New York, December 15, 2008 - John LaPann served as a panelist and discussed the Current State of the Investment Consultant Industry, in which he highlighted the importance of balancing clients' immediate needs and their long-term needs. He shared that Federal Street's clients have shown a remarkably high tolerance for risk throughout the recent market volatility. And through regular communication and taking a proactive approach clients have weathered the storm. Other topics that were discussed were the importance of manager due diligence, the role of consultants in family offices who need institutional level solutions, and the changing role of the institutional consultant.