Dear Esteemed Stakeholder

Today, 19 August 2020, RFS Namibia turns 21 years, the day the company was incorporated and opened for business.

Those of you who managed to join us for the company’s 20th anniversary which we celebrated at the Windhoek Golf and Country Club on 3rd October 2019, may still hold some fond memories of the event.

The 20th anniversary event was dedicated to all our clients, with special mention of our early clients who joined us in the first make or break 24-month period. We also dedicated the anniversary to the founders of RFS, especially our Board Chairperson Tilman Friedrich, whom I had the great privilege of succeeding as the company’s Managing Director, 2 years ago. 

Today, Tilman as founder, together with the company’s first employee, Charlotte Drayer, both celebrate 21 years together with the company.

I congratulate them and pay homage to their outstanding dedication and commitment to RFS!

On the occasion of the company’s 21st anniversary, I recall some of the salient promises of the company in the early days, amongst these:

1. To be the number one address in day-to-day fund management,
2. To focus on superior client service and administration capability,
3. To be the best and not the biggest,
4. To be excellent through ownership,
5. To be committed to building the pensions industry in Namibia, etc.

I would like to expand a little on each one of these points, as they are all the more true today than they were 21 years ago.

To be the number one address in day-to-day fund management

This was the encapsulation of a vision that has manifested and continues to endure to this day. The founders wanted every employer to know where and who to go to for their pension fund management needs. Although RFS is realistic and clearly differentiates where it will not be the solution for every employer group, I humbly stand to argue that RFS is today the preferred provider for pension fund management services. 

Focus on superior client service and administration capability

Since its inception, RFS only carries on the business of day-to-day fund management/administration and has not fallen for the temptation of providing other complementary services such as insurance, investment services, actuarial and other specialist consulting services. This is despite several criticism levelled against the model, amongst others that “it has not worked anywhere in the world” and that “it is not sustainable as it is a low margin busines”, etc. Administration is our core strength, and we have set a strategic vision only to carry on business where we can bring to bear this core skill and experience we have built. 

To be the best, not the biggest

As deliberate philosophy, our business model has been centered on providing an enduring, unrivalled level of service. Invariably, such a service will attract a premium and undoubtedly, not many would pay a premium, or so we thought. As it turns out, many pension fund boards attach a premium to immaculate day-to-day fund management services. Where we expected to only achieve a market share of around 25% to 30%, we were glad to realise that we were able to gain market share of around 45% with the same business philosophy. Still, we do not expect to exceed a market share of more than 50% focused on unrivalled service commitments.

Excellence through ownership

RFS is a true Namibian business, by Namibians for Namibians. Moreover, we distinguish ourselves by being an owner-managed business. We believe that the extraordinary dedication and commitment of our most important asset, our staff, comes from their ownership of the business. Staff participate not only in the fortunes of the business, but through the ethos and active participation in the structures that feed into the decision-making bodies of the company. Like bees, we harness the collective power of unique individual strengths, to find solutions to all challenges facing the business.

Committed to building the pensions industry in Namibia

Our most senior staff play an active role in building the industry through active participation at industry meetings and representation at various industry and professional bodies such as the Institute of Chartered Accountants in Namibia (ICAN), the Retirement Funds Institute of Namibia (RFIN), the Financial Planning Institute (FPI), etc. We provide thought leadership on contemporary and regulatory issues in the industry and our opinion pieces such as our newsletters have become the reference point for others in the industry.

Today, as we celebrate 21 years of tremendous success and support, we have enjoyed in the Namibian pension funds’ market, we still hold dear and stay true to the same promises.

As we navigate the dreadful impact of the state of emergency and lockdown due to the novel coronavirus (COVID – 19) since 27 March 2020, we, like any other forward looking business, have been able to tap into the sustainability plans we had made as we moved into the required gear needed to provide the same services as our clients are accustomed to.

To the extent that some of the changes and shifts we have seen in business and human way of doing things are permanent, we have prepared and are making necessary changes and shifts in tandem. We continuously plan to lead the way as your fund administrator. Our premium brand, the Benchmark Retirement Fund will strive to be the model pension fund.

Our promise to our clients and other important stakeholders remains as per the above.

Regards

Marthinuz Fabianus
Managing Director