Too many investment committees fall into common traps like chasing performance and groupthink, instead of learning how groups can think effectively, says Tom Brakke, an Excelsior, Minn.-based chartered financial analyst who helps organizations make better investment decisions.
If you have a choice between your best investment person and your best facilitator [to lead your committee], choose your best facilitator, Brake told attendees at the Advanced Personal Financial Planning Conference this week in Las Vegas sponsored by the American Institute of CPAs. If you want to fix your investment committee, you have to start by learning how decisions are made within groups . The most important responsibility of the CIO is to build an organization that can make good investment decisions.
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