"The national consulting firms ... indicated they generally maintained only 'published' fee databases, which are of limited utility.... Given the ease with which data regarding fees can be compiled, ... the lack of in-depth fee information might be due, in part, to conflicts of interest in the pension consulting industry. Consultants, eager to maintain favorable relations with money managers (to whom they also sell services) might not be motivated to negotiate with managers too vigorously on behalf of their clients. Client ignorance regarding investment advisory fees permitted greater consultant latitude in negotiating."  MORE >>