Regulatory change in the past few years, coupled with Wall Street's never-ending ability to innovate, has led to a new financial glossary proliferated by dozens of new esoteric terms such as "dark pools" and "HFT" (high frequency trading). The entire landscape of trading stocks and bonds has been completely transformed. Historical trading exchanges such as the NYSE, AMEX, and NASDAQ are no longer considered "primary", volumes have declined, commission rates have fallen, spreads are quoted in pennies per share, and there are now more than 45 broker owned dark pools and other liquidity venues which brokers can now navigate on behalf of - or all too often at the the expense of - institutional investors. In the past 5 years alone an entire paradigm shift in the world of institutional trading has taken place, yet most pension systems are still utilizing processes developed over twenty years ago to select from a dwindling pool of potentially conflicted legacy transition management providers.

Vertas Brokerage Consulting, a discrete unit of Percival Financial Partners, has assembled a team of experienced professionals who have worked for the past decade as industry thought leaders in transition management and brokerage consulting by developing better processes, advancing fiduciary best practices, and pioneering independence and transparency, all to protect pension systems from the avoidable risks and increased costs due to the conflicts of interest inherent in the brokerage and transition industries.