What’s Your RFP Experience(s)?

RFPs, or requests for proposal, have long been valued tools in advisors’ arsenals. However, over the past several years, RFPs have played a growing role in the hiring of advisors as well. This week, we’d like to know about your experience(s) with RFPs.

At the recent NAPA 401(k) Summit, a new NAPA/TPSU plan sponsor survey noted that one out five plan sponsor respondents and nearly 4 out of 10 plans with $50 million or more in assets had found their plan advisor through an RFP.

This week, we’d like to know if you’ve seen an increase in such RFPs, if you’ve responded to, or been hired as a result of responding to them, and if you think they are the wave of the future.

Respond to this week’s NAPA Net reader poll at https://www.research.net/r/GW5TMKG.

And we’ll wrap things up for you on Friday!

Add Your Comments

One Comment

  1. Posted April 3, 2017 at 3:03 pm | Permalink

    My experience with RFP’s has been predominantly negative. In fact, I was having this conversation with a colleague the other day; I think we were only hired once from responding to an unsolicited RFP –

    The fact is, that while sponsors (their staff in any event) view the RFP as “cover” for having done due diligence work, in almost every case the decision about who is getting hired has been made long before the RFP is issued (or its a toss up between a couple competitors.) If thats not you…then you are simply being used to paper the file.

    If you don’t already have an established dialogue and an “in” its generally a waste of time. In fact, we are contemplating implementing a policy asking for compensation in return for responding to such exercises…to be waived if we are hired. In the alternative, we may decide not to respond at all.

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