Until 2011, Stepp & Rothwell didn't have an investment committee. "Two of our firm's principals would talk to each other about investments and make the decisions," says Kathy Stepp, one of three principals at the financial planning firm, based in Overland Park, Kan. "However, our firm had grown to the point where we wanted more structure, so we formed an investment committee: the three principals plus one of our other financial planners."

There are also four people on the investment team at the Tarbox Group, a wealth management firm in Newport Beach, Calif. At ARGI Financial Group in Louisville, Ky., the committee has seven members, according to Ron Butt, a senior partner at the firm.

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