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Position Paper on Advisor Search Process

Firm Shares Deep Advisor RFP Experience to Assist Plan Sponsors

CAPTRUST Financial Advisors, one of the nation’s leading independent retirement and investment advisory firms, today released a position paper outlining best practices for retirement plan sponsors evaluating and selecting retirement plan advisors. The paper gathers insights from the more than 700 requests for proposal (RFPs) CAPTRUST has responded to over the past 10 years into a roadmap for constructing an RFP and managing the RFP process.

With plan sponsors under heighted fiduciary scrutiny and standards for documentation of plan-related decisions, the advisor RFP is quickly becoming the preferred method for conducting an advisor search.  The paper pulls together Department of Labor guidance and industry resources and details a three-stage process for conducting an advisor RFP. CAPTRUST suggests that following this process will help plan sponsors ask the right questions, identify the most appropriate candidates, and objectively determine which advisor‘s services will best meet their plan and participants’ needs. For plans already employing an advisor, periodic RFPs help sponsors gather market intelligence, stay abreast of the latest trends and service offerings, and ensure that incumbent advisor pricing remains competitive.

“The RFP is now a frequent part of the evaluation process plan sponsors are using to screen potential retirement plan advisors and, ultimately, to select a firm that is a good fit for them,” according to Greg Middleton, CAPTRUST Senior Manager and position paper’s author. According to Middleton, an industry advocate for advisor RFP best practices, “While the RFP process could seem overwhelming to plan sponsors, this paper distills a decade of experience responding to RFPs into best practices and the kind of step-by-step action plan needed to ensure an efficient and effective process.”

As an advisor for over 1,100 retirement plan clients, CAPTRUST has responded to hundreds of RFPs from a multitude of organizations including public and private corporations, Fortune 500 companies, non-profits, higher education institutions, and government entities with assets ranging from less than $1 million to over $6 billion.

To download a copy of the paper, “Conducting an Effective Advisor RFP Process: Best Practices for the Evaluation and Selection of Retirement Plan Advisors,” click here.

About CAPTRUST Financial Advisors


CAPTRUST Financial Advisors is an independent investment research and fee-based advisory firm specializing in providing retirement plan and investment advisory services to retirement plan fiduciaries, executives, and high-net-worth individuals. Headquartered in Raleigh, N.C., the firm represents $114 billion in client assets with offices in Alabama, California, Connecticut, Florida, Georgia, Iowa, Kansas, Massachusetts, Michigan, Minnesota, New York, North Carolina, Ohio, Pennsylvania, Texas, Virginia, and Washington, D.C.

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