible have to be interpreted in the context of their origin. We do not think they are appropriate. Being a humble, down to earth organisation believing to apply the highest standards of fairness, we invite any client or prospective client to explore with us our model for setting fees for the services we provide.

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