He recommends an asset allocation, then reviews and recommends money managers within each asset class, monitors and reports performance, and recommends brokerage policies.

FORBES: International Campaign to Eliminate Pension Consultant Abuses (November 2, 2004 )

These firms are responsible for getting the word out to the pension community that commissions are being left on the table and that pensions can get involved in directing brokerage without hurting performance.

FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)

Purcell has been under pressure for months to boost the performance of Morgan Stanley's brokerage, asset management, and card services units, not to mention its lagging stock price.

FORBES: Purcell Hangs On

It gives prospective clients a way to look at verified trades from direct brokerage imports and see your performance.

FORBES: Profit.ly Mines The Masses For Stock-Trading Gold

Rather, he insists, they will transform the Japanese brokerage, though he declines to say whether he will bring in performance-based pay for everyone at Nomura.

FORBES: Is Wall Street Going To Teach Nomura a Lesson?

When the fund suggests directing brokerage to minority or local brokers, or entering into a commission recapture arrangement, managers emphatically state that performance will deteriorate.

FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)