As your company grows and changes, so should your OCIO advisor. Here are six criteria to help you evaluate whether or not your current advisor is the right fit for your company.
1. Define your OCIO needs
As with any outsourcing decision, selecting the correct OCIO advisor for your company should require rigorous evaluation. It is crucial to define needs and determine specific goals and objectives when it comes to the services you are looking for from an OCIO advisor. These considerations will help you make the best business decisions when evaluating a list of available advisors and their offerings. Consider things like investment philosophy, specific regulatory responsibilities, and cultural philosophies, among other criteria to find an OCIO advisor that fits your unique business requirements.
2. Consider the size of your company and its organizational structure
Verus and other OCIO advisors can help you determine the suitable advisor for your company. It is essential to consider your business’s size and organizational structure when evaluating potential advisors. The importance of this factor comes down to the number of people the OCIO advisor will need to work with—if your organization is small, with just a few employees or departments, then an OCIO advisor could easily coordinate with everyone.
However, if you have a large team in multiple locations or departments, choosing an OCIO advisor that can handle the increased communication and organizational complexity would be beneficial. Verus and other advisory firms should provide information about their experience working with different-sized companies so you can identify the best option for your organization.
3. Determine your budget for an OCIO advisor
Deciding on a budget for an OCIO advisor can be daunting. To ensure you select the right advisor for your company, it is essential to consider all costs involved in the service and determine what you can afford to spend. Do your research according to the six criteria for evaluating an OCIO advisor, and include every cost associated with their services – from investment planning to performance fees.
This will help you to allocate the right resources and avoid any unexpected expenses further down the line. Once you have set a realistic budget and weighed all the expenses against their value, you should be confident that you are making the best decision for your financial goals.
4. Consider the experience of the OCIO advisor
Companies looking to hire an OCIO advisor should always consider the amount of experience and success the prospective advisor has. Generally, looking for an adviser with years of experience in the field and a strong track record with clients is best. Ask how long they have been in business and their success rate with other clients. Doing this research ahead of time can save time and money in the long run, as you’ll be able to choose an adviser with proven expertise in the industry.
5. Ask for references from the OCIO advisort
Knowing the right advisor for your company is an essential first step in implementing OCIO services. Therefore, asking for references from an OCIO advisor may be a good idea in order to determine if they are a good fit. Talking to other companies who have used the advisor’s services can provide insight into how they operate, as well as give you an understanding of what to expect should you choose to work with them.
Furthermore, it allows you to receive feedback and advice on previous engagements that could inform future decisions. Asking for references is essential to evaluating which OCIO advisor would best suit your needs and help lead your company in the right direction.
6. Meet with the OCIO advisor in person
Meeting with your OCIO advisor in person provides an excellent opportunity to ask any questions you may have and to get a feel for the personality and style of the advisor. It is essential to do your research beforehand to ensure that the advisor meets all the criteria needed to provide you and your company with the right advice and support.
Make sure to check their experience and expertise, technical capabilities, fees, and investment modalities before agreeing to anything. Meeting them in person will give you a chance to dig deeper into each of these areas and develop an even more comprehensive understanding of what they can do for you. Getting familiar with their personality and style will also help ensure that your relationship will be a good fit for both sides.
Concluding thoughts
If you’re considering hiring an OCIO advisor for your company, it’s essential to do your research and make sure you’re choosing the right one for your needs. Keep these six criteria in mind when making your decision – from defining your specific goals to budgeting for the service – and you’ll be on your way to finding the perfect OCIO advisor for your business.
