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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Speaking at client/prospective client seminars
Educate plan sponsors on ERISA 3(21) vs ERISA 3(38)
Provide guidance to plan sponsors and advisors regarding best communication to promote plan sponsor’s effective monitoring of the ERISA Advisor.
Assist you in more transparent communication in the RFP process
Assist plan sponsors with a better RFP question set to help differentiate advisor services
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