Plan Sponsor Consultants, an independent retirement plan consulting firm, has partnered with InHub, the to offer clients an eRFP solution.
InHub’s eRFP is an online platform that digitizes the request for proposal (RFP) process for the institutional-investing community. The solution allows users to create and issue a customized RFP questionnaire to chosen candidates, invite additional reviewers, evaluate proposals side-by-side, take notes online, and streamline Q&A, while prudently documenting the entire process for a fiduciary audit file.
“It is imperative that committees conduct a periodic formal review of their service providers, including their recordkeepers and investment advisers,” says Michael Kane, managing director of Plan Sponsor Consultants. “This procedural prudence process can help ensure that the fees, which are being paid for services rendered, are reasonable—the test that the Department of Labor says that you should follow. InHub’s eRFP technology is well designed for our industry, and significantly speeds up a custom process, which offers greater productivity and results for us and our clients.”
Plan Sponsor Consultants leads retirement plan committees in the development and evaluation of RFPs. The firm was recently named to PLANADVISER’s Top 100 Retirement Plan Advisers. Kane was recently elected to the national Retirement Advisor Council (RAC) Board.
“We are thrilled to see consultants and investment committees appreciate the importance of RFPs and focus on ways to make the process more efficient—rather than avoiding it,” says Ariana Amplo, CEO of InHub. “Firms like Plan Sponsor Consultants are leading the pack from an innovation and fiduciary responsibility standpoint, and we are thrilled they selected our technology to help do that.”