Retirement planning involves several challenges. Whether it's understanding plan sponsor needs or finding valuable ERISA (Employee Retirement Income Security Act) advice. To selecting appropriate service providers or deciphering the difference between a retirement advisor vs. adviser; it's all stressful.
Another less obvious (yet critical) challenge is figuring out how issuing RFPs fits into the process.
- When do you need to issue a retirement plan RFP?
- How do you tailor the questions to the Plan Sponsor's unique needs?
- How do you ensure it successfully fulfills fiduciary responsibilities?
Luckily, we've found some answers.
Employee Benefit News (one of our favorite industry resources) recently published an incredibly insightful article on The Best Practices for Retirement Plan RFP Success by the brilliant John Ludwig, ChFC, AIF, CRPS.
Ludwig, an LPL Financial adviser with LHD Retirement, listed out some great guidelines to help answer these critical queries.
In fact, we found his RFP process advice so helpful, we turned it into a SlideShare. Enjoy!
Want an easier RFP process?
Find out how RFP software makes comparisons more efficient.