They’re time-consuming, work-intensive and absolutely essential to success. For 401k advisors, consultants and plan sponsors who need additional information in preparing and evaluating the all-important RFPs, The SPARK Institute is here to help.
The non-profit research and advocacy organization representing the retirement services industry recently released a new version of its “RFP Guide for Selecting Defined Contribution Service Providers.”
The guide was developed to assist advisors, consultants and plan sponsors “in the important task of preparing and evaluating requests for proposal for 401k and other defined contribution retirement plans,” according to Tim Rouse, the executive director of The SPARK Institute.
Rouse said SPARK originally issued an RFP Guide in 1997, published a major update in 2014, and had made minor changes to it each year.
The new edition includes “significant updates” to incorporate the latest industry regulations, products, services and technologies, as well as the addition of The SPARK Institute’s Cyber Security Best Practice Standards.
“The SPARK RFP Guide has been a valuable resource for SPARK members and others in the retirement plan community for many years,” Rouse said in a statement. “This new edition will continue to support the needs of employers providing defined contribution plans by enabling service providers to prepare consistent responses, resulting in reduced response time and more accurate evaluations.
“As we began this major update to the RFP Guide, we conducted a survey that enabled us to determine how the RFP Guide is used by advisors and providers today, and incorporate key changes to make the Guide easier to use, and reflective of the tremendous growth in the scope of products and services offered as part of DC plan support today,” added Cynthia Hayes of Oculus Partners, who assisted in its development. “It was very gratifying to hear the accolades from advisors and service providers as to how the Guide helps them grow their business.”
The new SPARK Institute Request for Proposal Guide is available at no cost to SPARK member firms and for $100 to all other organizations.
Copies may be ordered by contacting SPARK at 860-658-5058 or by emailing marlene@sparkinstitute.org.