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News May 23, 2005 Issue

SEC Examiners Release Pension Consultant Report

OCIE has issued a short little report summarizing the findings of its widely-reported sweep of pension consultants last year. The eight-page report is worth a read by all advisers that are recommended by pension consultants, as well as by advisers that are pension consultants themselves. Among other things, OCIE found that more that half of the 24 pension consultants inspected had relationships with broker-dealers. The staff said it is concerned that advisers "may direct trades for clients with no relationship to the pension consultant to the pension consultantís affiliated broker-dealer," as a way to "curry favor" with the pension consultant.