Consultants get fees for helping to lower prime brokerage rates their clients get charged.
Apparently investment consultants are not effectively negotiating on behalf of their pensions clients, managers are not being consistent in pricing their services and clients are not carefully reviewing the recommendations of their consultants regarding fees.
FORBES: Why Pension Investment Advisory Fees Are So High (January 1, 2003 )
Hedge funds, funds of funds and indeed funds of funds of funds created by pension consultants enjoy fees exponentially greater than any other financial product, as well as a lack of transparency and regulation that permit questionable secret compensation arrangements.
The parliament's chief executive, Paul Grice, rejected a number of the critical conclusions in the report, including those on cost management, responsibility for programming, the process of reporting cost increases to MSPs and the ability of project managers to cap consultants' fees.
Note: the fees consultants charge managers for marketing consulting services and conference attendance are well in excess of usual marketing consulting services and conference fees.
FORBES: Compelling Pension Consultant Disclosure (June 1, 2002 )
The vast majority of the fees consultants earn are not disclosed.
FORBES: U.S. Institute Senior Delegates�� Roundtable Speech (June 7, 2004 )
Consultants who earn fees from money managers and are subject to conflicts of interest can afford to provide consulting advice for little or no money since the money managers are really paying them.
FORBES: U.S. Institute Senior Delegates�� Roundtable Speech (June 7, 2004 )
There is no justification for these huge fee differentials and pensions should scrutinize the fees their consultants have negotiated on their behalf.
FORBES: Time��s Running Out For America��s Pensions (May 1, 2003 )
On the other hand, the fund of funds of funds vehicle is a clever way for pension consultants to exponentially increase their fees.
Such coverage is commonplace: More than half the nation's largest 500 companies buy such policies, which cover ransom payments and the fees of negotiation consultants, usually former intelligence or law enforcement operatives.
Such coverage is commonplace: More than half the U.S.' largest 500 companies buy such policies, which cover ransom payments and the fees of negotiation consultants, usually former intelligence or law enforcement operatives.
On a China deal that we were working on, Chinese investors were able to complete due diligence and close within a month, whereas the international firm said they would require at least three months and one million dollars in fees for lawyers, consultants and accountants to complete the same deal.
Some consultants receive portions of the investment advisory fees of the hedge fund managers they recommend.
Under such circumstances, plan sponsors may be motivated to take excessive risks, as investment consultants and investment managers seek to maximize fees.
Truly independent consultants who earn nothing other than the disclosed fees paid by pensions are at a competitive disadvantage.
FORBES: U.S. Institute Senior Delegates�� Roundtable Speech (June 7, 2004 )
Many of the trustees we met boasted of the low fees their funds paid their investment consultants for supposedly objective investment advice regarding asset allocation and manager selection.
FORBES: The Long Overdue Florida Public Pension Clean-Up (November 21, 2007 )
The company managed to get a previous judge disqualified after releasing videos showing the judge discussing the case with consultants who appeared to offer him a cut of their fees.
FORBES: Chevron Says Plaintiffs Offered Ecuador Judge $500,000 For Verdict
Since the consultant was making more than 10 times from money managers what the pension was paying him, you can see how consultants can offer to provide their services for very low fees or even for free.
FORBES: International Campaign to Eliminate Pension Consultant Abuses (November 2, 2004 )
As a result of all the above devices, the fees pensions actually pay, directly and indirectly, to consultants are ten or more times greater that the amount they think they are paying.
FORBES: Compelling Pension Consultant Disclosure (June 1, 2002 )
On the other hand, they omit fees collected by all manner of planners, advisers, pension consultants, stock pickers, dog walkers and commodity traders who are on their own or work at insurance companies and commercial banks.
Are consultants actually providing important due diligence and monitoring services in exchange for these hefty fees?
While fees will almost certainly increase, overall compensation derived from pensions by consultants subject to conflicts of interest will dramatically decline.
FORBES: SEC Scrutiny of Pension Consultants: A Call To Action (February 28, 2004 )
Why should pensions care that consultants earn millions in surreptitious compensation from managers, if that results in pensions paying lower stated consulting fees?
FORBES: SEC Scrutiny of Pension Consultants: A Call To Action (February 28, 2004 )
While commodity products like ETFs have natural price competition working in their favor and large institutions have internal staff and consultants to negotiate on their behalf, individual investors face a host of challenges in the war on fees.
For a range of fees, it has begun offering faster delivery, pay-per-use technical support and consultants to help customers use their plastics more efficiently.
Mitchell put together an army of lawyers from his firm, DLA Piper, and consultants, from FTI Consulting, and got them to conduct a massive investigation that billed Major League Baseball huge hourly fees.
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