Corporate Profile. The PFS Difference

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1 Corporate Profile Professional Financial Solutions (PFS) is a successful independent consultancy, established in 2001, providing actuarial and related consulting services to a wide range of corporations and public agencies. At PFS the work is actually done and delivered to clients by very senior consultants, supported by pooled resources and facilities. We pride ourselves on our independent and professional advice and our high level of service. PFS has a broad range of very experienced practitioners with expertise in fields including superannuation, group insurance, general insurance, life insurance, and financial services. Specialities include actuarial advice, financial modelling, risk management, and compliance advice and support. PFS is wholly owned by consultants who work in the business. We minimise corporate overheads, as the working directors provide the management of the business, and we keep fixed costs to a minimum and pass the savings on to our clients. Our clients include employers in relation to superannuation and benefits matters, life insurance and general insurance companies, superannuation fund trustees, the Insurance Council of Australia, NSW Government statutory bodies, and Commonwealth statutory bodies. PFS is a corresponding member of Abelica Global, an international network of professional consulting actuarial firms, giving our clients access to an extensive knowledge base and international resources. The PFS Difference The fundamental tenets of our business are: Independence, Experience and Personal Service. These values mean we provide the highest level of service to our clients, and help us achieve our objective of being the supplier of choice for specialist consulting services. We minimise corporate overheads and pass these savings on to our clients, so we provide very high quality services at very competitive fee rates. Independence PFS does not offer or sell any financial products, nor do we have any ownership or other connections with any organisation that does. We are solely a consulting firm and our whole focus is on providing advice and services requested by our clients, in their best interests. Experience Our consultants have many years experience in their fields of expertise and are highly respected. When selecting people to work on project teams, we ensure that their skills and experience are appropriate and complementary, so that the team is the best that can be assembled for the job at hand. Personal Service At PFS the work is actually done and delivered by the senior consultants themselves with the support of our pooled resources and facilities. The firm engages self-motivated professionals who: Are highly experienced and well regarded in their fields; Seek to provide advice which meets client needs in the most effective and professional manner; and Provide advice in an efficient and timely manner. A C T U A R I A L C O N S U L T I N G IN S U R A N C E S U P E R A N N U A T IO N PTY LTD ABN AFSL Level 6 Challis House 4 Martin Place Sydney NSW 2000 GPO Box 2128 Sydney NSW 2001 Australia P F

2 Actuarial Key Service Offerings Actuarial valuations of employee benefits for funding, compliance, and accounting purposes Actuarial valuations and peer reviews of life and general insurance liabilities Expert opinions including valuing economic loss and valuing loss of income and benefits in personal injury cases; divorce/property settlements, valuation of estates, etc Developing tools for businesses to assess the viability of proposed projects or financial products Creating and/or reviewing customised financial models, particularly those involving risk Compound interest, life interest and reversions Calculation of long service leave liabilities Compliance Services Superannuation, Life Insurance, General Insurance Assistance with licensing and with meeting regulatory requirements Compliance advice and ongoing support, including compliance monitoring services Risk management workshops and advice Financial Modelling Product pricing, capital reserving, distribution and other models Review of financial models Modelling of the financial impact of possible Government taxation changes Modelling the reserving and investment strategies of superannuation funds and other financial and investment entities Modelling of assets and liabilities of statutory funds to determine likely cost of duration mismatching General Insurance Review of outstanding claims liabilities and general balance sheet management Review of financial conditions reports Claims management performance analysis General Insurance Accident Compensation Reserve and premium reviews Scheme design Evaluation of benefit and other structural amendments Support for financial management and planning Advice on underwritten and fee-based systems Advice on incentive schemes for service providers Injury prevention and management services for workers compensation scheme participants Risk management advice for workers compensation 2

3 Group Insurance Strategy, benefit design, and insurance aspect of fund mergers Review of policies and alignment to Trust Deed and administration Operational risk review of administration systems and processes Management of tenders and transition issues Specialist education for Trustees and other stakeholders Review of claims, underwriting and service levels Life Insurance and Wealth Management Provision of appointed actuary services and statutory obligations including valuation of liabilities in accordance with actuarial standards Appraisal and Embedded Values Modelling and projecting a company s policies, liabilities and profits Mergers of Statutory Funds Other Financial Services Financial product design and development Assistance with meeting regulatory requirements, review of compliance procedures and support with compliance monitoring Superannuation General consulting advice, including advice on superannuation vehicles, benefit design, crediting rates and unit pricing Advice on legislative changes Review of policies and procedures Merger and acquisition due diligence and related strategic advice Managing tenders for selection of master trust providers and industry funds Managing tenders for selection of service providers to funds, including administration, asset consulting, and insurance Actuarial valuations, certificates and advice, including valuations employer for employer accounts under AASB 119 for Australian reporting, FAS 87/132 for US reporting, and IAS 19 for international reporting Modelling the reserving and investment strategies of superannuation funds and other financial and investment entities Fund secretarial services Member communication material Administration of small funds, particularly complex defined benefit funds Actuarial certificates for self-managed superannuation funds. 3

4 Professional Staff Financial Services industry since Speciality Directors Doug Drysdale 1968 Superannuation and Actuarial John Newman 1976 Superannuation, Actuarial and Risk Management James O Dea 1979 Superannuation and Life Insurance Principals & Consultants Philip Maguire 1970 General Insurance and Risk Management Alan Mason 1970 General Insurance and Reputation Risk Management Fred Rowley 1971 Actuarial and Risk Management Rhonda Virtue 1990 Group Insurance Derek Abrahams 1994 Superannuation, Compliance and Communication Belinda Burton 2002 Compliance, Risk Management and Governance Adam Butt 1998 Statistics and Financial Modelling Stephen Crump 1982 Superannuation and Actuarial Dave Finnis 1977 General Insurance Actuarial Martin Fitzpatrick 1980 Superannuation and Systems Thach Huynh 1997 Financial Modelling Rebecca Johnstone 2003 General Insurance Compliance and Governance Simone Knight 2004 Compliance, Risk Management and Governance Richard Lyon 1981 Life Insurance and Financial Services Peter May 1973 Superannuation and Actuarial Bill McRobert 1976 Superannuation and Actuarial Phil Muir 1966 Life Insurance, Reinsurance and Actuarial Steve Roberts 2004 Statistics and Financial Modelling David Service 1972 Superannuation, General Insurance and Financial Services 4

5 Terms and Conditions Fees Our basic fee structure is an hourly rate depending on the skill and experience of the staff involved and the nature of the work required. Where the scope of a job is clearly defined, we are happy to quote fixed fees. Service Agreements or Letters of Engagement Before commencing new assignments for clients, we prefer to set out clearly our fee basis and where appropriate estimates of final cost. We commence the assignment once we receive the client s clear instructions. A Service Agreement or Letter of Engagement will be issued covering scope, cost, resources, project plans, service standards and limitations. 5