PlanPILOT, a retirement consulting firm based in Chicago, announced a new corporate license to InHub, creator of eRFP—a web-based technology to digitize the request for proposals (RFP) process for the institutional consulting community.
InHub's eRFP solution will allow PlanPILOT to create and issue a customized RFP questionnaire to candidates, invite clients to participate online, evaluate proposals side-by-side, take notes online and streamline Q&A, all while increasing documentation and transparency. New features for eRFP users are also expected to be released in early 2017.
"Basically, eRFP simplifies a grueling and time consuming, but necessary, fiduciary process. RFPs are on the rise," according to Linda Coffey, senior consultant at PlanPILOT. "The best way for a plan fiduciary to manage risk, especially in this highly litigious environment, is to have a prudent and formal evaluation process in place. Previously, we were conducting RFPs the standard industry way, manually, via Word and/or Excel. After going back and forth with vendors, we would then capture and summarize all the information in a professional looking document for our clients. It was extremely inefficient and vulnerable to miscommunication."
PlanPILOT advises to more than $3 billion in retainer retirement plan assets and intends to use the InHub eRFP tool for all three lines of RFP business: vendor searches/benchmarking/due diligence for retainer clients; project work for mega plans; and custom outsourced chief investment officer (OCIO) searches. The new technology access will allow PlanPILOT to perform more RFPs and reduce the time commitment for all involved, including candidates.
For more information about the services provided by PlanPILOT visit www.planpilot.com or email firstname.lastname@example.org.