RFP for financial advisor?

[AlbanyConsultant]

A client asked me if I could help them write an RFP so they can select a new financial advisor. Has anyone seen anything like this before? We tend to work with smaller plans, so we don't go through that process. Thanks.

[GMK]

For example, there's this:

http://www.401khelpcenter.com/Bundled_RFP.html#.U5h1pulOVaQ

The RFP will be lengthy, because it covers a lot of important topics. In evaluating the responses, focus on comparing the specifics of those things that are most important to your plan and your participants, like fees, investment options, service, etc.

To me, the tough part is evaluating the performance of those who give investment advice, that is, how to measure how much better or worse participants would be doing by following the advice of one advisor compared to another advisor. It's basically the opposite situation of, for example, mutual funds, where you have tons of past performance numbers to compare.

[AlbanyConsultant]

Thanks - that's a great start.