Choosing the Right Adviser: Committee Members Need to Issue an RFP for an Outside Fiduciary

Chicago partner Michael Rosenbaum and Los Angeles partner Summer Conley wrote an article for PLANSPONSOR titled “Choosing the Right Adviser: Committee Members Need to Issue an RFP for an Outside Fiduciary.”

Michael and Summer discuss the process of selecting an investment adviser for outside fiduciary assistance. They state that conducting a request for proposal process is the first step in selecting a candidate, and recommend meeting with potential candidates in person. They go on to state that the committee should then convene a meeting to review the prospects and select the adviser who would be the best fit for the plan. Summer and Michael remind the reader to document the process and to monitor the adviser’s work on an ongoing basis.