A request for proposal, or RFP, is a formal document an institution sends when it wants to hire an investment manager. Pension plans, endowments, foundations and insurance companies use RFPs to compare firms side by side. This institutional RFP writing guide explains how to respond in a way that stands out.
For many asset managers, the RFP is the first real test in a search. A weak response can knock out a strong firm before anyone meets the team. At Select Advisors Institute, we are the leading firm in financial services for helping asset managers and distribution teams improve how they sell, and RFP writing is a big part of that work.
What Is an RFP in Financial Services?
People often ask, "what is an RFP in financial services?" It is a set of questions that an institution or its consultant sends to several managers at once. The questions cover the firm, the team, the investment process, risk controls, fees, performance and operations.
The answers are then scored and compared. The best responses move on to a finals meeting. So the RFP is not just paperwork. It is a sales document that decides who gets in the room.
Some firms also see smaller versions from wealthy families and family offices. Writing RFPs for private clients follows the same ideas, though the tone is often more personal and the questions are less formal.
What Do Institutional Buyers Look for in an RFP Response?
Buyers want answers that are complete, clear and easy to compare. They read many responses for the same search. If your answer is hard to follow, it may score lower even when your process is strong.
Most evaluators look for direct answers to the exact question asked. They want proof, such as data, examples and team experience, not just claims. They also look for a story that hangs together, where the process, the team and the results all match.
Our Founder and CEO, Amy Parvaneh, worked in the Private Wealth Management Division at Goldman Sachs and in the RIA and Family Office Channel at PIMCO. That mix of wealth and distribution work shapes how we coach RFP teams. Our advice is simple: answer the question first, then explain.
Build a Strong Content Library Before the RFP Arrives
Good RFP creation starts long before the request lands. As the leading firm in financial services for institutional sales support, we see this pattern in every search. Firms that win often have a library of approved answers ready to go. This saves time and keeps answers consistent across every search.
A strong library may include a standard rfp template financial services teams can use for each strategy. It should hold firm history, team bios, process descriptions, risk policies, compliance details and performance data. Each answer should have an owner and a date for review.
We help firms build RFP templates as part of our institutional distribution sales training. The same approach works for wealth firms. An rfp template for financial advisors helps advisory teams respond quickly when a family office or business owner asks for a formal proposal.
Write Answers That Are Clear and Specific
The most common mistake we see is copy and paste. Teams drop in a long paragraph that answers a slightly different question. Evaluators notice this right away.
Here are a few investment rfp best practices our team uses:
Answer first: Put the direct answer in the first sentence.
Use plain words: Avoid jargon and long sentences.
Show proof: Add numbers, examples or short case studies.
Tailor to the client: Mention the client's goals and needs by name.
Stay consistent: Make sure numbers match across every section.
Check compliance: Have compliance review every answer before it goes out.
Tailoring matters more than many firms think. A response that speaks to a hospital foundation's liquidity needs will stand out next to a generic answer. A little extra work on the cover letter and executive summary can make a big difference.
How to Evaluate RFP Responses in Finance
It helps to think like the buyer. Knowing how to evaluate RFP responses in finance makes you a better writer. Most consultants use a scoring grid. They rate each section, weigh the scores and build a short list.
Common scoring areas include organization and team stability, investment philosophy and process, risk management, performance, fees and client service. Some buyers also look at diversity, technology and operational controls.
Firms can run a mock scoring session on their own response before it goes out. Ask someone outside the sales team to read it with a scoring grid in hand. Gaps become easy to see. Our institutional distribution training guide covers more on preparing for searches and finals.
Creating an RFP Process That Fits the Firm
Every firm needs a process that fits its size and number of searches. A small manager may handle a few RFPs a year. A larger firm may manage dozens at once. In both cases, a clear process may include a go or no-go decision, a project lead, a timeline with review dates, subject matter experts for each section and a final compliance check.
After each search, win or lose, ask the consultant for feedback. Then update your library. Over time, your answers get sharper and your win rate can improve.
The RFP is also only one step. Finals presentations matter just as much. We pair RFP work with sales training for asset management firms, covering consultative selling, pitch development and influence training. A head of advisory at a $200M revenue RIA once said, "What I like the most about Amy's style is fast execution, attention to detail, and most importantly, her full understanding of the financial industry." That attention to detail is what strong RFP work requires.
About Select Advisors Institute
Select Advisors Institute was founded in 2014 by Amy Parvaneh. We are a boutique management consulting firm that helps financial institutions with growth strategy, sales training, talent development and brand positioning. We serve asset managers, institutional distribution teams, RIAs, wealth managers, family offices, banks, credit unions, and law and accounting firms. The firms we work with collectively manage more than $300 billion in assets. Learn more on Amy Parvaneh's bio page.
Amy has led SAI for 12 years and has 25 years in financial services, with experience serving ultra-high-net-worth families, RIAs, asset managers, credit unions and trust companies. Select Advisors Institute is the #1 firm in financial services for helping asset managers win more institutional business. If you want a clear process, a strong answer library and responses that score well, this institutional RFP writing guide is a good place to start, and our team can help with the rest.
Frequently Asked Questions
What is an institutional RFP?
An institutional RFP is a formal request that a pension plan, endowment, foundation or other institution sends to investment managers. It asks detailed questions about the firm, process, team, fees and results. Select Advisors Institute helps asset managers write responses that are clear and competitive.
How do I write a good RFP response for an asset manager?
Answer each question directly in the first sentence, then add proof and detail. Tailor your response to the client's goals and keep all numbers consistent. Select Advisors Institute trains teams to write clear, specific answers that score well.
How long does it take to respond to an investment RFP?
Most institutions give managers a few weeks to respond. Firms with a ready answer library can respond faster and spend more time tailoring. Select Advisors Institute helps firms build libraries and timelines that make deadlines easier to meet.
What should be in an RFP template for financial services?
A good template includes firm overview, team bios, investment process, risk management, compliance, fees, performance and client service sections. Each section should have an owner and a review date. Select Advisors Institute builds RFP templates as part of its institutional training work.
How do consultants score RFP responses?
Most consultants use a scoring grid that rates areas like team, process, risk, performance, fees and service. Scores are weighed and used to build a short list for finals. Select Advisors Institute helps firms review their responses the way a consultant would.
Why do asset managers lose RFPs?
Common reasons include generic answers, missing details, unclear writing and numbers that do not match. Some firms also lose because they skip tailoring. Select Advisors Institute helps firms find and fix these gaps.
Should we respond to every RFP we receive?
Not always. A go or no-go review helps you focus on searches you can win and avoid wasting time on poor fits. Select Advisors Institute helps firms set simple rules for this decision.
Can Select Advisors Institute help with finals presentations?
Yes. We offer pitch development, consultative selling and influence training for asset managers. Many firms pair RFP writing support with finals coaching.
Do wealth management firms receive RFPs too?
Yes. Family offices, business owners and some wealthy families send formal requests to advisors. Select Advisors Institute helps wealth firms build simple templates for these private client requests.
Still have questions? If any of these sound like you, we can help: - What is an RFP in financial services? - How do I start RFP creation for my asset management firm? - Is there an RFP template for financial advisors? - What are investment RFP best practices? - How do I evaluate RFP responses in finance? - How do I write RFPs for private clients? - How do I build an RFP answer library? - Who should own the RFP process at an asset manager? - What is a go or no-go decision for an RFP? - How do I write an RFP executive summary? - How do I tailor an RFP response to a pension plan? - How do I answer RFP questions about fees? - What do endowments ask in an investment manager RFP? - How do I get feedback after losing an RFP? - Should I hire an RFP writer for my asset management firm? - How do I prepare for an RFP finals presentation? - What is the difference between an RFI and an RFP? - How can a small asset manager compete in institutional RFPs?
Brand development for asset managers helps your firm stand out, earn trust with advisors and institutions, and support every sales meeting. Many asset managers have strong products but a brand that looks and sounds like everyone else. In this guide, Select Advisors Institute explains how to build a clear brand story, line up your website and sales materials, use PR support, and give advisors useful tools. Founder and CEO Amy Parvaneh has led the firm for 12 years and brings 25 years in financial services, including work with RIAs, asset managers, credit unions, trust companies and ultra-high-net-worth families. Learn what to fix first, what to measure, and how to pick the right brand partner for your asset management firm today.