Service Monitoring
It may sound very obvious, but you can only monitor any individual or provider if you have a clear set of service standards against which to monitor. It is also important that both the client and their provider agree to the standards set out - Trustees should not just accept a providers normal service standards if they do not fit in with their requirements.
Once the standards have been agreed, it is important to continuously monitor the performance of the provider so that any fall off in standards is identified early and addressed. It is also important to set up a system which allows the trustees to take a step back and review the service standards to ensure that they still meet their requirements. Typically this would normally be every three years at which point fee levels should be checked against the market.
Trustees should also keep their eyes open for exceptional events which could influence their advisors and affect their ability to provide a suitable service. An example of this might be a merger of consultants which would lead the incumbent consultant being put on watch.
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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.