3 Reasons why strategic planning efforts fall short at credit unions (according to Pink Floyd)

first_imgFrom my consulting experience, I know that many financial institutions are frustrated with their strategic planning efforts. Too many times, one of two things happen:Great visions and plans are developed that never see the light of day, orStrategic planning efforts fail to provide creative ideas for strategic direction and correction.Why is this the case? As I sat at my desk, staring at the black light that illuminates my Pink Floyd Dark Side of the Moon poster, I realized that the answer was right in front of me. The three reasons why strategic planning efforts fall short:Money.Time.Us and Them.For the uninitiated, these are the names of songs on the Dark Side of the Moon album. For the initiated, no — “Brain Damage” is not one of the reasons why your firm’s strategic planning efforts fall short. continue reading » 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

UK roundup: BT Pension Scheme, Charity Commission, Mercer, Thomas Cook, Barnett Waddingham

first_imgMeanwhile, the Charity Commission has sent a warning to the trustees of pension schemes within charities to ensure they explain how deficits within DB funds are being addressed.The public body recently conducted a review of accounts of charity organistions and found 740 current run deficits.After further investigation, it identified 31 that do not disclose any information of recovery plans.Sam Younger, chief executive at the Charity Commission, said: “Pension deficits can pose a potentially serious risk for charities.“Some charities do not adequately explain how they are dealing with their pension deficit, thereby missing out on an opportunity to demonstrate to their donors and beneficiaries that they are tackling the problem appropriately.”In other news, Mercer’s monthly update on UK FTSE 350 defind benefit (DB) funding showed levels deteriorated over the course of April, despite improvement in investment markets.The consultant’s Pensions Risk Survey showed the deficit in these UK schemes reached £111bn (€135bn), a £15bn increase over the course of 2014, and £9bn in April alone.Asset values increased by £4bn over the month. However, this was outdone by liabilities, which increased by £13bn.This left the total amount of pensions assets in FTSE 350 schemes at £575bn, compared with £686bn in liabilities.Ali Tayyebi, senior partner at Mercer, said: “The driving factor was a significant increase in liability values, which in turn resulted from a small reduction in long-dated corporate bond yields, combined with a small increase in the market’s expectations for long-term inflation.“This is a sobering thought for those inclined to assume financial conditions are bound to get better and might therefore be deferring risk management or deficit correction actions on that basis.”Finally, the Thomas Cook Pension Plan has appointed Barnett Waddingham to provide investment consultancy to its trustees.The £850mDB) scheme picked the consultant after running a competitive tender.Andy Cooper, who chairs the trustee board, said: “We were impressed by the personalised service Barnett Waddingham offered in their tender.“The attention to detail and real effort to truly understand our needs was particularly impressive.” The BT Pension Scheme has seeded a new ESG global equities fund being launched by wholly owned subsidiary Hermes.The fund only includes companies that outperform peers in an ESG rating.The rating, between 1 and 100, is creating by scoring companies on their environmental impact, social issues and governance – the latter using quantitative and qualitative data from Hermes EOS.The pension scheme has provided £40m to seed the fund.last_img read more

Kevin Keegan takes swipe at Newcastle’s ‘shrinking’ stars

first_imgFormer Newcastle boss Kevin Keegan has claimed the club is too big for some of current head coach Steve McClaren’s players. According to the Daily Mirror, Keegan told beIN Sports: “This club’s going nowhere at the moment and that’s very sad. “I don’t think he [McClaren] realised how poor the squad was when he took over. Those players remind me of when I took over all those years ago when they were in the second division. The players’ biggest problem was the club was too big for them. “That’s a massive stadium to come out in. For some people, it makes you grow – for the right players, the Shearers, Ginolas, people like that that I had, they just grew in it. But these players are shrinking in it.” Keegan has been an outspoken critic of the Mike Ashley regime since his second spell in charge came to an unseemly end in September 2008 and resulted in a legal battle. His stance coincides with that of disgruntled fans, some of whom have organised direct action, including walk-outs and boycotts, in recent seasons. Keegan said: “The supporters want to see players having a go and relate to them and I don’t think they can with this team. “Sadly, they won’t stop coming to games. I think if ever they did boycott a game completely, I think it would get the stronger message across. “But they can’t do it, the Geordies. Every time they think they’re going to do it they think, ‘What do I do? I always go to the game’, and they turn up.” The Magpies slipped to a humiliating 3-0 Barclays Premier League defeat by Leicester last Saturday as too many members of McClaren’s side went missing at St James’ Park a fortnight after they had escaped from promoted Bournemouth with a hugely fortuitous 1-0 victory. That left the club just a point clear of the drop zone ahead of this weekend’s testing trip to Crystal Palace, and facing a relegation fight if McClaren cannot quickly find a solution to his team’s difficulties. center_img Press Associationlast_img read more

Iowa governor planning DC meeting over ‘short term crisis’ in ethanol industry

first_imgDES MOINES — Governor Kim Reynolds and Midwest governors are planning a trip to Washington, D.C. to talk with President Trump about unrest in farm country.“Let him know first-hand what’s happening on the ground,” Reynolds said Tuesday.The Trump Administration recently granted waivers to oil companies, so the federally-required amount of ethanol doesn’t have to be blended into gasoline.“We’re trying to give them some options…to really address the short-term crisis that we’re seeing with ethanol plants either shutting down or cutting production,” Reynolds said.A northwest Iowa plant shut down temporarily earlier this month and another company that owns six plants in Iowa has cut its company-wide ethanol output. The Iowa Corn Growers Association issued a statement this morning, saying farmers are “fed up” with President Trump’s “broken promises.” In addition to the ethanol situation, farmers have been up in arms about USDA harvest projections in mid-August that caused corn prices to nose dive.“This has been a rough, rough year between flooding, delaying plants, rosy crop reports,” Reynolds said. “We’ve got continued disruption in trade that we’re working through.”Reynolds is hoping the Trump Administration will embrace a compromise plan that would boost ethanol production by requiring additional ethanol use at oil refineries that did not get a waiver.“I understand he’s trying to balance refineries that are also saying they’re shutting down with ethanol plants that are also shutting down,” Reynolds said.Reynolds said Trump “is trying to do the right thing” by farmers, but the EPA continues to “undercut” the federal ethanol production mandate.“We can’t continue to lower the floor and expect the industry to survive and continue to grow,” Reynolds said.According to the Reuters wire service, Trump personally gave the go-ahead for the oil refinery waivers. Reynolds told reporters this morning she’s not sure Trump “fully understood the ramifications” of those waivers at the time, but the governor said Trump does now after lobbying by her and several other Iowa officials. Reynolds, who just signed on as Iowa co-chair of Trump’s reelection campaign, said “relationships matter” and she’s able to call Trump and his top administrators to discuss these issues.last_img read more