Frequently Asked Questions (FAQs)
Q: Is PAR totally independent?
A: Yes. We have no financial ties or conflicting connections with any other party
Q: How do you charge for your services? Do you accept commissions?
A: We charge negotiated fees based on the scope and nature of the work involved. We do not receive commission or any other form of remuneration from elsewhere
Q: Are advisers uncomfortable knowing that PAR is involved?
A: We believe that competent advisers have no reason to be concerned and can actually derive considerable benefit from PAR's involvement. When asked to comment on PAR's entry into adviser selection, one well-known pension consultant said the industry might expect a defensive reaction from consultants, but that was not the case. "If actuarial and investment consulting is to evolve then it has to be able to demonstrate the value-added service it provides to clients," he said.
Q: We're perfectly happy with our current advisers. What can you add to this relationship?
A: Even the best relationships can become stale and will benefit from regular monitoring and evaluation to keep the batteries charged and everything on track. Also, the Morris Review of March 2005 specifically recommends that actuarial advisers should, regardless of existing satisfaction levels, be reviewed every year, formally evaluated every three years and subjected to formal market test no less often than every six years.
Q: Yes, we've had some problems with our advisers. What can you do to help?
A: Working on your behalf, we take the stress and emotion out of difficult and sensitive situations to identify problems, devise solutions and help rebuild a damaged relationship
Q: If we go ahead and appoint a new adviser, how can we be sure they will stick to their promises?
A: Part of PAR's unique search & selection process includes, as an automatic by-product, the creation of a mutually-agreed business plan and budget. Each year, the business plan and budget are reviewed and monitored to keep everything in order. There will be no more surprises with PAR on your team
Q: Do we have to outsource our entire adviser relationship management to PAR or can we pick and choose?
A: Under PAR's flexible approach, you can outsource as little or as much of the management of your pension adviser relationships as you want. You can involve us on regular on-going work, simply for special one-off special project or for a formal new adviser search-and-select project. The choice is yours.