Basic or ‘anecdotal’ review
Reviewing your professional advisers is an important governance aspect. Generally, these form part of the cyclical activities on the Trustees’ business plan. Many reviews take the form of questionnaires which Trustees and other Stakeholders complete. A simple rating system can be used to objectively assess performance and draw appropriate conclusions.
This type of review work well during the early stages of appointment through mid-contract. Consider something deeper If issues arise or ahead of contract discussions.
Market or ‘scheme specific’ review
Many services are challenging to assess as there are scheme-specific features to consider. The most objective way to consider these is to seek specific bids across the market.
This approach puts the Trustees in a great position to receive refreshed proposals from their incumbent and line up viable alternatives as part of the process. What happens with the outcome varies but it is a highly objective way of getting to a new and improved position.