The Retirement Advisor Council just released a simplified version of its Advisor Search RFP Template—and is making it available free of charge and free of copyrights.
“Building on the Council’s previous Advisor RFP tool, this version should be well suited for smaller plan sponsors or those with more basic plans.”
Council President-elect Courtenay V. Shipley
In a Dec. 15 release announcing the template, the Council calls the simplified RFP Template ideal for plan sponsors who do not wish to conduct a full-scale RFP but still want to demonstrate their exercise of due diligence in the selection of their plan advisor.
“Building on the Council’s previous Advisor RFP tool, this version should be well suited for smaller plan sponsors or those with more basic plans. It was designed with the busy HR professional in mind who wears multiple hats to help them with a streamlined RFP that is robust enough in content yet still manageable in length for processing the answers,” said Advisor Tools and Resources committee co-chair and Council President-elect Courtenay V. Shipley of Retirement Planology, Inc.
The simplified RFP is applicable to 401k and 403b plans and consists of 34 questions instead of the 58 questions included in the long-form Advisor Search RFP template. The questionnaire covers the exact same categories as other RFP templates from the Council (Firm Information, Service Team, Investment Services, Participant Services, Provider/Vendor Services, Fiduciary Status and Compliance, Fees, and Security/Business Continuity).
The questionnaire has also been modernized to cover topics such as cybersecurity and E&O coverage that have become increasingly critical post-pandemic. The simplified RFP template also includes a glossary of terms and definitions that novice plan sponsors would find helpful.
Advisor Search RFP Templates can be downloaded HERE free of charge and free of copyrights.
Formed in 2009, the Retirement Advisor Council is a national organization based in East Windsor, Conn., that advocates for successful qualified plan and participant retirement outcomes through the collaborative efforts of experienced, qualified retirement plan advisors, investment managers, and defined contribution plan service providers. To advance its mission, the Council undertakes initiatives in the areas of research, public relations and promotion, general public education, regulatory positions, and practice management. Learn more about the Retirement Advisor Council at https://www.retirementadvisor.us/
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
