PLANADVISER - May/June 2018 - 23

cover story
THE
Mastering the RFP response
can make your business grow
COMPETITION
" THE NUMBER OF RFPS [requests for proposals] for an adviser that
we've gotten has probably doubled or tripled in the past 18 months to two
years, " says John Ludwig, founder and financial adviser at LHD Retirement
in Indianapolis. Much of that increase stems from heightened sponsor
awareness in light of the U.S. Department of Labor (DOL) fiduciary rulemaking
process, he says. " Sponsors are talking about it more. "
It has become more common for plans with upward of $20 million
in assets to go through a formal RFP process to find a new adviser, says
Joshua Itzoe, partner and managing director at Greenspring Advisors in
Towson, Maryland. " The difference over the past couple of years is that
it used to only be plans with $50 million and up in assets that did RFPs, "
he says. " Now we find that smaller plans are starting to use that process,
as well. A much higher percentage of our new business comes through a
formal RFP process now. "
Pre-Response Research
In its effort to " grow smart, " MHK Retirement Partners, in Middleton,
Wisconsin, stresses talking with a sponsor upfront before issuing an RFP
response, says Daniel Helf, partner and retirement plan consultant with
the firm.
" We're not spending much time filling out RFPs unless we feel like it's
a rock-solid opportunity, " he says. " In our opinion, at least three-quarters
of the time sponsors know where they're going before they send out the
RFP. They just need the other RFP responses to put in their search documentation
to demonstrate they did it. They have no interest in moving, or,
if they're moving, they already know where. "
Art by Hye Jin Chung planadviser.com may-june 2018 | 23

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PLANADVISER - May/June 2018

Table of Contents for the Digital Edition of PLANADVISER - May/June 2018

Key Partnerships
Clean Shares' Popularity
The Retirement Purse
The Power of Hosting Events
A New Best Interest Model
Limited Liability of a Trustee
Rollover Recommendations
PLANADVISER - May/June 2018 - C1
PLANADVISER - May/June 2018 - FC1
PLANADVISER - May/June 2018 - FC2
PLANADVISER - May/June 2018 - C2
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PLANADVISER - May/June 2018 - 35
PLANADVISER - May/June 2018 - Key Partnerships
PLANADVISER - May/June 2018 - 37
PLANADVISER - May/June 2018 - 38
PLANADVISER - May/June 2018 - 39
PLANADVISER - May/June 2018 - 40
PLANADVISER - May/June 2018 - 41
PLANADVISER - May/June 2018 - Clean Shares' Popularity
PLANADVISER - May/June 2018 - 43
PLANADVISER - May/June 2018 - The Retirement Purse
PLANADVISER - May/June 2018 - 45
PLANADVISER - May/June 2018 - 46
PLANADVISER - May/June 2018 - 47
PLANADVISER - May/June 2018 - The Power of Hosting Events
PLANADVISER - May/June 2018 - 49
PLANADVISER - May/June 2018 - A New Best Interest Model
PLANADVISER - May/June 2018 - Limited Liability of a Trustee
PLANADVISER - May/June 2018 - Rollover Recommendations
PLANADVISER - May/June 2018 - C3
PLANADVISER - May/June 2018 - C4
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