This year I left my Christmas shopping to the last minute. I would not recommend it. All seemed well on Christmas Day with the usual smiles and joviality. However, on Boxing Day the first hint of problems started to emerge. “Do you really think red suits me” was the opening gambit, followed shortly afterwards by “I am not sure I wanted a sweater anyway.” All was not lost, as armed with the gift receipt, the sweater was soon replaced with a more appropriate item and harmony was restored.
Trustees may not be so lucky. They do not get gift receipts that allow them to correct any problems from an agreement entered into in haste. Nowhere is this truer than in agreeing a fiduciary management contract.