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INDEPENDENT SELECTION AND MANAGEMENT OF PENSION ADVISERS

Evaluation
Market Testing
Selection
Outsourcing

 

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THE MORRIS REVIEW
The Morris Review of the actuarial profession: tough new standards for pension actuaries

 

 

 

Selection of advisers

“Trustees may also wish to demonstrate that they have taken appropriate advice in the selection of a provider and that a rigorous approach has been taken”
Professional Pensions magazine, November 2003, quoting a well-known pensions administration adviser

So, if you know you've backed the wrong horse and need a new adviser, follow PAR's Seven Steps to Success to make sure you don't get  out of the frying pan, only to jump back into the fire. The same process can be used for the sort of best-practice market testing recommended from time to time by the Morris Review:

  1. Define the goals with no preconceptions regarding the outcome
  2. Get the very best long list of candidates using PAR's Adviserfit specifications and proprietary database of more than 300 quality advisers
  3. Develop a customised, rigorous and challenging Request-For-Proposal (or Invitation-To-Tender)
  4. Take up references - not always as easy (nor meaningful) as it might sound
  5. Using objective evaluation criteria, screen the responses to get down to the short list
  6. Arrange, facilitate and manage the beauty parade process
  7. Rank the finalists to select the successful candidate.

This process not only produces the most suitable adviser for your precise requirements but does so within a logical, systematic and robust framework that will withstand the scrutiny of stringent governance. As an automatic by-product, PAR's methodology also provides you with a ready-made and fully functional business plan and budget structure to define and deliver optimal future results.

  
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