Definition and Broad Overview Actuarial consultants are professionals who need to have knowledge about a variety of disciplines (for example statistics, economics, law, finance and risk) in order to be able to advise their numerous clients on projects brought to them. They advise clients on methods, regulation, policies, mechanisms and plans which need to be considered when making business decisions. They can work for a firm or independently as a contractor. Numerous areas of expertise are required for consulting actuaries, as they are required to be able to advise many different clients on the many varying problems which are presented to them. Specific Skills and Techniques Required Consulting Actuaries need to possess many skills including some knowledge of tax, law, statistics, model construction, financial forecasting etc. They analyze the current financial climate and make predictions about future conditions so as to make the best recommendations for future financial decisions. Needs to be able to work with and consult colleges and professionals in many different areas for their expertise and knowledge. Consultants also need to possess good personal skills so as to be able to communicate with clients to attract and keep business as well to be able to best understand their clients’ needs to make the best possible recommendations. What is unique to an actuarial consultants approach and skill set compared to other financial advisors is their ability to work cyclically,
The management of a consulting project calls on a variety of skills. This is an actuality that has been stressed throughout the course lectures, seminars and cases as well as throughout the course literature. The fact that consultants must integrate their skills when conducting a consulting project is as clear-cut as it is evident.
Those who request these services would be less concerned about the process, caring only about the outcome. The assumption based on this initiative is that “the wisdom of crowds” will come up with optimised ideas for the challenges. Furthermore, clients who are considered as conservative will have a tendency to solve the business problems with internationally well-recognised business consulting companies as they can work collaboratively. They provide more systematic ways of solving problems and can work interactively with the companies as their group of employees will work for the company with well-trained and qualified human labours while it costs more. This may result a high level of client satisfaction rate. Furthermore, there is the likelihood that large sized
Maintained outstanding communication and analytical capabilities along with interpersonal skills to share information with clients and team members.
| Ability to communicate effectively with customers through written and spoken wordsActive listening and persuasive nature
quality products and services is also what makes customers want to come back to an organization.
Job knowledge, technical skills, and communication skills will help the Registered Financial Advisor’s overall performance. The Registered Financial Advisor has to exhibit a certain level of knowledge before he is allowed to give financial advice. This knowledge is tested through the Series 6, Series 63, Series 65, and the life insurance exams. In addition, the Registered Financial Advisor has options to increase financial knowledge through the attainment of different financial designations. Moreover, I have obtained the following financial designations: Chartered Life Underwriter (CLU), and Chartered Financial Consultant (CHFC). The CLU designation teaches financial advisers how to fully serve the diverse needs of their individual and
They should also be able to talk well to managers when giving ideas and to other employees when working together. This will benefit the customers as the staff will be able to communicate well with them if they need to.
Consultants may be retained by individuals or organizations for the purpose of accessing specialized expertise. While consulting approaches vary widely, there is often an assumption that the consultant diagnoses problems and prescribes and sometimes implements solutions. In general, the assumption with coaching is that individuals or teams are capable of generating their own solutions, with the coach supplying supportive, discovery-based approaches and
They have to be able to use specific rules and methods to solve problems. They have to have the ability to solve complex problems to identify the problem and review related information to develop, evaluate options and provide solutions. They have to be able to talk to others and convey information effectively. Not only to talk to their co-workers, but talking to the customers in a way they can understand the information. They have to be able to understand written sentences and paragraphs in work related documents. They have to be able to use logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to the problem. They have to be able to consider the relative costs and benefits of the potential action to choose the most appropriate decision. By doing this, they have to provide the customer with the options and the costs for them to make the
Additionally, consultant should be part of the client’s team and participate in the process to obtain all information required, diagnose the problem and root causes
They also learn to find solutions to petty hurdles on the way. Efficient consultants help to structure new ideas and the narrative to be incorporated into the dissertation. In this way, the best quality surfaces in each student. Data analysis and statistics are made to seem a straightforward and easy task. Formulating tables, graphs, charts, and questionnaires for conducting a survey for data gathering are special skills of dissertation consultants. Consultants know all the tricks of the trade - from writing a proposal to helping in publishing the dissertation. Depend upon consultants to steer you over the rugged terrain and you will be surprised at what all they can do for
Consulting covers an extremely broad range of topics, businesses, clients and fields. However, Bremmer has somewhat of a bias towards writing this article; he is a consultant trying to sell his services to others by making these “new rules” seem more complicated than they truly are.
Whether they deserve it or not, it is notable that consultants and their business morals have been questioned and caricatured. Statements such as ``The new witch doctors'' or ``Consultants are people who borrow your watch to tell you the time and then walk off with it'' have often been quoted. A headline like ``They change colour according to the environment'' indicates a certain unreliability. However, it also has to be recognized that consultants often operate in situations characterized by ambiguity, sensitivity and bounded rationality. Therefore it can be expected that recipients in situations where they might be slightly criticized will react with
Deloitte Consulting is one of the largest and most diversified consulting services operating in the United States and major metropolitan centers globally. Deloitte's mission statement is to assist is clients and employees excel (Sidney, 2010). Audit & Enterprise Risk Management Services, Financial Advisory Services, Tax, Deloitte Growth Enterprise Services in addition to fourteen other services comprise the company's portfolio (Sidney, 2010). Deloitte is a world leader in enterprise tax management, risk management and regulatory compliance, in addition to strategic planning for operations, technology adoption and human resources as well. Deloitte is also adept at managing outsourcing consulting across its many business units, a core competency that has given the company formidable competitive depth relative to competitors including Accenture, KPMG, McKinsey & Company and PriceWaterhouse Coopers (PWC). In the last decade Deloitte has practices in twenty different industries, ranging from aerospace and defense, automotive and banking & securities to Oil & Gas, retail and distribution, technology and travel, hospitality and leisure (Sidney, 2010). Deloitte relies on its partners in each of these practice areas to coordinate business-based and technology-related solutions to customers' problems. Often this includes the coordination of large scale project teams where there is the need for extensive cross-functional expertise to solve a