Designing an RFP for Fiduciary Advisors Without Sacrificing Control

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.