"Where does it all go wrong? Advisers who are heroes of happy clients can morph into unworthy villains seemingly overnight," says Muse Advisory's Mark Hodgkinson.

Pension fund trustees naturally expect to derive value for the fees they hand over to their professional advisers who, in turn, want to deliver great value as it is an important factor in keeping a client happy; and a happy client has less reason to look for a new adviser than an unhappy client. "Simples" in colloquial meerkat speak.

In truth, both parties benefit from achieving a successful stable relationship and experience suggests that attention paid to a small number of factors can be critical to deriving value for both parties:

Rightsizing – trustees should be clear about their requirements and then select an adviser accordingly. There is little point in paying for 'Premier League' capabilities and overheads if a 'League One' or 'Championship' firm will be able to provide everything that is likely to be needed at the right quality and price.

Clarity – develop the habit of being absolutely clear at all times (to the point of being anal about it) as to what you are asking for and expecting your adviser to deliver and make sure you understand how the adviser proposes to charge for the work. By doing so you should get what you need and avoid the risk of being invoiced for that which you don't need. You could even put the monkey on the back of your adviser by stipulating that s/he is not authorised to bill for any work that has not been agreed in writing and signed off by both parties.

Delivery – it should go without saying that advisers must maintain high standards of work at all times, delivered by a reasonably stable team and should avoid ever issuing an invoice that will present an unwelcome surprise to the client.

Exceed expectations – advisers cannot rest on past laurels; demonstrate a commitment to continuous improvement and behave toward your client at all times as if other clients do not exist.

Investment – just like in any successful personal relationship, if both parties invest time in the professional relationship, for example by conducting regular business-like discussions about what is working and what needs addressing (on both sides), then it is less likely that either will have her/ his head turned by other potentially attractive suitors.

Chemistry – do you enjoy spending time in a room with your client/ adviser? If not then it is likely that the personal 'chemistry' in the relationship is not what it should be and you are unlikely to benefit from the little extras that generally accompany a degree of conviviality and intimacy. If it isn't going to work then it may be time for the client to get rid and start afresh building a new relationship – but only after "comparing the market"!

Written by Mark Hodgkinson, director, Muse Advisory

mark@museadvisory.com