About FAS

We understand institutional investors — inside and out

Our team has led, governed, and advised institutions including: public retirement systems, state investment boards, multi-employer plans, sovereign wealth funds, and endowments. We combine firsthand institutional experience, broad cross-system perspective, and proprietary governance intelligence to understand how your organization works, how it compares, and where it can improve.

Reviewing performance data and reports
"We bring together inside experience, cross-industry governance perspective, and intelligence — so we can understand a client faster, compare it more meaningfully, and begin delivering value from day one."
Frederick (Rick) Funston · Founder & CEO
Why FAS

Independent judgment, built on institutional experience

We've sat in the seats

We've led and overseen these institutions — so our advice is grounded in how governance actually works under real constraints, not just how it reads in a manual.

We measure before we advise

InGov® gives every engagement an objective, best practice-standard baseline and credible peer context — so recommendations rest on evidence, not opinion.

We're independent by design

Our value depends on being independent of the system and the conflicts of competing services such as investment and legal advice. That independence is what lets a board rely on our insight the way it cannot rely on advice from an interested party.

We build capability that endures

Through Board Smart®, the judgment behind an engagement becomes durable decision-readiness for the whole institution — not a report that just sits on a shelf.

Leadership

The people behind the firm

RF

Frederick (Rick) Funston

Founder & CEO

40+ years advising boards, institutional investors, and public-sector organizations; former Deloitte governance and risk advisory leader; author on risk intelligence for boards.

EN

Evan Norton

COO & Governance Analytics

Chief Operating Officer and governance analytics lead — institutional investors, public pension systems, and benchmarking frameworks; leads development of FAS's governance intelligence tools.

Extended by FASNET — a nationally recognized network of subject-matter experts with direct experience in fiduciary environments.

How we work

Advise. Measure. Prepare.

Independent advisory to close the gaps, governance intelligence to see where you stand, and just-in-time insight to arrive ready for every decision on the calendar — one system for better governance.

Advise
FAS

Independent governance reviews, audits, and design.

Measure
InGov®

Best practice-standard benchmarking and continuous intelligence.

Prepare
Board Smart®

Just-in-time insight timed to the board's decisions.

Who we serve
Public Retirement SystemsState Investment BoardsIntegrated & Multi-Employer PlansSovereign Wealth Funds & Endowments
Speak with our team

Governance conversations built around institutional needs

An initial conversation focused on your organization's governance priorities, oversight challenges, and institutional objectives.

Rick Funston
+1 (313) 919-3014 · rfunston@funstonadv.com
Evan Norton
+1 (647) 282-7454 · enorton@funstonadv.com
Sara Lussow
Managing Director, Board Smart® · slussow@boardsmart.com