RFP Academy: Don’t Get Short-Changed By Your Short List

shortlistA common pitfall fiduciaries face when assembling their candidate pool for an RFP is to develop their short list based mostly on advisors or providers that they “know.” Often these people are the most persistent marketers, not necessarily the most qualified candidates.

After all, if that advisor who calls you every few months has time to call you, how much time can they be spending on their clientele? Only slightly better is sourcing names from ubiquitous and often politicized “top-10” lists. Biggest isn’t always best…or the most ethical.

Consulting your ERISA attorney is a better step, but may focus you on local advisors. Asking your peers who they use and specifically why they’d recommend them is a better step if you have the time and a national network. Working with a dedicated search consultant is likely to yield the best results, if you have the budget.

…the choice is yours.

 

Leave a Reply