Our foundation’s investment advisor has been with us since 2005. Is this typical, or do foundations change advisors often?

Establishing clear procedures for monitoring, evaluating, and changing your investment providers—including outside investment consultants, an outsourced chief investment officer (OCIO), and/or investment managers—are key parts of fiduciary responsibility. Your investment policy statement (IPS) should include these procedures.

Matthew Wright, president and chief investment officer of Disciplina Group, recommends that any contracts regarding investment services should clearly define the responsibilities of all parties—whether an investment advisor, investment consultant, or OCIO—along with the roles and responsibilities of the board and any internal staff. Institutions should institute regular reviews of their investment providers and put their contracts out for rebidding every 3–5 years, thus establishing best practices and ensuring that costs and services remain in step with the market.

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