Performance Advisory Services had an excellent year in 2021, despite the challenging environment. New risk business was up by 28% from 2020. Gross new investment flows grew by 15%, Wills written were up by 31% and new members grew by 22% from the previous year. In fact, PPS remains the fastest growing agency in the South African industry which is a notable achievement. A business optimisation process that was undertaken in 2020 continues to improve efficiencies and minimise costs, as has our fit-for-purpose back and middle office process, also introduced in 2020. These are designed to be operated by staff working remotely and to complement the face-to-face contact between financial advisers and members that is still such an essential aspect of our business. We are constantly enhancing our technology platforms to enrich the overall member experience. Risks, challenges and opportunities Many organisations downsized in 2020 and 2021, retrenching professionals as well as other categories of staff. The unemployment rate of newly graduated professionals continues to be high. Furthermore, as many PPS members are self-employed, the various levels of lockdown had a direct – and sometimes severe – impact on their businesses, causing financial constraints. Within this context, we nevertheless had the opportunity to improve digital engagement significantly with the young graduate market, which was very well received. In addition, the introduction of the PPS Profit-Share Cross-Holdings Booster in 2020 has provided a strong platform off which to offer a wider range of products to our members. Our staff had the opportunity to take advantage of an extended range of training opportunities, many of which are offered online and there has been an enthusiastic response to these. We continue to recruit new financial advisers to match the changing profile of our members and we provide new hires with extensive training so that they can offer sound financial advice and deliver the high levels of personal service PPS is known for. Prospects While the economy is likely to remain constrained in 2022, we believe that – based on our performance in 2021 – we are well-positioned to meet or even exceed our business targets for the year. We will continue to present the entire PPS offering as part of the financial planning process. Operationally, we will continue to expand our presence and entrench our footprint in the country’s major cities, while simultaneously extending our reach into key outlying areas. We intend to stimulate growth by continuing to deepen current stakeholder relationships with professional associations, workplaces and key partner organisations. 61 | PPS Group performance at a glance PPS Integrated Report 2021
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