Council Offers Adviser RFP Template

The Retirement Advisor Council released a template request for proposal (RFP) questionnaire for use by 401(k) and 403(b) plan sponsors looking to select an adviser.  

The template, which includes 65 questions on five pages, covers all 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 time and resources for the plan sponsor,” said Gregg Andonian, a council member and a principal with 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 guesswork about what should be asked or measured in the benchmarking of an investment/fiduciary adviser.”

The council also developed an adviser search protocol for plan sponsors that is posted on its website. The protocol outlines a suggested process for plan sponsors seeking a retirement plan adviser, or to perform due diligence on a current one.     

The free template is available here.