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Old 02-04-2019, 05:06 PM
LDGhomie1223 LDGhomie1223 is offline
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Default Looking for advice for Life Consulting

I am currently working in pension consulting and may make a move out of it. Could someone that does life consulting outline things that they do and things I should be aware of before making the decision?
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Old 02-04-2019, 06:11 PM
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Originally Posted by LDGhomie1223 View Post
I am currently working in pension consulting and may make a move out of it. Could someone that does life consulting outline things that they do and things I should be aware of before making the decision?
All I can say is that it's better than pensions consulting.
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Old 02-04-2019, 06:12 PM
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mathmajor mathmajor is offline
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Do you like consulting?
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Old 02-05-2019, 01:23 PM
Kalium Kalium is offline
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Biggest difference is perhaps the nature of the client.

For pension consulting you are probably working for the HR/Finance department at the client company. Pensions may only be a part-time issue for them, and once fully trained you may know a lot more than they do about how the plan, and the funding of it, works. Someone gets to present results at very senior levels in the client company. Some of the work is repetitive, either for the same or different clients. Much of it has to be signed off by an actuary. Your competition is other firms essentially offering exactly the same service. There aren't many new plans being set up, so the total volume of work is stable, but slowly declining. Clients are often local to your office.

For life consulting you are mostly working for an insurance company, and quite likely for actuaries at that company, who understand the company and its products better than you do. They usually want help with one-off projects, driven either by a temporary shortage of skills / people, or by new developments in legislation / products / software. For new developments, you and your colleagues need to know more than the client, so need to build a repuation for excellence / expertise in particular fields, to distinguish your firm from others. The volume of work is more variable: work expands if there is a lot of change taking place, but can then decline if everything is stable for a period. Clients could be anywhere.
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Old 02-05-2019, 02:12 PM
Canadiens Fan Canadiens Fan is offline
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Originally Posted by Kalium View Post
Biggest difference is perhaps the nature of the client.

For pension consulting you are probably working for the HR/Finance department at the client company. Pensions may only be a part-time issue for them, and once fully trained you may know a lot more than they do about how the plan, and the funding of it, works. Someone gets to present results at very senior levels in the client company. Some of the work is repetitive, either for the same or different clients. Much of it has to be signed off by an actuary. Your competition is other firms essentially offering exactly the same service. There aren't many new plans being set up, so the total volume of work is stable, but slowly declining. Clients are often local to your office.

For life consulting you are mostly working for an insurance company, and quite likely for actuaries at that company, who understand the company and its products better than you do. They usually want help with one-off projects, driven either by a temporary shortage of skills / people, or by new developments in legislation / products / software. For new developments, you and your colleagues need to know more than the client, so need to build a repuation for excellence / expertise in particular fields, to distinguish your firm from others. The volume of work is more variable: work expands if there is a lot of change taking place, but can then decline if everything is stable for a period. Clients could be anywhere.
I will add that in life consulting you may also be regularly (either every month or every quarter) calculating reserves for clients who don't have in-house actuaries (most importantly an Appointed Actuary) to do so.
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