WEALTH WATCH
STEPHEN CRANSTON: As workplaces change, human capital consultants must keep up
Alexander Forbes sees a future where employees have more say in managing their money
Usually in financial services, "legacy" is a dirty word: it refers to outdated systems or practices. At Alexander Forbes there is a big emphasis on leaving a legacy in the positive sense. The group runs an annual study known as the Benefits Barometer. This is concerned with the long term in contrast to the highly short-term Manager Watch investment performance monitor. I still can’t believe Manager Watch publishes monthly performance reports, which have almost no statistical value. The 2017 Benefits Barometer looked at a range of factors that will affect the world of work. It is no coincidence that Alexander Forbes is hoping to leverage its relationship with its major shareholder, Mercer, to reposition itself as a full-service human capital consultant. It aims to "own" the employee. The group can grow far more there than in its mature pension consulting and administration business. Human capital consulting allows consultants to find a touch point at every moment in someone’s career....
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