Westminster Consulting Brochure Endowment & Foundation | Page 20
FIDUCIARY DUE DILIGENCE
BEST PRACTICES
START WITH THE BASICS
•
•
•
•
COMPARE ALL RETURNS TO THEIR
PROPER BENCHMARKS
IPS STATEMENT
CHARTER
BY LAWS
PLAN DOCUMENT
DOCUMENT EVERYTHING
Address Other Issues
?
MINUTES SHOULD INCLUDE:
TOPICS
COVERED
client service
issues
Key Questions
or Discussions
regulatory
updates
Decisions
Made
MAINTAIN AND MONITOR
31
18
Establish
quarterly plan
committee
meetings
?
Attendees
enrollment
updates
ITEMS BESIDES INVESTMENTS
TO MONITOR:
Let Your IPS
BE YOUR GUIDE
Identify and Prevent
Conflicts of Interest
Vendor
Performance
REASONABLENESS
OF FEES
PLAN DESIGN
Are Vendors
complying with
their written
agreements?
Compare to
independent
benchmarks
Make sure plan
design meets
current needs
and remains in
compliance
Questions TO ASK:
• HOW ARE SERVICE PROVIDERS
BEING COMPENSATED?
• HOW DO INVESTMENTS
COMPARE VS. IPS CRITERIA?
• DOES OUR COMMITTEE
UNDERSTAND THEIR
FIDUCIARY DUTY?