Business
Indian National Pension System to Hire Business Consultant For Performance Review
National Pension System of India is going to hire consultants for performance review of pension funds and portfolio analysis of schemes under it. Pension Fund Regulatory and Development Authority (PFRDA) had established NPS to look after funds and assets of the subscribers under the schemes.
NPS Trust has issued a proposal for the public interest. According to the proposal, it requires business reviews consultant to review the existing format and performance review of the pensions funds (PFs), review the performance of the PFs at prescribed intervals and to undertake their portfolio analysis.
NPS trust said that the appointed business review consultant organization has to review the current formats of provident funds and scheme-wise evaluation of the NPS within the two months. The appointed consultant will check all schemes of NPS on a quarterly basis to submit a report to NPS trust. The report should contain all the critical portfolio risks. It should also highlight weak sectors and companies, analyzing the existing market conditions.
The last date of application submission under the proposal is 24 July 2019. Business review consultants can apply up to the given period to give their paid services to NPS trust. Selected business consultant organization will also be tasked to analyze the rating distribution of the securities under NPS schemes. The pension scheme came into effect on 1st January 2004 and that time covered central government services excluding armed forces. Currently, NPS is applicable to state government employees and central autonomous bodies too. Private companies are also allowed to enroll their employees under NPS schemes, either mandatory or volunteer basis.
Business
Retire Smart, Save More: How MDRN’s Virtual Planning Model Can Slash Retirement Costs
The media is calling it a “retirement crisis.” Millions of Americans are arriving at retirement age woefully unprepared.
Some studies suggest that 45 percent of the Baby Boomers have no retirement savings, while 28 percent of those who have started saving have less than $100,000 put away. Consequently, many Americans now living in retirement or approaching that season are looking for ways to cut back on their expenses.
Aaron Cirksena, founder and CEO of MDRN Capital, has a solution for those looking to retire smart and save more. His firm’s completely virtual model increases retirees’ spending power by decreasing the fees associated with retirement planning.
“Our unique approach to providing retirement planning services allows our clients to experience significant savings when compared with the traditional model of investment management and retirement planning,” Cirksena shares. “When we did away with the overhead expenses that stem from operating a brick-and-mortar office, we were able to create a fee solution for our clients that is lower than the typical advisor. On average, our fees on the entire client portfolio tend to run 30 to 40 percent lower than the typical advisor operating under a conventional model. Additionally, we can provide services like estate planning, tax planning, and tax preparation at no additional cost.”
MDRN Capital is revolutionizing retirement planning by offering a comprehensive range of services, including income planning, investment management, tax planning, healthcare, and estate planning, in a setting that exceeds the efficiency and effectiveness traditional providers are able to offer. Unlike traditional firms, MDRN Capital leverages the power of digital tools to deliver comprehensive services without the need for in-person meetings, allowing clients to enjoy their retirement while their financial needs are expertly managed.
“My goal with MDRN Capital was creating a completely virtual firm that could more efficiently provide the convenience clients wanted while also meeting their ongoing investment needs,” Cirksena shares. “MDRN Capital’s virtual model empowers an environment in which we could serve our clients with less costs to the firm and pass the savings on to them.”
Financial planning for the new normal
MDRN Capital’s innovative approach to retirement advising emerged as a result of Cirksena’s experience during the COVID-19 pandemic. Due to social distancing, advising during the pandemic shifted to virtual appointments. When social distancing was no longer necessary, Cirksena expected his clients would resume their pre-pandemic patterns. He was wrong.
“My clients let me know they preferred the comfort and convenience of virtual meetings to the hassles associated with having in-office meetings,” Cirksena says. “They didn’t miss sitting in traffic and searching for parking spaces, and I couldn’t blame them. Even the clients who lived only a few minutes away decided they would rather meet via Zoom than have a face-to-face meeting in our nice Class-A office space.”
MDRN Capital was designed to meet the client expectations that emerged during Covid. By leveraging technology to take his services to his clients rather than expecting them to come to him, Cirksena made advising more convenient and more cost-effective at the same time.
Financial savings for struggling retirees
Recent studies show the high inflation the US has been experiencing has a larger than average impact on many retirees. In response, many are looking to tighten their belts by cutting back on spending, but reducing the fees associated with retirement accounts is something few consider.
“For retirees, lower gas and grocery costs are certainly helpful,” Cirksena says. “However, cutting their investment management costs in half puts dramatically more money in their pocket over time than lower prices on goods ever could.”
To understand the impact MDRN Capital’s approach can have on retirees, consider that $250,000 earning seven percent over 20 years will grow to $967,421.12. Factor in a 1 percent fee, and growth is limited to $801,783.87, but raising the fee to 2 percent causes earnings to fall to $721,034.70.
Cirksena points to his industry’s failure to embrace modern technology as one reason why investment fees remain high.
“Unlike many industries that have used and adopted technology for decades to help lower costs and make services more efficient, the financial services sector has lagged behind,” he explains. “Many firms continue to incur unnecessary overhead and expenses, which their clients pay for in the form of elevated fees.”
The virtual investment environment Cirksena has created moves retirement planning into the future. It provides a financial service experience that is convenient, comfortable, and efficient while also ensuring that none of its clients’ investment potential is wasted on unnece
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