Family Office Investment Consultant Search
Organization & Objective
A multi-generational family office overseeing several trusts and private foundations initiated a review of its long-standing investment advisory relationship and governance approach. While the incumbent advisor had supported the program for many years, the review indicated that the office’s evolving needs, together with performance results relative to stated objectives, suggested the program may have outgrown the current advisory structure.
The six entities, collectively representing substantial assets, were governed by committees of family members, foundation executives, and independent trustee-advisors. An independent assessment identified performance concerns relative to objectives and benchmarks, prompting fiduciaries to engage an independent third party to conduct a comprehensive RFP process and evaluate advisory options for the future.
Process
The engagement began with discovery and stakeholder education, including investment program fact-finding, governance and document review, and interviews with family members and trustees. Discussions covered fiduciary best practices, industry trends, and structural considerations for shared oversight across trusts and foundations.
North Pier translated the committee’s priorities into clear evaluation criteria and executed a structured market review through a tailored RFP and finalist diligence process. Key considerations included:
• Potential to improve performance relative to objectives
• Depth in private markets and manager underwriting
• Integration of tax awareness
• Enhanced reporting expectations, including performance attribution and risk transparency
• Alignment with a multi-generational governance structure
Selected firms received background materials, a customized questionnaire, and requests for performance and service data. Proposals were reviewed and synthesized in a comprehensive comparative analysis. Three finalists advanced to in-person meetings, followed by additional due diligence and reference checks. North Pier also supported service agreement negotiations with the selected firm.
Outcomes
-Selected an investment consultant aligned with the committee’s long-term objectives and governance structure.
-Reduced advisory fees by nearly 16% through competitive evaluation and negotiation.
-Established enhanced reporting expectations, including performance attribution and risk transparency.
The process also provided fiduciaries with greater clarity around governance, expectations, and the standards they’ll use to evaluate the advisory relationship over time.