How to Use the Advisor Search RFP Response Scoring Tool

DOWNLOAD SCORING TOOL HERE

This scoring tool is designed to help you, the plan sponsor, assess the talents and services of prospective advisors in the plan areas that are most important to you and to document the process on which  you relied to select your Retirement Plan Advisor. This tool dovetails with the Retirement Advisor Council’s Advisor Search RFP Template.  The Template includes twelve crucial questions to be asked of prospective or existing advisors, a worthwhile exercise whether you are selecting a new Professional Retirement Plan Advisor for your plan, or performing due diligence on your current advisor. Once you have received the advisor’s responses to the RFP questions, your responsibility is to rate the responses you’ve received and to document how you exercised prudence in the selection of an Advisor for your plan.  

To use the scoring tool

Download the tool

Open the file

On the “Input” tab:

  1. Enter the names of one or more advisors you are rating into the Advisor Scoring Template.
  2. Assign an “Importance Weighting” to each of the twelve questions from the Advisor Search RFP Questionnaire.
  3. Assign a rating of 1-5 (1 being the lowest, 5 the highest) to each advisor based on your satisfaction with the advisor’s response to each RFP question asked.

On the “Score” tab:

Read the “score” each advisor received combining ratings for all RFP questions. The comprehensive quantitative score will help you quickly identify the advisor who best suits your plan’s needs.

FAQs

Why do you weight the data?

The questions are listed in full on the Input tab. Based on the specific needs of your plan, you may, for example, place greater emphasis on the processes and techniques that the advisor uses to monitor asset allocations and riskiness of investments than on whether the advisor provides assistance with employee enrollment or investment education. Enter your Importance weights into the green column on the input tab.

How precise should the ratings be?

The template will accept ratings to a single decimal, in case you want to rate an advisor a 3.5, for example, on his/her response to a particular question.  This will be particularly helpful if you are combining ratings from multiple committee members and the average rating for all committee members is a decimal.

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