Is the sun setting on the traditional advisory asset consulting with the dawn of the Outsourced Chief Investment Officer (OCIO)? As biased advisory asset consultants, we really don’t believe that the day of reckoning is upon us! There remains a role for traditional asset consultants, but certainly an asset consultant’s role is evolving, and it is likely to continue. Consultant specialist roles have been around since the early to mid 80’s, when both venture and real estate consultants first emerged, followed by consultants focusing on the broader alternative landscape. KCS’s focus as the liability aware consultant is a unique specialty, too. However, in most cases, the plan sponsor or asset owner retains day-to-day discretion over the asset base. With plan and fund sponsors outsourcing discretionary responsibility, the specialist role has been taken to a new level.