Management fees should be scrutinized closely for any potential manager that an organization chooses to hire. Investment management firms should only be hired if their fees are competitive with their respective peer group. Concord has long been an advocate of utilizing a combination of skillful active, and passive (index), investment strategies in client portfolios. The rationale for inclusion of indexing gives a significant advantage to clients in the ability to operate their investment programs on a cost-efficient basis. Concord monitors all portfolio related costs (friction). A comparable cost analysis versus industry norms is provided on an annual basis.