The Dewey Beach Finance Committee recommended commissioners issue a request for proposals to explore alternative financial advisory firms in an effort to reduce the cost the town is paying in management fees and possibly consider a less passive investment approach.

The town has had portfolios with Brown Advisory for a number of years and is paying about $73,000 in fees to the firm.

The town's total assets are about $7.3 million.

At the committee's May 6 meeting, committee member Zeke Przygocki said for the price they're paying, it doesn't seem like they're getting as much as they could be in return.

Town council will review the committee's recommendation at an upcoming meeting.

For a link to a recording of the committee meeting, go to townofdeweybeach.gov/events/43640/.