Broadway League fired investment consultant after trust eroded during PE process
Chris Brockmeyer · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · Apr 9, 2018 · at 25:18
Chris Brockmeyer, Director of Employee Benefit Funds for the Broadway League, describes how a perceived lack of consultant neutrality led to firing an investment advisor.
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“Once we finally got to the point where we had gotten the education, the RFP process and the discussions that went on between the consultant, the union trustees and the employer trustees created an environment where one side wasn't trusting the other side. And it might've been actually each side might've felt that the consultant was Treating the other side special. And so it created something of a toxic environment where it wasn't the advice that was being, it was being given by the consultant was not fully trusted by one or both sides of trustees. And once you get to that point, it's just not possible for a consultant to be effective in, in giving advice. And so that resulted in an RFP And we replace that consultant ultimately.”
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