11 | Who we are and what makes us different PPS Integrated Report 2021 There is a subtler element at play too. Professionals generally display certain behavioural traits that are common to the professional ethos of their chosen professions. They typically embrace certain personal risk management principles, an unwillingness to terminate insurance cover unnecessarily and an urgency to return to their professions after a period of illness. This leads to lower lapses and claims, which supports profitability. It ultimately yields more profits to share between members. Our members value the common pool of resources and wish to preserve its value. Meeting the financial needs of professionals Professionals have different needs that span the full spectrum of financial products. We at PPS uniquely meet these, providing both advice and customised solutions that draw on a comprehensive range of products and services. Financial planning and advice Research shows a strong correlation between financial security and sound advice and planning. Providing an advice and planning service is, therefore, always the first step when our financial advisers suggest new solutions or changes to existing ones. Our ethos of mutuality has a fundamental role to play here too, as it does in every other aspect of the business. In practice, this means foregoing a one-size-fits-all, packaged approach in favour of bespoke solutions that are tailored to meet each member’s specific needs. Personal financial planning spans many fields and includes areas such as risk insurance planning, business continuity planning, savings and investment planning, estate and legacy planning, tax planning, retirement planning, short-term catastrophe hedging and much more. Members can access financial planning services that cover all these areas in several different ways. Usually – and most frequently – they do so through our large network of independent and accredited financial advisers, some employed by PPS directly, throughout South Africa and Namibia. The relationship between a financial adviser and a client is an important and special one, which often develops over time into a high-trust affiliation that allows for dreams and requirements to be shared and discussed. Good financial advisers ask the right questions, protect their clients from irrational or emotional decisions and ensure that the necessary discipline is in place to adhere to a pre-agreed plan. A trusted financial adviser is a sounding board, a coach and a source of wisdom. HOW PROFIT-SHARE WORKS Investment returns on past operating profits and investments returns Operating profit Claims Expenses MEMBERS’ PREMIUMS Reserves Profits Total members’ Profit-Share Accounts Members’ benefits Cost of running a business Guarantee future claims 100% allocation to ProfitShare Accounts
RkJQdWJsaXNoZXIy NzI4MzY4