Investment Consultant Services

The Board has determined that it is in its best interests to retain the services of an independent entity to provide investment consultant services.
The Respondent selected will establish and assume direct responsibility for proving investment consultant services.
Pursuant to a written contract resulting from this procurement, the Respondent(s) selected shall:
On-going Investment Consultant Services:
For the Savings and ABLE Programs, the Respondent shall perform the below services within the requirements set forth in the contract:
Reporting
a. Investment Performance Validation – Interface with the Board’s investment custodians (currently, Northern Trust for the Savings Program and Bank of New York Mellon for the ABLE Program) to obtain the information necessary to validate investment performance calculated by the Board’s custodians.
b. Investment Performance Reporting – Prepare and deliver timely monthly and quarterly performance reports (gross and net of fees where applicable). Report quarterly performance to the Board, including market/economic overviews.
c. Investment Performance Summaries – Prepare performance summary tables that are uploaded to the websites and provided to third party monitoring entities, such as Savingforcollege.com.
Consulting
d. Investment Option Design – Design an investment option line-up that meets the participants needs and aligns with industry best practices. Make recommendations to the Board on enhancements as needed.
e. Investment Allocations – Develop allocations for investment options consisting of multiple asset classes. The allocations should achieve the objectives of the investment option and be supported by appropriate research. Make recommendations to the Board on enhancements as needed.

f. Investment Policy/Guidelines – At least annually, perform a comprehensive review of the Investment Policy/Guidelines ensuring they meet industry standards and are appropriate for the Programs. Make recommendations to the Board for enhancements.
g. Investment Manager Monitoring – Monitor the investment manager’s performance vs the expectations provided in the Investment Guidelines. Report to the Board any investment manager failing to meet any quantitative or qualitative measure provided for in the Board’s Investment Guidelines. Make recommendations on retaining or replacing identified investment managers.
h. Investment Compliance Issues – Review any investment manager disclosure of securities that become non-compliant with the Investment Guidelines and provide recommendations for corrective actions.
i. Presentations – Attend, present and answer questions in person at all meetings and workshops of the Boards. Generally, the meetings and workshops for the Boards are quarterly and scheduled on back-to-back days. In addition, assist with generating presentations or other requested information from rating agencies such as Morningstar and Savingforcollege.com.
j. Other Consulting/Advisory Services – Gain a thorough understanding of the Programs and proactively and as requested, consult/advise by telephone, writing, and in person with the Board and its staff on investment and/or 529 industry matters.
k. Research – Any of the Respondent’s ongoing research, including topical papers, client memoranda or current issues for institutional investors made available to clients.
Investment Manager Search
l. Investment Manager Searches - The Board is required by Florida Statutes to competitively procure every investment manager and custodian/trustee. The Respondent shall provide assistance in the development of procurement requests and in the evaluation of respondents for any investment manager and/or investment custodian/trustee search. The Board retains the responsibility to select the investment managers and custodians/trustees. The Respondent shall perform the searches within the requirements set forth in the contract.
Special Consultation and Advisory Services:
As required by the Board, the Respondent must provide special consultation and advice to the Board regarding various unanticipated investment matters, not otherwise included within the Description of Services. The Board and the Respondent shall agree upon the precise scope of these services and the estimated billable hours or fixed cost required to complete the assignment in writing prior to the Respondent beginning work on each project.