PlanPILOT, a retirement consulting firm based in Chicago, announced a new corporate license to InHub, creator of eRFP—a web-based technology to digitize the request for proposals (RFP) process for the institutional consulting community.
InHub’s eRFP solution will allow PlanPILOT to create and issue a customized RFP questionnaire to candidates, invite clients to participate online, evaluate proposals side-by-side, take notes online and streamline Q&A, all while increasing documentation and transparency. New features for eRFP users are also expected to be released in early 2017.
“Basically, eRFP simplifies a grueling and time consuming, but necessary, fiduciary process. RFPs are on the rise,” according to Linda Coffey, senior consultant at PlanPILOT. “The best way for a plan fiduciary to manage risk, especially in this highly litigious environment, is to have a prudent and formal evaluation process in place. Previously, we were conducting RFPs the standard industry way, manually, via Word and/or Excel. After going back and forth with vendors, we would then capture and summarize all the information in a professional looking document for our clients. It was extremely inefficient and vulnerable to miscommunication.”
PlanPILOT advises to more than $3 billion in retainer retirement plan assets and intends to use the InHub eRFP tool for all three lines of RFP business: vendor searches/benchmarking/due diligence for retainer clients; project work for mega plans; and custom outsourced chief investment officer (OCIO) searches. The new technology access will allow PlanPILOT to perform more RFPs and reduce the time commitment for all involved, including candidates.