Retirement Advisor Council Offers RFP Tool for Sponsors

Retirement plan sponsors can use the new RFP tool to score responses they receive during the formal search for a new adviser. 

The Retirement Advisor Council unveiled a new request for proposal (RFP) support tool that plan sponsors can use, free of charge, to rate responses from potential advisers, complementing other RFP process documentation and due diligence.

The RFP Response Scoring Tool “dovetails with the council’s Advisor Search RFP Template” and covers 12 lines of questioning that plan sponsors should bring up with their prospective or existing plan adviser.  According to the council, the tool allows users to weight the importance of each factor and to rate adviser responses overall by returning a unique score for each adviser response.

The Advisor Search RFP Response Scoring Tool is further billed as “an important aid for plan sponsor committees. Using the tool and keeping a record of scoring results helps document that the committee decision was purposeful and followed an established process and a generally accepted practice.”

The Retirement Advisor Council is a national advocacy organization that supports successful qualified plan and participant retirement outcomes through the collaborative efforts of experienced, qualified retirement plan advisers, investment managers and defined contribution (DC) plan service providers. Learn more about the Retirement Advisor Council at