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