Adviser budgeting, selection and review

Our adviser selection and review service seeks, through the creation of practical and tailored selection criteria, to show clients the bigger picture, enabling them to choose and maintain an appropriate adviser team with clearly defined roles and responsibilities within a workable and predictable budget.

Our adviser selection and review service is designed to help sponsors and trustees conduct informed reviews of their advisers. It addresses issues of conflicts, cost, accountability and efficiency – such as overlaps or gaps in adviser services or undue restriction of liability. Budgeting can be carried out as an integral part of the process, but can also be delivered as a separate exercise.

Most sponsors and trustee boards want long-term relationships with their advisers, and often benefit from the continuity and historical knowledge that goes with it. However, best practice, including guidance from the Pensions Regulator, is that advisers should be reviewed from time to time. Reviews may also be prompted by the uncovering of historical mistakes, because a particular ‘trusted adviser’ has moved on, or by new owners following a corporate acquisition. An additional appointment may be needed to work with existing advisers in certain complex transactions.

Defined benefit schemes tend to be regarded as legacy issues that need to be dealt with appropriately but efficiently and cost effectively. Pension schemes raise significant financial, legal, regulatory and reputational risks and the cheapest isn’t necessarily the best. Our service is about identifying advisers who will work as a team, providing the appropriate level and breadth of service for the particular scheme at a reasonable and affordable cost.

Jane Marshall Consulting will seek to understand the drivers of the review, examine relevant provisions of existing appointment terms, trustee and employer adviser pension costs and internal costs. We will agree appropriate selection criteria and processes, review responses and make recommendations for the short list, attend presentations and lead or assist in questioning. We will then help you in your final decision making, and review and make recommendations as to the terms of appointment. For a number of clients we continue to be engaged for periodic performance reviews.

Jane Marshall Consulting is ideally placed to help sponsors and trustees conduct adviser selections and reviews. As specialist consultants we are not part of a consultancy, accounting or legal practice with other potentially conflicting services. We provide a fresh and independent assessment, with commercial, legal and industry knowledge and expertise.


Managing risks in DC plans

As the global movement to DC plans continues to evolve and grow, so do the challenges. In this paper, originally written for the International IPEBLA Conference in May 2015, we determine how best to identify and manage risks in the new DC plan universe, exploring employer liability in relation to provider selection, as well as [more…]

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