Investment Change Evaluations

Essential Questions for Plan Sponsors

Learn your investment consultant's value add/loss and discover patterns that can be used to improve future investment decisions.

If your investment consultant has discretionary authority, our unique performance metrics can provide ongoing scoring of their value add/loss.

Although participants have choice, many plan changes are left to the plan sponsor. Score those decisions and improve future decisions.

The investment consultant is critical to plan success. A professional and thorough search will ensure the right fit for ongoing success.

Is your investment consultant adding value? You can try to guess, but if you rely solely on your investment consultant's reports, you will find it impossible to answer.

Fiduciary Protection

Monitoring the investment process is paramount for a fiduciary. Our objective analysis gives peace of mind.


Our studies provide insights not available in standard investment reports.

Apply the Results

Our studies will improve the investment process and future decisions.


Our studies will continue to help beyond the initial report.

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  • keller
    The greatest tragedy in life is people who have sight but no vision.
    -Helen Keller
  • stevenson
    Change is inevitable. Change for the better is a full-time job.
    -Adlai Stevenson
  • sarnoff
    Finance is the art of passing currency from hand to hand until it finally disappears.
    -Robert Sarnoff
  • lynch
    The key to making money in stocks is not to get scared out of them.
    -Peter Lynch
  • buffett
    Risk comes from not knowing what you're doing.
    -Warren Buffett
  • churchill
    If you have knowledge, let others light their candles with it.
    -Winston Churchill
  • drucker
    The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.
    -Peter Drucker
  • confucius
    Only the wisest and the stupidest of men never change.
  • franklin
    When you are finished changing, you are finished.
    -Benjamin Franklin
  • buffett
    Wide diversification is only required when investors do not understand what they are doing.
    -Warren Buffett
  • trump
    Sometimes your best investments are the ones you don't make.
    -Donald Trump
  • templeton
    The four most dangerous words in investing are, "This time it's different."
    -John Templeton
  • lynch
    In this business, if you are good, you are right 6 times out of 10. You are never going to be right 9 times out of 10.
    -Peter Lynch
  • churchill
    All men make mistakes, but only wise men learn from their mistakes.
    -Winston Churchill
  • buffett
    Price is what you pay. Value is what you get.
    -Warren Buffett
  • keynes
    The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.
    -John Maynard Keynes
  • ruth
    Every strike brings me closer to my next home run.
    -Babe Ruth
  • armour
    The best way to win is by making fewer bad shots.
    -Tommy Armour
  • anonymous
    Experience is the best teacher. Except you get the test first, and the lesson second.
  • zwieg
    It's okay to be wrong. It's not okay to stay wrong.
    -Martin Zweig
  • hogan
    Golf is a game of misses. The guy who misses the best is going to win.
    -Ben Hogan
  • kettering
    A problem well stated, is a problem half solved.
    -Charles Kettering
  • anonymous
    When you don't get what you want, you get experience.
  • santayana
    Those who cannot remember the past are condemned to repeat it.
    -George Santayana
  • jefferson
    With the right information, people make the right decision.
    -Thomas Jefferson

Our mission at ICE goes beyond helping investors analyze their past to improve their future. We also seek to expand investors' knowledge by providing white papers written by Brian Schroeder that challenge conventional notions used by institutional investors.

The saying, "Doubt is the beginning, not the end, of wisdom" inspires his writings.

The first is Benchmark Linking: What Plan Sponsors Should Know. It explores how the use of a linked benchmark as a plan's policy index can mask critical information needed by plan sponsors and thus blocks future improvement.

The second is Who "Owns" Your Institutional Investment Portfolio Returns? It clearly demonstrates where plan sponsors should look for answers concerning investment duties and results when following a widely diversified, multi-manager strategy.

The third is Level 2 Diversification: The Missing Level. It discusses portfolio, asset allocation, and manager diversification leading up to describing Level 2 diversification. Level 2 diversification is essential for investment success, yet most investment plans lack it and plan sponsors are unaware this void even exists.

The fourth is Decoding Investment Consultant Alpha. It systematically walks the reader through the first six years of a newly hired investment consultant and shows how investment consultant reports are insufficient to effectively monitor the consultant. It concludes by showing how plan sponsors can overcome this lack of disclosure to answer the question, "Is our investment consultant adding value?"

The fifth is Diversifying Investment Consultant Risk. It explores an investment model that diversifies the key investment consultant functions of asset allocation, manager selection, and re-balancing. This "multi-balanced model" has many powerful advantages over the traditional paradigm in common use today by institutional investors.

In the July, 2014 issue of Benefits Magazine appeared Brian Schroeder's article Multibalanced Model: The Missing Link in Investment Approaches? It explores a model using multiple balanced managers compared to the common consultant-centric models widely used today. This "new" model adds vital diversification to the key functions of asset allocation, manager selection and rebalancing.

The seventh is Multi-Balanced Model: Your Questions Answered. This follow-up piece answers the "nuts and bolts" questions posed by plan sponsors that are considering conversion from their consultant-centric investment strategy to the multi-balanced model.

The eighth is How Conflicted is Your Investment Consultant? This essay makes the case that the most conflicted professional serving plan sponsors is the investment consultant. These conflicts are costly and should trouble plan sponsors. The essay concludes with several simple solutions to cure investment consultant conflicts of interest.

The ninth is The Diversification Illusion. It describes how institutional investors continue to resort to more and more diversification to achieve their ends, but remain ignorant of where diversification is most critically needed.

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