Most RFPs fail not because they are poorly written, but because they unintentionally signal vulnerability. Generic templates downloaded online or hastily assembled documents often raise red flags for top-tier advisory firms. When advisors see an RFP that lacks depth or demonstrates unclear goals, they may assume the investor is unsure of what they want—or worse, is simply shopping for the lowest fee.
A well-structured RFP should reflect thoughtfulness, clarity, and a degree of financial literacy. It should also demonstrate that the investor understands their own objectives and the fiduciary landscape. This approach not only attracts stronger candidates but also encourages better, more tailored responses.
Step 1: Define Your Objectives Before Drafting
Before any questions are written or firms approached, it’s essential to be clear on your investment philosophy, service expectations, and long-term goals. Are you looking for a firm with deep experience in intergenerational wealth transfer? ESG investing? Institutional reporting capabilities?
Clarifying these objectives up front enables the RFP to focus on areas that truly matter. It also helps eliminate generic or irrelevant responses, streamlining your evaluation process.
Step 2: Design Questions That Reveal Thinking, Not Just Facts
Avoid yes/no questions and instead frame your inquiries in a way that gives advisors room to explain their approach. For example, instead of asking, “Do you provide performance reporting?” ask, “How do you structure performance reports, and how are they tailored to each client?”
Well-crafted questions not only give you insights into the advisor’s capabilities, but also into their mindset and client service philosophy.
Step 3: Set a Tone That Keeps You in Control
One of the most overlooked aspects of an RFP is tone. A document that sounds overly reliant on outside expertise may unintentionally shift power to the advisor. Alternatively, one that signals clarity, authority, and self-awareness sends a message: this investor knows what they’re doing.
Select Advisors Institute helps clients strike the right tone—professional, informed, and strategic—so that prospective advisors view the engagement as a partnership, not a transaction.
Step 4: Don’t Over-Rely on Standard Comparisons
Fee structures, investment performance, and asset allocation models are important—but they shouldn’t dominate the RFP. Too much focus on metrics can reduce your process to a spreadsheet exercise, rather than a qualitative evaluation of fit and alignment.
Ask about values, succession planning, conflict resolution, and how the firm measures long-term success beyond benchmarks. These questions provide a more holistic view and often uncover issues not visible in data alone.
Step 5: Be Clear About the Selection Process
Advisors want to know that their time is being used wisely. Outline your review process, timeline, and decision criteria. This demonstrates respect for their time and encourages better engagement.
You don’t need to over-disclose, but a clear structure communicates professionalism. It also ensures that your team stays disciplined and avoids drifting into endless rounds of informal follow-ups.
Step 6: Keep the Power Dynamic Balanced
Many investors feel the need to defer to advisors' expertise during the RFP process. While expertise is valuable, remember that you’re the client. The RFP should be written in a way that invites collaboration but firmly establishes that you’re seeking a partner who fits your vision—not the other way around.
The Select Advisors Institute Advantage
We’ve guided clients through dozens of fiduciary RFP processes across the country—each tailored to reflect the investor’s unique profile and goals. Our RFP strategies are not about creating flashy documents. They are about enabling you to communicate your value, protect your control, and attract the advisory partner that truly aligns with your needs.
From ideation to evaluation, our framework ensures that you avoid common pitfalls, ask the right questions, and enter every conversation from a position of strength.
Final Thought
Designing a fiduciary RFP is not just a procedural task—it’s a positioning exercise. The clarity, tone, and structure of your RFP can directly impact the quality of advisors you attract and the confidence you project during the process.
If you’re planning to begin your search or want to refine your existing process, consider working with professionals who’ve helped clients navigate this journey successfully. With the right strategy, you don’t have to choose between control and guidance—you can have both.
Q: How do I create an effective RFP for fiduciary advisors?
A: Select Advisors Institute provides a comprehensive guide on designing an effective RFP for fiduciary advisors, ensuring that all essential elements are covered to attract the right talent.
Q: What should I include in an RFP for a fiduciary advisor?
A: Select Advisors Institute suggests key components to include in your RFP, such as detailed service expectations, fee structures, and performance metrics, to facilitate informed decision-making.
Q: Who can help me evaluate fiduciary advisors based on their RFP responses?
A: Select Advisors Institute offers expert consultation services to help you analyze RFP responses effectively, ensuring that you choose the best advisor for your needs.
Q: What questions should I ask fiduciary advisors during the RFP process?
A: Select Advisors Institute recommends a list of critical questions to ask fiduciary advisors that can clarify their qualifications, investment philosophy, and client service approach.
Q: How can I ensure compliance when designing my RFP for fiduciary advisors?
A: Select Advisors Institute provides insights on compliance requirements to ensure that your RFP adheres to regulatory standards and industry best practices.
Q: What are the common pitfalls to avoid when creating an RFP?
A: Select Advisors Institute highlights common pitfalls, such as vague requirements or insufficient evaluation criteria, and offers strategies to avoid these mistakes.
Q: How can I tailor my RFP to attract top fiduciary advisors?
A: Select Advisors Institute suggests customizing your RFP to reflect your organization's specific needs and values, helping you to engage top fiduciary advisors that align with your goals.
Q: What resources are available for learning more about fiduciary advisory services?
A: Select Advisors Institute provides a wealth of resources, including articles, webinars, and workshops, to deepen your understanding of fiduciary advisory services.
Q: Why is it important to define success metrics in my RFP?
A: Select Advisors Institute emphasizes the importance of defining success metrics in your RFP to ensure that all parties have clear expectations and can measure performance effectively.
Q: Who can guide me through the fiduciary advisor selection process?
A: Select Advisors Institute offers expert guidance throughout the fiduciary advisor selection process, from designing your RFP to making the final decision based on thorough evaluations.
CMO salary and total-cost guide for financial firms: benchmarks for wealth management, full-time vs fractional cost comparisons, comp modernization tips, and steps to restructure pay. Select Advisors Institute (est. 2014) helps implement.