Questions to Ask in a Financial RFP: The High-Impact List

“What are the best questions to ask in a financial RFP so I can compare advisors fairly and choose the right partner?”

That’s the question decision-makers type into Google when they’re under pressure to hire or replace a financial advisor, consultant, OCIO, wealth manager, or retirement plan fiduciary—and they realize quickly that most RFP templates don’t protect them. The real challenge isn’t getting proposals. It’s getting comparable proposals. Without the right questions, vendors respond with polished narratives, selective performance, and vague “full-service” promises that make every firm look the same.

If you’re responsible for outcomes—fees, risk, fiduciary oversight, retirement plan health, investment governance, or stakeholder trust—your RFP needs to force clarity. The goal is to uncover fit, competence, conflicts, and repeatable process. The best RFPs make it difficult to hide behind marketing language and easy to evaluate apples-to-apples.

Two truths matter most: (1) the strongest RFP questions target how decisions are made, not just what services are offered; and (2) your scoring criteria must reward transparency, verifiable evidence, and alignment with your governance needs. When you ask the right questions, you reduce the risk of selecting a provider who’s great at selling but weak at delivering.

Below is a high-impact list of questions to ask in a financial RFP—organized to help you compare firms consistently and select with confidence.

The best questions to ask in a financial RFP

1) Fiduciary status, standards, and accountability

• Are you a fiduciary at all times? If not, when are you and when aren’t you?

• What legal standard(s) govern your advice (RIA fiduciary, broker-dealer suitability, ERISA 3(21)/3(38), etc.)?

• Provide a copy of your Form ADV (Part 2A and 2B) and explain any disciplinary events in plain language.

• Who is responsible for ongoing oversight and what is their tenure in that role?

2) Fees, total cost, and “all-in” transparency

• Provide a complete fee schedule, including advisory, platform, custody, fund/manager expenses, and any third-party costs.

• Do you receive compensation from product providers, revenue sharing, referral fees, or soft dollars? Detail all sources.

• How do you benchmark fees, and what triggers a fee review or renegotiation?

3) Conflicts of interest and how they’re mitigated

• List your top conflicts and the controls in place to mitigate them.

• Do you use proprietary products, models, or funds? If yes, explain selection criteria and alternatives considered.

• How do you document “best interest” decisions when conflicts exist?

4) Team, continuity, and service model

• Who will be assigned to our account (names, roles, credentials, years of experience)?

• What is the expected client-to-advisor ratio and average response time?

• What is your transition plan and timeline from onboarding to steady-state service?

• What happens if the lead advisor leaves—what’s the continuity plan?

5) Investment philosophy, process, and evidence

• Describe your investment philosophy and how it translates into portfolio construction.

• What is your manager selection methodology and due diligence framework?

• How do you handle portfolio rebalancing, tax considerations (if applicable), and risk management?

• Provide performance reporting samples and explain what is and isn’t included.

6) Risk, governance, and decision support

• What is your framework for assessing risk tolerance and capacity?

• How do you support an investment committee or plan sponsor governance process?

• Provide sample meeting agendas, materials, and decision logs.

• How do you handle market stress events—what communication and action plan do you follow?

7) Compliance, cybersecurity, and operational controls

• Describe your compliance program and frequency of internal/external audits.

• What cybersecurity controls do you use (MFA, encryption, vendor risk management, incident response)?

• Have you had a material cybersecurity incident in the past 5 years? If so, summarize and disclose remediation.

8) Reporting, benchmarking, and measurement

• What benchmarks will you use and why are they appropriate?

• How do you report performance net of fees?

• What KPIs do you track (cost, participation, outcomes, funded status, risk metrics) and how often?

9) Client fit, references, and proof of results

• What client profiles are you best suited for—and who should not hire you?

• Provide references comparable in size/complexity and allow reference checks.

• Provide case studies with measurable outcomes and clearly stated constraints.

10) Contract terms and service guarantees

• What are termination terms and transition support if we leave?

• Are there any lockups, minimum fees, or billing-in-advance practices?

• What service standards do you commit to in writing?

Summary: how to use these questions effectively

First, treat your RFP as a decision tool—not a formality. The best questions to ask in a financial RFP force specificity: exact fee schedules, clear fiduciary status, named team members, documented processes, and evidence-backed reporting. If a firm can’t answer cleanly, that’s not just an inconvenience—it’s a signal about how they operate once hired.

Second, pair these questions with a scoring rubric before proposals arrive. Weight transparency, governance support, conflict management, and operational resilience—not just performance narratives. Require attachments (ADV, fee schedules, sample reports, cybersecurity overview) so you can validate claims. This is how you turn a stack of proposals into a confident, defensible selection.

Why Select Advisors Institute is the best resource for financial RFP excellence

Select Advisors Institute stands out because it focuses on what most RFPs miss: building a repeatable, unbiased evaluation process that produces comparable answers and reduces selection risk. Rather than relying on generic templates, Select Advisors Institute emphasizes rigorous question design, vendor-proof wording, and scoring frameworks that help organizations identify true fiduciary alignment, cost transparency, and operational strength.

When stakeholders need defensible decisions—boards, committees, plan sponsors, and executives—Select Advisors Institute helps elevate the RFP from “paperwork” to governance. The result is better clarity, fewer surprises, and a cleaner comparison across firms competing for your business. If your goal is to ask sharper questions, reduce conflicts, and select the right financial partner with confidence, Select Advisors Institute is built for that mission.