UPDATE ON THE MERGER UPDATE ON THE MERGER On track in important - - PowerPoint PPT Presentation

UPDATE ON THE MERGER

• On track in important areas
• Staffed office merged, good cooperation, members are increasingly finding each other
• Commitment to VBA Journal, VBA Education program
• Challenges
• Integrating financial admins more complex than expected, only now real insight in financial

developments

• Merger costs and costs of unwinding tax claims CFA NL weigh heavily on results in 2017-2018.
• Key challenge is bringing VBA members onto CFA Institute platform a.o. due to malfunctioning IT,

risking larger than expected drop in membership. With ‘hindsight’, we should have thought on this more thoroughly in preparing the merger

• Some members feel overwhelmed: change in language, layout, email communication: a bit much

at once? We should have been more sensitive as a board to these changes.

• The board aimed to focus on a number of visible membership value projects; a disproportionate

amount of time was spent on MIFID/ESMA and the VBA Education program. More in the background, but important to you and us.

UPDATE ON THE MERGER

• Introduced the new combined brand (vision/mission/look and feel) in April. Made sure

that it fitted in the overall CFA brand. Launch of new brand at kick-off event April 18th.

• Launch on integrated website as well in April and improvements on site over last few
• months. It is working, but some limitations felt on functionalities.
• Integrating financial administrations very time consuming due to differences in

processes and systems on back of unwinding tax claims CFA NL. Currently done and we are preparing the first combined financial reports.

• On governance, main regulations/policies/bylaws etc updated and approved by AGM or
• board. Other policies to be updated over next few months.
• IT, contract management and HR staffed office in process of completing

WHAT WE REALIZED (1)

• Staffed office in process of integration; focus so far on getting things done, now focus

shifting to who’s doing what. Work load high with integration on top of normal activities.

• Full events calender; now working on integration processess and realising synergies
• Biggest setback, activation former VBA members slow and frustrating process. Weighs

heavily on staffed office (time and energy) and risk of losing more VBA members than

• riginally anticipated

WHAT WE REALIZED (2)

• Events: Overall good turnout with positive feedback.
• Publications: the VBA Journal will further position itself in 2019, increasing its visiblity.
• Committees: We are re-energizing the committees with new volunteers, re-accelerating activities and increasing

impact

• MiFID II: We negotiated with DSI that the programs of CFA & VBA are ESMA compliant, and that only a small

additional exam is required.

• MiFID II: Our focus is now on a similar accreditation of the CPD program which can help significantly accelerate

membership growth, where the CFAI Member App can be instrumental.

• Job Board: Pushing for more vacancies to help member value & strengthen employer relationships with employers
• Visibility: Members helped increase visibility by launching a book on asset management; we are exploring

translating it in English and increase exposure further.

• Education: We started discussions with the VU to reposition the VBA program, creating an open, modular platform

at the same time to facilitate CPD.

WORKING ON MEMBERSHIP VALUE

• Looking forward
• 2019 should be the end of the administrative/organizational challenges
• No onboarding issues weighing on staff
• Real merger synergies will start to materialize from 2019 onwards, less but higher quality events.
• 2019 should see the launch of the CPD program designed to meet the MIFID/ESMA’s demands

and meet our members’ needs, with the further development and (re)launch of the VBA Program as an integral part.

• We’ll consult a broad range of members to see how they are experiencing the merger, it there are

questions/concerns that we should tackle and what they feel should be the society’s focus

UPDATE ON THE MERGER (2)