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Business & Marketing | Pursuing Excellence Getting back to basics The famous coach Vince Lombardi Billions of dollars in nonproﬁt deciding how the funds are to once pulled his professional players funds are the responsibility of be managed. With or without aside and said, “This is a football.” board members who often have investment experience, they are SMARTMONEY In a similar light, I thought it might no professional background in the people who review the pro- By William C. Fisher be helpful to share some basic investment management. They do, posals prepared by investment President insights on choosing an invest- however, represent the residents, advisors. The ﬁnal selection rests Investment Advisory Group LLC ment adviser. employees and bondholders in with their collective judgment. Nonprofit senior living orga- nizations usually issue a “request for proposal” every three or four years to manage investments. The ﬁeld of responses is narrowed to two or three advisers, who then present their capabilities to the ﬁnance committee. The ﬁnal cut is subjective. Rarely is the adviser chosen based on fees or investment perfor- mance, as these factors are usually very competitive to market bench- marks. Decision-making is usually collegial, with the winning advisor appealing to a broad cross-section of the ﬁnance committee. The ﬁ nance committee often includes a local banker, attorney, a person with ﬁnancial background
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