Celebrating 500 Merger, SFT and Platform Transitions
Heightened merger, successor fund transfer and digital transformation activity in superannuation has seen QMV reach the 500 milestone in transition capability. To mark this achievement, we have interviewed a selection of our most experienced transition experts on their personal approach, important traps to consider and of course the secret sauce!
You may also be interested in my article, ‘Guide to optimising merger, SFT and platform transitions with Michael Quinn’.
Anthony Forbes - Principal Consultant
What is your personal approach to transitions?
To draw upon the collective IP among the team. Whilst every transition is different, this body of knowledge drives efficiency, reduces risk and can inspire breakthrough innovations.
What are important traps to look out for?
A common misperception is that transitions end at ‘go live’. ‘Go live’ is the start line rather than the finish line. The first three months beyond this point are typically the most challenging, but also the most rewarding.
What is the secret sauce?
Cooperation and collaboration with partners and vendors are essential to success. Strong relationships are the foundation for achieving best outcomes for the fund, the members and the employers. It is mutual respect and camaraderie that carries all parties through when things get tough.
Daniel De Marinis - Practice Manager, Consulting Advisory
What is your personal approach to transitions?
To ensure all stakeholders are happy and above all else, I try to wear a smile. Delivering on time and on budget are traditional metrics, but if your MVP causes angst among stakeholders or doesn’t align with the goals or culture you will have a tough gig to win!
What are important traps to look out for?
Distraction will be often and plentiful. Don’t fall for the small stuff or fuel conversation around the (virtual) watercooler about a proverbial mountain mole hill. Give issues appropriate air play and priority with empathy. Save escalations for when you need them.
What is the secret sauce?
Stakeholder management is the secret sauce. The detail and messaging must be clear, measured, appropriate and delivered with confidence. Ambiguity and vagaries build distrust. From the first meeting, I would encourage honesty, transparency and a bit of fun (where appropriate).
Anne-Marie Lyons - Specialist Consultant
What is your personal approach to transitions?
Teamwork and engagement. These projects rely on technical resources, business resources, subject matter experts and specialists working together across all aspects of the fund and the business. Clarity on everyone's role to deliver a successful outcome is critical. Fun along the way is important too.
What are important traps to look out for?
Don't underestimate the value of investing time in planning. It's tempting to move straight into execution once a deal is done to demonstrate action, but action doesn't always equal progress. A well-considered implementation plan is a solid foundation that enables timely tactical adjustments.
What is the secret sauce?
The right balance of leveraging good practice, applying previous experience (there are many well-worn paths) and then taking a situational approach. There isn't a one-size-fits-all methodology, however there's no need to start with a blank sheet of paper either.
Warren Lukey - Senior Consultant
What is your personal approach to transitions?
Embrace the unknown, ensure sponsors have a clear view and acceptance of complexity, cost and timeframe. Assess the cleanliness of the data early. It will make a huge difference to timeframes and priorities.
What are important traps to look out for?
Resist approaching a transition with a software development mindset in which details are typically based on well-known and definitive information. Remaining agile and responsive to new information dramatically reduces the risk of delay and major rework.
What is the secret sauce?
Quality over quantity. Assemble a team of fewer but highly specialised people. With more people, productivity drops away quickly. Expect new information to present and be ready to change direction at a moment’s notice.
Adele Rose - Consultant
What is your personal approach to transitions?
To remain present to the broader and more human impacts of a transition. People can be losing their jobs, letting go of old processes, learning new technology or working extended hours. Being aware of these factors helps enormously with team cohesion and productivity.
What are important traps to look out for?
The merging of ‘good enough’ data into the new fund and/or platform(s). Data quality must have high priority very early on and needs to be addressed during the project, not just prior to ‘go live’ when time is against you or far worse, after ‘go live’.
What is the secret sauce?
Data mapping and accessibility of data. Investing in development of clear definitions around what each piece of data represents in source systems and carefully mapping it to its destination field in the new environment, while ensuring the data is accessible to users and integrated systems.
If your fund needs assistance with merger, SFT or platform transitions, QMV can help. Please contact QMV for further information on p +61 3 9620 0707.
You may also be interested in my article, ‘Guide to optimising merger, SFT and platform transitions with Michael Quinn’.
Regards
Michael
Michael Quinn – Executive Director
QMV provides trusted advisory, consulting and technology to Australia’s leading superannuation, insurance, banking and wealth management organisations. For further information please telephone our office p +61 3 9620 0707 or submit an online form.
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