What We Do - The RFP Process

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Find The Right ERISA Advisor Today!

One of the most challenging aspects of doing an ERISA Plan Advisor RFP is finding the right cultural fit. Yes, you want an advisor that is experienced, respected, and qualified. You need to ask some basic qualifying questions that are quantitative in nature. For example, total number of clients, number of plans, assets under management, average client load and similar questions. But asking questions that help identify the differences between specific ERISA advisors … now that’s a challenge.

In addition to being challenging, it is a big responsibility. Choosing a plan service provider is generally considered a fiduciary act. Adequate documentation is also a key part of the process. Simply retaining the RFP responses does not tell the whole story. You need to document the entire process.

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Discovery Consultation

regarding desired advisory services

  • Confirm current fiduciary process
  • Discuss current plan and employee demographics
  • Initial screen criteria for potential advisor fit
  • Employee education needs
  • Understand priorities from all committee members

For Plan Sponsors
RFI Interviews

with ERISA Advisor Teams

  • Determine baseline qualifications
  • Evaluate cultural and personality fit
  • Set agenda & questions for 30 minute RFI
  • Schedule RFI interviews
  • Determine which Advisors will receive formal RFP

For Plan Sponsors
RFP Content Review

Focus on your specific needs

  • Provide baseline question set to establish core due diligence
  • Questions to isolate content that “looks like everyone else” and show what you are truly searching for
  • Specify core services and costs from other services
  • Evaluation of conflicts or potential conflicts of interest
  • Collaboration in responding to advisor questions during proposal submission process

For Plan Sponsors

regarding ERISA 3(21) vs ERISA 3(38) advisors

  • Provide committee training on ERISA 3(21) vs 3(38) service models
  • Review overall process with committee
  • Evaluation of cost vs services
  • Preview expectations on RFP submissions from advisors
  • Discuss best practices for documenting the process

For Plan Sponsors
Proposal Reviews

Turn 401(k) industry speak into terms you understand

  • RFP 401k Advisor feedback on RFP responses
  • Coaching and collaboration with committee members on proposal reviews
  • Cost vs service considerations
  • Advisor finalist presentations
  • Selection of plan Advisor and final negotiation

For Plan Sponsors
Document the Process

Capture your prudent process and due diligence

  • Consolidation of advisor proposal responses
  • Coaching with committee on notes and discussion to archive
  • Review of committee meeting notes
  • Submission of RFP 401k Advisor’s evaluation of RFP responses
  • Best practices on investment policy statement implementation

For Plan Sponsors

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