NAPA Net - Polling Places 032919

RFPs – How Much, How Often, and How?

RFPs, or requests for proposal, have long been valued tools in advisor arsenals. There are, however, varying opinions as to what they should include, and even how often they should be issued. What’s your experience/opinion?

1.How often do you GENERALLY recommend that a formal RFP be prepared?

Every 3-5 years.

Every three years.

Every other year.

At least once every seven years.

I don't make RFP recommendations.

Any comments?

2.How often do your plan sponsor clients actually do RFPs?

Every other year.

Every three to five years.

About every seven years.

Rarely.

Not often enough.

We use other methods to evaluate/benchmark.

3.Are you doing RFPs more or less frequently than two years ago.

Less often.

More often.

About the same frequency.

RFPs less often, but other evaluation methods more.

4.Do you find that they are longer/more detailed or shorter than two years ago?

Mostly shorter.

Pretty much the same length.

Mostly longer.

It really depends on the individual situation.

5.Why do your plan sponsor clients do RFPs?

Because you recommend it.

Because they think they have to.

Because they're concerned about litigation.

A whole variety of reasons.

Some other reason (please specify)

6.Do you benchmark YOUR fees/services?

Yes, every year.

Yes, every other year.

Yes, every couple of years.

Yes, but not on any particular cycle.

No.

Some other reason (please specify)

7.What's the stupidest question (or response) you've ever seen on an RFP?

8.Any other comments about RFPs, the frequency of RFPs, the efficacy of RFPs, the need for RFPs (or lack thereof), or stupid questions (or responses) on RFPs?

9.What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

10.What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

11.Suggestions for future survey questions?

12.All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...

Privacy & Cookie Notice