Vendor Search and Selection

Fiduciaries are responsible for ensuring fees paid by the plan are reasonable. This typically includes periodically conducting a detailed Vendor Search and Selection or Request for Proposal (“RFP”). Our 7-step process greatly reduces the administrative burden for our clients. The process includes:

  1. Reviewing the vendor universe to determine which vendors are suitable candidates to receive the RFP
  2. Drafting and distributing a customized RFP based on client’s plan specifics, demographics, and needs
  3. Compiling the responses and preparing a summarized presentation incorporating areas of high importance for the client, leading to the selection of semi-finalists
  4. Providing a comprehensive review of the semi-finalists’ recordkeeping and administration capabilities, investment offerings, education and communication services, and costs
  5. Coordinating interviews for finalists selected by the client, including providing scorecards and questions for the client
  6. Negotiating final details on behalf of client
  7. Documenting the entire valuation process for the client’s fiduciary file

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