Council Offers Adviser RFP Template

The template, which includes 65 questions on five pages, covers all the elements of service typically available from professional retirement plan advisers, including investment services, participant services, provider services, fiduciary support and compliance support.

“The adviser RFP questionnaire will assist plan sponsors in complying with recent legislative regulations centered on fee/service benchmarking; it also provides a turnkey solution saving both time and resources for the plan sponsor relative to production of the questionnaire,” said council member Gregg Andonian, AIF, Principal, Baystate Fiduciary Advisors, Inc. “The fact that the questionnaire stems from the experience and business models of a highly successful and nationally recognized group of advisers enables a sponsor to avoid the ‘guess work’ in regards to what should be asked or measured in the benchmarking of an investment/fiduciary adviser.”

The council also developed an adviser search protocol for use by plan sponsors and posted on its website.  The protocol outlines a suggested process for plan sponsors seeking to select a professional retirement plan adviser, or to perform due diligence on a current adviser.     

The free template is available here.