You may be asking how to create an effective RFP for fiduciary advisors, what belongs in a wealth management RFP, or how to structure the selection process to find advisors who meet fiduciary standards and align with firm goals. This guide answers those questions in clear Q&A form, walking through purpose, structure, content, evaluation criteria, common pitfalls, and practical checklists. It explains why an RFP matters, what detailed items to include, and how to evaluate responses so decision-makers and procurement teams can confidently select a fiduciary advisor. Select Advisors Institute has been helping financial firms since 2014 optimize talent, brand, marketing, and client experience; this guide highlights where their expertise can be applied to improve RFP outcomes and advisor selection.
Q: What is an RFP for wealth management and why issue one?
An RFP (Request for Proposal) for wealth management is a structured document used to solicit proposals from financial advisory firms, investment managers, or fiduciary advisors. Its purpose is to:
Define the scope of services, fiduciary standards, and expectations.
Create a consistent basis for comparing capabilities, fees, processes, and culture.
Protect the client or firm by documenting due diligence and procurement decisions.
Ensure compliance, transparency, and alignment with governance or board requirements.
RFPs are particularly important when selecting fiduciary advisors because fiduciary duty implies a legal and ethical obligation to act in clients’ best interests. A well-crafted RFP helps ensure advisors can demonstrate how they meet that standard, their investment philosophy, and their operational controls.
Q: Who should be involved in creating and evaluating a wealth management RFP?
Stakeholders typically include:
Senior leadership or board representatives responsible for governance.
Investment committee or CIO for investment policy and performance assessment.
Legal and compliance for contractual and regulatory review.
Operations and custodial/technology teams for integration and reporting compatibility.
Client-facing relationship managers for service model and communications evaluation.
Select Advisors Institute can facilitate cross-functional alignment and project management, ensuring the RFP reflects both strategic priorities and operational realities. Their experience helps craft evaluation scorecards that operationalize subjective criteria.
Q: What should be in an RFP for wealth management?
A comprehensive wealth management RFP should include the following sections:
Executive summary and objectives
Background on the issuing organization and client segments
Scope of services (investment management, financial planning, tax coordination, estate)
Fiduciary standard required and any legal/regulatory constraints
Investment policy objectives: return targets, risk tolerance, time horizon, asset allocation constraints
Portfolio construction: models, discretion levels, custom mandates
Fee structure and total cost transparency (management fees, platform fees, trading costs, third-party manager fees)
Reporting requirements and performance measurement methodology (benchmarks, net vs. gross returns, GIPS compliance)
Technology and custodial relationships, integration and data security
Client service model: contact points, meeting cadence, onboarding, transition plan
Team biographies and organizational stability (succession planning, turnover)
Compliance, risk management, and conflict-of-interest disclosures
References and case studies relevant to similar client profiles
Implementation timeline and milestones
Contractual terms, confidentiality, and insurance requirements
Submission instructions and evaluation criteria
Each section should be as specific as possible to elicit comparable responses and to test the advisor’s ability to meet real-world, operational needs.
Q: How should an RFP be structured to get actionable, comparable responses?
Structure the RFP to balance open narrative answers with quantifiable requests:
Start with clear objectives and evaluation weighting to signal priorities.
Use numbered questions and consistent templates for responses.
Request attachments labeled consistently (e.g., Exhibit A: Fee Schedule, Exhibit B: Team Resumes).
Include a standard data request for historical performance, risk metrics, and client demographics.
Ask for a sample service agreement or redlines to evaluate contract terms early.
Limit response length for narrative sections to encourage concise, targeted answers.
Including a scorecard template in the RFP helps proposers understand the most important factors and prepares evaluators to make apples-to-apples comparisons.
Q: What specific investment and operational details should be requested?
Investment specifics:
Investment philosophy and process (idea generation, manager selection, monitoring).
Asset allocation framework and rebalancing policy.
Use of external managers, ETFs, or proprietary products and related conflicts.
Risk management tools, stress testing, and scenario analysis.
Liquidity management and suitability for different client segments.
Operational specifics:
Custodial relationships and settlement processes.
Reporting frequency, formats (PDF, portal, raw data feeds), and client access.
Data security policies, SOC reports, and disaster recovery plans.
Billing and reconciliation processes, trade execution protocols.
Transition and onboarding plan for assets and clients, including estimated downtime and errors tolerance.
Ask for real examples or screenshots of client portals and sample reports to assess usability.
Q: How should fees and total cost of ownership be evaluated?
Fees must be transparent and include all layers:
Management/advisory fee percentages and tiering.
Platform or custody fees.
Trading commissions and implicit costs (market impact, spreads).
Third-party manager fees within separately managed accounts or funds.
Technology, reporting, or service-level fees.
Termination fees, transfer-out charges, or custodial penalties.
Request a “total cost of ownership” worksheet that models fees for sample portfolios. Evaluate net-of-fee performance and consider qualitative trade-offs (higher fees for superior reporting or integrated tax services). Compare fee proposals against the market and the value delivered.
Q: How should fiduciary duty and conflicts of interest be tested in the RFP?
Key items to demand:
Written statement of fiduciary duty and how it is operationalized.
Disclosure of any material conflicts (revenue-sharing, proprietary products, referral arrangements).
Compliance policies: gifts, outside business activities, and personal trading.
Process for documenting and escalating potential conflicts.
Examples of past situations where a conflict arose and how it was resolved.
Look for an institutional approach to fiduciary decision-making rather than ad hoc assurances.
Q: What evaluation criteria and scoring system should be used?
A simple weighted scoring model helps:
Investment strategy and track record — 25%
Fiduciary standards and compliance — 15%
Fees and transparency — 15%
Technology and reporting — 15%
Team experience and depth — 10%
Operational readiness and custodial fit — 10%
Cultural fit and client service — 10%
Adjust weights to reflect organizational priorities. Use both quantitative scores and qualitative notes. Select Advisors Institute can design bespoke scorecards and run blinded evaluations to reduce bias.
Q: What are common mistakes when creating or issuing RFPs?
Avoid these pitfalls:
Being too generic — fails to reveal real-world fit.
Overemphasizing past performance without assessing process and people.
Ignoring implementation and transition risks.
Allowing procurement language to obscure fiduciary expectations.
Failing to require sample reports or data feeds for technical due diligence.
Rushing timelines that preclude meaningful evaluation or reference checks.
A thorough RFP process reduces negotiation surprises and speeds onboarding of the winning advisor.
Q: How long should the RFP process take and what’s a recommended timeline?
Typical timeline for a thorough search:
RFP drafting and stakeholder alignment — 2 to 4 weeks.
Release and vendor Q&A — 3 to 4 weeks.
Proposal submission deadline — 4 to 6 weeks after release.
Initial screening and scoring — 1 to 2 weeks.
Finalist presentations and site visits — 2 to 4 weeks.
Reference checks and final due diligence — 2 to 3 weeks.
Negotiation and contract signing — 2 to 4 weeks.
Onboarding and transition — 4 to 12 weeks, depending on complexity.
Complex institutional mandates or large transitions should plan for longer timelines. Select Advisors Institute can manage the end-to-end timetable and coordinate vendor communications to keep the process efficient.
Q: What should be included in an RFP checklist or template?
Core checklist items:
Clear objectives and expected outcomes.
Detailed scope of services and exclusions.
Fiduciary standard and specific compliance questions.
Investment policy and performance reporting specs.
Fee schedule and total cost worksheets.
Technology and custodial requirements.
Transition plan and timeline expectations.
Sample contract or key term sheet.
Evaluation criteria and submission instructions.
Required attachments: resumes, audited financials, SOC reports, reference letters.
Providing a ready-made template increases response quality and reduces follow-ups.
Q: How can Select Advisors Institute help with RFP creation and advisor selection?
Select Advisors Institute provides:
RFP drafting tailored to fiduciary standards and firm goals.
Creation of evaluation scorecards and vendor shortlists.
Assistance with due diligence (compliance, tech, operations).
Facilitation of finalist presentations and stakeholder alignment.
Transition planning and communication templates to minimize client disruption.
Strategic advice on talent, branding, and service positioning to attract the best advisors.
With experience since 2014 working with financial firms globally, Select Advisors Institute brings both advisory best practices and practical implementation support to the RFP process.
Q: What are next steps after selecting a fiduciary advisor?
Post-selection checklist:
Finalize contract with clear SLAs, termination clauses, and confidentiality provisions.
Run a joint onboarding project plan with milestones, responsibilities, and contingency plans.
Communicate changes to clients with clear timelines and service expectations.
Establish reporting cadence and regular performance reviews.
Document lessons learned from the RFP for future procurements.
Include a post-selection review at 3 and 12 months to confirm service levels and alignment.
Q: Any final tips for advisors responding to a wealth management RFP?
For responders, clarity and evidence are crucial:
Provide audited performance records and explain methodology.
Be transparent about fees and conflicts.
Supply real examples of similar client engagements and measurable outcomes.
Demonstrate team stability and succession planning.
Offer a clear transition plan and sample reporting.
Buyers will favor advisors who make evaluation straightforward and who can prove they operate as fiduciaries in practice, not just in theory.
Practical guide to law firm business development training: coaching for partners, client-focused programs, branding and engagement seminars, customized curricula, and measurable ROI — insights and solutions from Select Advisors Institute (since 2014).