Retirement plan advisers often partner with plan sponsors to put out requests for proposal for plan service providers. These days, however, more and more advisers are finding themselves on the other side of an RFP.
“I’ve seen RFP activity increase more sharply in the last six to 12 months than it had previously,” says Matthew Eickman, the national retirement practice leader for Qualified Plan Advisors. “It felt like there was still a bit of a lull after the peak of the pandemic, when, as the saying goes, [plan sponsors] weren’t putting out the most important fires, they were just putting out the hottest fires. If the plan wasn’t on fire, then they were trying to fix the things that needed to be fixed.”
A robust RFP market creates both risks and rewards for plan advisers. But unlike years ago, when plan sponsors may have been looking at the basics of getting fiduciary retirement plan advisement, their needs are more robust in the modern qualified plan market.