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I feel like I've been bamboozled, but I can't put my finger on it!.........
Recently, I received an email from a long time friend. The first paragraph follows. With their permission, I'm sharing it with you as a perfect example of,"Maybe it's time to look for another investment adviser."
Well, it was an interesting conversation. Again, it drives me nuts that he doesn't give me anything in writing. If his case is so compelling, why can't he give me something to read that states the facts in a way that I can understand them. I feel like he's rattling off a barage of numbers and scenarios as a way to sound smart and convince me to keep my money with him. But, when I hang up the phone, everything he's said evaporates, and I can't remember what it was he said that sounded so compelling while he was saying it. I feel like I've been bamboozed, but I can't put my finger on it.
So, my question is... Where's the Investment Policy Statement and is it being monitored?
A conversation I have with many clients is, "What is the most effective way to reduce my risk as a plan sponsor?" My reply is always, "Following a due diligence process, employ a discretionary trustee or for 403(b)'s, a named plan fiduciary with the same responsibilities. Our friends at Unified Trust have put together a beautiful piece that does a great job of addressing the questions that inevitably follow. Please see the Pdf below.
Case Study for Fiduciary Investment Review
Actual case with elements adjusted for confidentiality
Board managed with Investment Committee
$25 million portfolio/60% Equity
Board was initially assessed for knowledge and implementation of their fiduciary investment responsibility/Board and Committee were chagrined at what they didn't know and weren't doing under current law. And, that the current investment advisor was not assisting them in their responsibilities
Portfolio was reviewed and found not to adhere to the current Investment Policy Statement/The good news is: there was an Investment Policy Statement
No contract could be found for the current investment advisor
Fees appeared to be out of line with current similar situations
An RFP was prepared and published
Previous annual fees were in the $180,000.00 range
Top two proposals received were for annual fees of $99,000.00 and $95,000.00 with additional services not provided by previous advisor
Case closed until next annual review
What makes a good firearm appraisal?
We've attached a firearm appraisal that embodies what Segue looks for in it's subject matter experts. This SME limits their appraisal to K98's in a specific production period.