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GCI joins forces with MEMP Financial Services to create GCI Health

02 August 2021 GCI Health

GCI has joined forces with MEMP Financial Services to create GCI Health, which will focus on providing industry-leading services in the healthcare sector. Alex Cook, CEO of GCI, says that the merger creates a new entity with a unique service offering with the potential to redefine the market.

“In the 21 years of its existence, MEMP has established itself as a visionary leader in the industry. Their committed focus on the welfare of scheme members is a reversal of the typical employer-focused approach, and has earned them quite an extraordinary degree of loyalty from their clients – as shown by the fact that MEMP has never lost a corporate client,” he says. “MEMP’s client-centric approach and passion align closely with GCI’s ethos and our aim of helping 150 000 South Africans achieve financial stability by 2025.”

Based in Port Elizabeth/ Gqeberha, MEMP serves approximately 7 000 principal members in companies around the country. The company was founded by Rob Immelman, who will act as strategic advisor to GCI Health and operate as a Wealth Manager within the wider GCI Group. His previous career working for a large employee benefits company convinced him that a company which focused on the members themselves - rather than the employer - could make a huge contribution to their wellbeing.

“Becoming part of GCI represents a great opportunity for our team of dedicated experts to join a bigger organisation which can provide effective and cost-efficient back-office support, as well as access to a much larger client base,” Immelman says. “Both MEMP and GCI are passionate about making a real difference to our clients, and the formation of GCI Health means that together we can help more people manage their benefits – and their finances – more effectively.”

Quick Polls

QUESTION

As National Treasury mulls a two-bucket retirement system, mandatory contributions and preservation, regulation 28 is being amended to allow up to 40% of retirement fund assets to be invested in SA-based infrastructure… Which of the following retirement fund ‘tweaks’ would you consider most beneficial to your clients?

ANSWER

Give fund members emergency access to retirement savings
Let fund members invest 40% in infrastructure
Let fund members invest 40% offshore
Mandatory preservation when resigning from a fund
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