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Benefit Consultants

Consultants are providing a service and it should meet the Trustees needs.

It is undoubtedly best practice review your consultants on a regular basis. Full reviews should typically be carried out every three years but with a continual ongoing monitoring of the service provided.

We are working in an environment which is rapidly evolving and many trustees have made substantial changes to the benefits provided - for instance a move from defined benefit provision to money purchase or career average. We may also have personal accounts on the horizon to further complicate the picture. Trustees will need to ensure that their consultant has the knowledge to guide them through these changing and challenging times.

Trustees should also be aware that their consultants will frequently have income targets set for their clients by their managers. We are all aware that budgets are being squeezed and it is important to get value for money. In reviewing their consultants the trustees should asses whether the fees that they are being charged are competitive and whether the service that is being provided meets their requirements. Do you really need another report when a discussion or brief presentation may actually shed more light on the issues?

In order to monitor and review the performance of your consultants you will need to have a clear set of criteria against which to asses them. This should ideally put in place at he time of their appointment. If this was not put in place it is possible to identify how the Trustees would like an "ideal" consultant to provide their service. This can then be used as a basis to review the incumbent and where necessary used to select a new one.