Discretionary investing consulting


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Milliman helps plan sponsors in the critical development of appropriate investment policies and strategies, providing an integrated process to help meet long-term asset allocation and funding goals.

Investment committees in today’s economic environment must meet their challenging fiduciary duties with the utmost diligence, especially when it comes to choosing the right allocation and managers for a plan’s assets. Milliman provides independent, unbiased consulting advice that helps committees develop a well-designed discretionary investing strategy in order to meet plan goals. We deliver concise, action-oriented solutions that help trustees and plan sponsors create investment policies, select managers, allocate assets, manage risk, and evaluate performance.

Defined contribution program services

Milliman discretionary advisory services tie together investment plans and goals, providing the following critical elements to any defined contribution program under Section 3(38):

  • Assist plan sponsor in their responsibilities to select and monitor plan investments.
  • Act as a co-fiduciary to the plan with regard to the investment services provided.
  • Draft the plan investment policy statement and ongoing amendments.
  • Define asset classes to be included as investment areas for the plan.
  • Define investment manager selection, monitoring, and replacement parameters.
  • Select investment managers (funds) to be offered to participants in the plan.
  • Provide ongoing investment manager monitoring and plan investment performance reporting.
  • Replace investment managers according to defined parameters.

Portfolio advisor services for defined benefit plans

Our discretionary investing team also helps defined benefit plans, through Milliman Portfolio Advisor, a fully bundled, discretionary investment management solution under Section 3(38), encompassing:

  • Manager selection and monitoring
  • Strategic asset allocation and rebalancing
  • Liability-driven investment management
  • Custodian and trustee services
  • Coordination with paying agents

Milliman Portfolio Advisor offers the flexibility of our open investment architecture across a full spectrum of asset classes and managers, choosing from mutual funds, collective funds, separate accounts, and specialty assets. This custom approach meets needs not addressed by off-the-shelf services. In addition, your Milliman Portfolio advisor team coordinates closely with your actuarial team, going beyond manager selection and asset allocation, to solve for your specific funding goals. With Portfolio Advisor, all instructions regarding investments and distributions from the trust flow through Milliman. Your portfolio can respond more quickly to the changing market conditions and provide the protection of an ERISA Investment Manager, while offering a best-in-class solution.

Get started

Please contact us to learn how Milliman can help you design a discretionary investing strategy in order to meet plan goals.