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What We Do - The RFP Process

We Help You Find The Right Advisor

How We Can Help

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.

Whether your plan has just a few participants and several million dollars or thousands of participants and a billion dollars, we offer a scalable, affordable framework to help you find the right advisor for your company.

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Contact us today and we will assist you in finding the right ERISA Advisor

Custom Advisor RFP Service

For plans over $10 Million in assets

Leveraging a comprehensive and customized approach, we implement a robust framework for a thorough fiduciary process in selecting a third-party service provider. The process will identify top advisors with the precise expertise to manage plans similar to yours, with an eye towards a thorough documented due diligence process and matching you to an advisor team that is best suited to your specific needs.

Custom Advisor RFP Solution Includes:

Identify desired advisory services

  • Confirm current fiduciary process
  • Discuss current plan and employee demographics
  • Consideration for multiple plans
  • Consideration for DB, DC and NQDC plans
  • Initial screen criteria for potential advisor fit
  • Employee education needs
  • Understand priorities from all committee members

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

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

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

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

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

Streamlined Advisor RFP Service

For plans under $10 Million in assets

Our easy, budget-friendly RFP solution offers a streamlined process to find and vet advisors who specialize in ERISA Plan fiduciary services and provide an excellent solution for plans under $10 million. This RFP service is designed to help you fulfill your ERISA fiduciary responsibilities and find an advisor that is a good fit for your specific needs with an eye towards time and cost efficiency.

Streamlined Advisor RFP Solution Includes:

Teams meet the following criteria:

  • Have completed profile questions and screened by us
  • Reputation in the industry for providing quality ERISA Plan services
  • Teams with different profile specialties to meet a variety of different plan needs. Examples of different options include
    • Availability of PEP solutions
    • Included employee education
    • Make financial planning available
    • Provide model portfolios to the plan
    • 3(21) vs 3(38) advisor services
    • Availability of ERISA 3(16) services
    • TPA vs bundled recordkeeper solutions
  • Ability to add an advisor of your choice if not part of our prescreened teams
  • Base pricing includes two different advisor proposals
  • Additional proposals available for a small additional cost
  • Each RFP response from advisors contains a comprehensive set of questions and answers for your evaluation
  • Process is designed to fulfill your ERISA fiduciary responsibilities for third-party provider selection
  • Ability to score advisor responses and collaborate with your committee via the technology platform, or choose to use hard copy/PDF responses.
  • Each advisor team selected to respond to your RFP will custom price their proposed services
  • RFP responses from advisor can incorporate any preferences you have for desired services

Advisor RFP responses provided for retention and documentation of your fiduciary process

Fill out the form and find out which service is right for your business

Whether you manage a few employees or thousands, we offer a scalable, affordable framework to help you find the right advisor for your company.

We customize our range of services to suit your unique needs. Have a question? Contact us to learn more.

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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
Training

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

Are You An ERISA Advisor Who Needs Assistance?

Click here for more information on our advisor services.

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