If anyone on the Board or Executive Leadership is reading this, here is the roadmap to fix the problems at Mutual of America and return it to growth and profitability:
- New Board of Directors and Outside Executive Management
- Fix the Problems with the Employer Website & FIS--the backlog on needed fixes goes back 3 years and clients are leaving in droves because the website is not user friendly
- Spend $115M to build out employer portal and participant website to actually look like a real recordkeeper
- Double down on customer service. Hire emphatic & knowledgeable customer service people, train the he-l out of then, pay them well, reward them, survey the h*ll out of clients, act on feedback, and get rid of the bad apples
- Hire a s*hit ton of outside programers to fully automate loans, distributions, death claims.
- Farm out 50% of Capital Management
- Get rid of marketing dept. Hire all outside marketing people and graphic designers
- Beef up employee education. We need a mobile app that is fully functional and need more participant tools and resources
- Keep reducing real estate footprint and let more employees work from home.
- Better awards and incentives for providing superior customer service.
- Tie all Executive Management pay to Customer Service Survey Responses. Cut Executive Management pay by 25% across the board.
- Reduce corporate donations and force employees to volunteer instead of the firm donating money.
- Add self directed brokerage and managed accounts to all product lines to raise revenue
- Better marketing and advertising. Radio, TV, Bill Boards. Pay finders fees to consultants to place business.
- Eliminate NEPOTISM and GASLIGHTING in the workplace
- Reward employees who work their a-s-s off with high pay
- Get rid of existing Board and all Executive Management including Field ExVPs who do jack schit.
- Fully Fund the DB plan with that $500M sale of 320 Park Ave
Merry Christmas and Happy New Year.