Russell builds member services capability as choice looms
US expert joins Australian office to lead Russell's expanding Member Services
SYDNEY, 21 March, 2005 – Global investment and superannuation specialist, Russell Investment Group, has recruited US communications and member services specialist Heather Dawson to its Australian operation, in response to growing demand for broader superannuation services by Australian employers.
Based in Sydney , Ms Dawson has been appointed to the new role of Managing Director of Russell’s Member Services in Australia , reporting to Managing Director of Russell in Australasia , Alan Schoenheimer. In this role Ms Dawson will oversee Russell’s interaction with members of superannuation funds who outsource administration and investment services to Russell, ultimately ensuring Russell delivers the best possible member experience.
Earlier this month, Russell launched a reworked superannuation outsourcing solution, which will allow employers to completely exit the superannuation arena under the new choice regime. Developed in close consultation with employers, the new ‘Russell SuperSolution’ places the onus on Russell to interact with employees as they establish their new superannuation arrangements, alleviating the growing burden on companies’ HR and payroll teams.
Russell SuperSolution has been enthusiastically received by the market, with a number of large corporate funds signing up to the Choice Solution service. According to Alan Schoenheimer, a key element of the new service is the practical implementation of choice, and the ongoing communication with employees in relation to their super options.
“We believe choice will present some major challenges to Australian companies and, in the absence of good communication and education, may result in many employees opting for a worse super fund than they already have,” Mr Schoenheimer said.
“We are delighted to welcome Heather to the Australian office at this critical time for our clients and the members of our master trust. Heather brings a broad range of experience working with US 401k plan members, who have been navigating a similar choice environment. Her hands on experience in this market will be invaluable. We hope to bring some of the lessons from the US experience to help ensure Australian employees achieve the best superannuation outcome according to their individual needs,” he said.
Ms Dawson joined Russell’s head office in Tacoma , Washington , to provide overall leadership for Russell Investment Services, dedicated to serving Russell’s US financial planning relationship s. She was also responsible for business development of Russell’s mutual fund distribution business for retirement plans in the US markets. Prior to joining Russell, Ms Dawson worked for the Principal Financial Group in Des Moines , Iowa , where she worked directly with retirement plan members, including delivering worksite enrollment and investment seminars nationwide to thousands of individuals. Later, she provided strategic direction and development of Principal’s successful member education divisions.
Mr Schoenheimer said: “Superannuation has shifted from an employer-driven benefit to one in which employees now need to take on a major responsibility. The ‘individualisation’ of the industry will mean we need to ensure our members have the tools and support to ensure they can make the best financial decision for their future retirement needs. This will be a key part of Heather’s new role.”
“It is a complex business, and we recognise that offering a decent default fund is only part of the solution. We intend to make the whole experience a positive one for our members,” he concluded.
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