Empowering investors
We believe that empowered consumers make informed choices. This is true for consumers buying computers, plasma televisions and cars, and it is also true for retirement plans. Empowered customers can only make an informed buying decision if they are given all the relevant information from the product provider in clear and unambiguous terms.
Empowered customers are not at a disadvantage with their service and product providers. They understand the important features and mechanics of the product they are buying and how these suit their individual needs. They understand how to distinguish between the quality and cost of various products and service providers.
Education is the starting point of empowering members, who should understand how to assess the merits and appropriateness of an investment strategy. Upon joining the 10X Retirement Plan all members receive a retirement manual explaining how their plan works and the rationale behind its design. Members have web access to education material where premium content is reserved exclusively for our clients.
Projected investment values at retirement, transparency and independent oversight are at the core of our member focussed business model.
How not to empower consumers
The retirement fund industry is characterised by information asymmetry. The service provider decides what information to share and what information to withhold from the investor. In general, companies prefer to share good, not bad, information with their customers. The service provider calculates their own performance and most show investment performance ignoring their costs and there is no independent verification as investment performance is not audited.
It is our strong belief that this behaviour is unacceptable as it prejudices investors who are fed misleading and incomplete information of how their retirement plan is performing.