Investment consulting: A relationship business in a transactional world

In an era defined by accelerating markets and faceless digital transactions, the investment consulting industry is a throwback—a business still made up largely of long-term relationships that often stretch back years, or even a decade or more.

In the United States, more than 40% of asset owners say they review their investment consulting relationships every 3–5 years, with another 24% waiting 5–10 years. For 13% of asset owners, their investment consultant relationship is not reviewed at all unless a specific issue, usually related to fees or investment performance, triggers some action.

These findings demonstrate two things: First, asset owners are largely satisfied with the service they get from investment consultants, and second, asset owners recognize the value that long-term partnerships bring to their investment and business results.

Building up a base of experience and knowledge

Asset owners rely on investment consultants for several critical functions, including manager selection and performance monitoring, which are the top two reasons that an asset owner hires an investment consultant. Over the course of many years, investment consultants build up a base of knowledge and experience with the client that allows them to align their approach with the asset owner’s investment philosophy and better pinpoint managers suitable for the organization and its portfolio strategy.

The Coalition Greenwich Best Investment Consultants all excel at building deep relationships that deliver tangible benefits to asset owners and stand the test of time. The tables below present the complete list of 2025 Coalition Greenwich Best Investment Consultants in service and investment counseling in the U.S.

Methodology

Between February and September 2024, Crisil Coalition Greenwich conducted interviews with 699 individuals from 563 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate, public, union, and endowment and foundation funds with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers, including qualitative assessments of those firms soliciting their business and detailed information on important market trends.