Communications Consultants
Over recent years we have seen an increase in member interest in their benefits. This has been caused by a number of factors including horror stories in the press, changes in legislation or changes in benefits.
This has lead to a renewed focus on communication whether it to be pass on information regarding the scheme or to educate members about their benefits and the options available to them.
This is frequently considered after changes have been made; whereas we believe that communication needs to be considered as part of the changes. It is important that any changes can be communicated clearly and that the nature of the workforce, and particularly the majority of members, is fully considered before finalizing the changes being made.
If communication is considered at the time of changes, trustees can look at using other experts who can bring in fresh thinking and alternative views to ensure that all avenues are considered. This may not only bring improved decision making but could also cost savings through efficient use of a tender process.
My View
The role of Investment consultants can broadly be split into to areas - investment strategy and manager selection. In general manager selection naturally follows on from the strategy that is set by the trustees.
With detailed analysis of recommendations and subsequent monitoring of the strategy Trustees will a better chance of being sold unnecessarily complex and expensive investment solutions.