PFA uses the Festina Advisor to help their customers optimize their retirement
In 2016, PFA began investigating how it could further develop the retirement planning advice available to all of its customers via its ‘My PFA’ solution.
In particular, PFA wanted clients to be able to further take into account selling or releasing value from the client’s private real estate, equities, bonds and cash and optimize the pay-out plan given the customer’s needs. .
“We aimed to offer state of the art retirement planning by using the best available tools needed to remain the natural contact point for PFA’s customers close to or on retirement,” says Line Jørgensen, Head of Savings Products & Recommendations at PFA.
PFA looked beyond traditional advisory solutions to the new types of digital services now available. The company was attracted to Festina’s Advisor system because of the ability to input and visualise all of a customer’s assets and create different “what if” scenarios when putting together a retirement plan.
Festina Advisor is designed to interact with data from multiple sources, and it was therefore able to seamlessly integrate with PFA’s core advice system provided by Edlund. This was a key consideration, given Edlund’s system provides all the statistical modelling for the pension side of PFA’s advice process.
PFA integrated Festina Advisor at the beginning of 2017, and the system has had a profound impact on both customers and PFA’s advisors.
Line Jørgensen says that by helping the customer to consider all of their available assets and how they could be used as part of their retirement planning in the future, the whole advice process has become much more customer-centric.
“Working closely with Festina Finance, we now have a solution that is easy to use and well adapted to our needs. We have together created an important and unique value proposition for PFA’s customers,” she says.
Because of the integration with the company’s ‘My PFA’ advice solution it has been able to provide a simplified process for both its customers and advisors. PFA’s advisors can now evaluate retirement planning strategies in collaboration with the customer as part of the retirement planning process and create a common plan.
Existing pension plans are included and calculated in real-time, and the system delivers both a concrete ’what to do’ strategy and a holistic overview of future consequences. The financial advisor receives validated data and an updated projection of the household’s overall income beyond retirement.
In addition, because of the streamlined process, it has also led to a significant time saving as well.
“The advisors typically have a potential to save 50 percent or more of their time before, during and after the customer meetings,” adds Line Jørgensen.
“We take both the advice process and the customer experience to a completely new level while spending less time.”
Facts about PFA
PFA is a pension company, but we are so much more than that. In addition to pension and insurance plans, we also offer savings plans for individual customers and several solutions within areas such as health and housing.
Our customers own us, and we were founded in 1917 to ensure that people in Denmark have the freedom to live the life that they want. This is why part of our DNA is to contribute to positive developments in society.
Today, PFA has more than 1.3 million individual customers, and we are working hard every day to live up to our customer pledge: More for you.
Chief Executive Officer: Allan Polack.
Facts about Edlund
Edlund A/S supplies complete solutions for administration of portfolios within the life and pensions industry, and employs some of the market’s most profound professional skills within administration of life and pensions solutions.
Edlund’s experts are on top of the new technology. We can help integrate the most promising solutions in the core system and supply them on a solid infrastructure which makes it easy and fast to go from idea to operation.
With more than 25 years’ experience we supply fundamental security in an industry where no one knows what the future holds.
Edlund has more than 300 skilled employees of whom the majority works with software development.
Chief Executive Officer: Gert Bendsen