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Background

The client had a traditional investment model in place (investment consultant assisting with strategy and monitoring of the investment managers). As part of their cycle of reviewing advisers they wanted to move to a fiduciary manager would be a better approach for the pension scheme. Before embarking on the procurement project we met with the client to capture their objectives for inclusion in the Request for Information (RFI) and to establish which providers should be approached.

Tasks undertaken

Before embarking on the procurement project, we met with the client to explain and educate them about fiduciary management.

Basis of the project

We issued the RFI to the chosen providers and then held an adviser day, before the pitch day. The purpose of this was to allow the providers to ask questions and glean further information before they submitted their response to the RFI. It also allowed the client to meet the team before a pitch to ensure that they were comfortable with the personalities.

The responses indicated that an RFI needed to be formulated so that it requested information

  • Acting as Project Manager
  • Running the Adviser Day
  • Producing and issuing an RFI
  • Analysing the responses to the RFI
  • Review of provider contract and costs
  • Attending the trustee meeting to discuss the analysis of the responses received
  • Giving feedback to the unsuccessful providers
  • Management of the transition project to the fiduciary manager.

How we added value

  • The project plan ensured that nothing was missed
  • Educating the client in fiduciary management
  • Delivered the project to a short timescale and on budget
  • Reduced provider costs

 

 




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