Bellwether Consulting is a pension and investment consulting firm. The Firm has been in business since February 13, 2001, and the principal owners are Scott Jaime Cohen, Jacob Leon Finkel, Keith Allan Hocter, and Lynda Marie Sandersen. We provide investment advice and project management to institutional investors, including:
• Traditional and cash balance pension plans,
• Employee-directed defined contribution plans (e.g., 401(k), 403(b), 457),
• Non-qualified deferred compensation plans,
• Taft-Hartley plans,
• Welfare benefit trusts,
• Foundations & endowments,
• Banks, insurance companies and other organizations with operating assets, and
• Fiduciary boards of family offices (project management services only). We assist clients with:
• Setting realistic objectives for investment programs.
• Allocating assets for likelihood of achieving objectives while managing risk.
• Performing searches for investment managers to find new market opportunities or replace underperforming products.
• Keeping clients in touch with the market, key economic issues, and how these factors affect their investment program.
• Monitoring manager performance.
• Finding an appropriate combination of investment choice, education, and advice for em- ployees in participant-directed programs (e.g., 401(k)).
• Documenting processes and decisions, providing records of sound fiduciary management.
• Enhancing the design and facilitating the operation of benefit plans.
• Evaluating and selecting non-investment vendors for their programs. Advice provided by Bellwether is independent and objective. To this end we do not provide con- sulting services to investment managers or retirement plan service providers, except in their ca- pacity as fiduciaries for benefit plans for their own employees. We do not accept any product- based compensation of any kind, direct or indirect. Strategy and Policy Typical Service Investment Policy Review: An investment policy statement customized to your organization's needs and circumstances, or a professional review and update of your existing statement, based on an analysis of your current investment strategy and governance practices, not a boilerplate document. Asset Allocation Study: An analysis of the risk and return potential of your current investment program, with recommendations on changes to your asset allocation strategy. We assess how closely the plan's strategy matches actuarial liability projections and other similar plans and consider the potential impact on pension cost and income. Asset-Liability Study: A more thorough project including projection of liabilities under various economic scenarios, projection of the level and volatility of plan funding, and a full asset allo- cation study. Fiduciary Review: A review of the governance practices of the investment program, where we cite specific areas of concern and recommend action steps to improve investment decision- making. The review typically includes high-level analysis of current investment managers, re- view of committee structure and documentation, critique of investment policy, and assessment of employee communication and 404(c) compliance as applicable. Search and Evaluation Services Typical Services Single-Class Manager Search: An analysis of candidates yielding a specific recommendation and several viable alternatives; includes structured sessions with your decision-making committee and opportunities for input throughout the process:
• Policy input
• Screening & ranking criteria
• RFP's
• Manager presentations Multi-Class Manager Search: Specific recommendations for multiple investment managers, opti- mizing

the selection process. Service Provider Search: Management of the RFP process to select a recordkeeper, custodian, trustee, employee education or advice provider. Performance Monitoring Investment Performance Monitor: Periodic review of performance covering market conditions, plan-level performance, compliance with investment policy criteria, and an analysis of each manager. Includes 2-6 pages of commentary, data tables, and charts for each manager. Clients typically subscribe on a quarterly or semi-annual basis in a retainer relationship including visits by a Bellwether Investment Consultant to explain key issues and answer questions. Single Performance Analysis: A one-time investment program "check-up" including specific rec- ommendations to improve program quality. Market Update: A quarterly update on the market and key economic issues as part of our Invest- ment Performance Monitor or by subscription to our quarterly “Market Recap” newsletter. Employee Education Education & Communication Program Review: A review of current education materials, past in- vestment behavior, and current attitudes about the program leading to development of new content and design elements. May include research through interviews, surveys, and focus groups. Project scope is carefully controlled to meet budgetary constraints while yielding meas- urable results. Education & Communication Program Materials Development: Development and design of edu- cation materials tailored to a specific participant base to meet current needs. Examples include, but are not limited to:
• Brochures
• Communications and letters
• Fact sheets
• Plan Sponsor-provided education on investments Asset Allocation Programs: Model investment portfolios for participants of various risk profiles, designed either as investment education or advice. Based on asset-class characteristics or spe- cific plan investment options, using contemporary portfolio construction methods. Investment Advisor Searches: Management of the process to select a qualified investment advisor to provide specific investment advice to participants. Includes administration and analysis of RFP's for either face-to-face, call center, or internet-based advisors. Fiduciary Education Investment Fiduciary Orientation: Fiduciary training session to help Committees best adhere to the “Prudent Expert” standard. Includes a discussion of what it means to be a fiduciary to your portfolio, best practices to adopt in order to comply with fiduciary standards, and the types of fiduciary tools and processes. Quarterly Market Recap Newsletter: Quarterly summary of general economic and market condi- tions written specifically to give you a foundation on which to build an understanding of your investment performance. Fee Reviews Investment Fee Documentation: Identification of all direct and indirect fees attributable to your investment program. Complete documentation using the Department of Labor's Fee Disclosure Form, and objective benchmarking against competitive market standards. Revenue Recapture Negotiation: Leadership in negotiating fee reductions, service enhancements, or revenue recapture facilities with your investment managers, recordkeepers, or trustees. All of our advisory services are tailored to the individual needs of our clients, who may impose restrictions on investing in certain types of securities. Every problem and every opportunity is analyzed by:
• Gaining an understanding of the needs and goals of the client,
• Gathering quality data,
• Applying sound theory,
• Working the problem objectively for as long as possible, then
• Using wisdom gained through experience, making the analytic leap to a clear recommen- dation.