PROFIN FINANCIAL SOLUTIONS (PTY) LTD
With the advent of new legislation and the resultant increase in potential liability of professionals in South Africa, Profin Financial Solutions (Pty) Ltd was formed. Profin Financial Solutions conducts its business in association with Russell James & Co Inc and aims to compliment the services already provided by the audit practice. The Company was established in June 2001 through the efforts of Graham Bishop and Russell James. The main business of the Company is threefold:
Firstly, to offer a legal service to clients that includes drafting of all commercial contracts, formation and registration of trusts, drafting of wills, administering deceased estates and general legal advice as a fee based service.
Secondly, to perform a life service that includes the review of existing portfolios, advice regarding the appropriateness of the products currently owned, the tax implications of the policies for the individual as well as the Company. The Company/brokerage is independent and has contracts with all the major Life Offices in South Africa.
Thirdly, to offer investment advice on all single and recurring premium investments. We have contracts with all the main fund managers, Allan Gray, Investec, Coronation and several others. With the use of these fund managers we can offer pension, provident and preservation funds as well as voluntary investments.
Over the last 8 years we have experienced a positive response to these additional services and have assisted many businesses, individuals and families. The following are some of the problems that have been identified in our client base:
- The non-existence of wills. We have had several individuals die intestate as a result.
- Incorrect trustees and beneficiaries appointed on the trust.
- Buy and sell assurance policies without any contract regulating the disposition of the shares.
- Premiums on life policies that are currently higher than what can be obtained in the market today.
- Income protection benefits that exceed declared earnings for the year.
- Retirement annuity premiums that under utilise the very few tax advantages still available to tax payers.
- Incorrect beneficiary nominations on policies.
- Expensive pension and provident funds with underperforming and inappropriate funds.
The Company currently provides services in the following areas
1. Legal services.
All contracts regulating the relationship between parties, including the sale/purchase of, movable assets, immovable property, shares and a business. Contracts for the lease of property, rental of movable property acknowledgement of debt, loans and suretyships.
2. BEE Consulting.
With the introduction of the Broad Based Black Economic Empowerment Act 53 of 2003 and the impact of the legislation on our clients it was necessary that we familiarise ourselves with this Act. As a result we have been consulting on this legislation since its inception. Our role is to explain the impact of the Codes on a business and ascertain methods to improve a scorecard. We have registered several Employee Empowerment Trusts to address the ownership criteria for the scorecard. The Company is not a rating agency and cannot issue certificates of status.
3. Insurance.
The Company and its representatives provide independent advice relating to estate planning, retirement planning and investments. We have life assurance contracts with all major assurance Companies, like Old Mutual, Momentum and Liberty as well as fund managers like Investec and more recently we have aligned ourselves with Sasfin Securities who in certain instances act as the fund manager on our investment portfolios. The majority of our business is done in the business assurance market, being the buy and sell and keyman policies. In addition to local investments we offer offshore investments through OMI.
Product Providers
Profin Financial Solutions (PTY) LTD is a Financial Services Provider Nr: 16223