Developing a Request for Proposal (RFP) for wealth management might seem like a straightforward administrative task. But for investors seeking trusted, high-performance financial advisory relationships—especially ultra-high-net-worth individuals, family offices, and institutions—writing an RFP is a strategic process that can shape your long-term financial trajectory.
Done right, an RFP helps you evaluate advisors fairly, understand their offerings deeply, and create a consistent comparison framework. Done wrong, it can reduce your leverage, give away too much sensitive information, or attract responses that don't align with your true needs.
Below, we break down what an effective wealth management RFP should contain, common missteps to avoid, and how to use this tool as a strategic advantage rather than a procedural formality.
The Purpose Behind a Wealth Management RFP
While many investors believe RFPs are simply a way to collect standardized proposals, the real power of an RFP lies in its ability to:
Clarify your priorities. Before engaging with advisors, an RFP forces internal alignment around your financial objectives, risk tolerance, and service expectations.
Level the playing field. Each advisor is given the same scope, which makes evaluation far easier and more objective.
Protect your position. You can maintain control over the process, structure information release carefully, and set expectations from the outset.
What Should Be in an RFP for Wealth Management?
To be effective, your RFP must be both detailed and disciplined. Here are the core components you should include:
1. Introduction & Background
Begin by offering a brief overview of who you are (as an individual, family, or institution), your financial background, and your purpose for issuing the RFP. Keep this section high-level to avoid exposing sensitive details prematurely.
2. Scope of Services Needed
Clearly outline what you’re seeking. This may include:
Investment management
Financial planning
Tax strategy coordination
Estate and legacy planning
Family governance
Philanthropic advising
Make sure to define whether you expect a holistic approach or niche expertise.
3. Key Objectives and Philosophical Alignment
State your investment philosophy, risk tolerance, and long-term vision. This helps you filter out advisors whose approach doesn’t match yours—saving time and preventing cultural mismatch later.
4. Request for Team Structure
Ask who would be on your dedicated team. What are their qualifications? Will the firm offer consistent senior-level engagement or rotate in junior staff? Clarifying the team structure ensures transparency in who will actually handle your account.
5. Compensation Structure
Request a breakdown of all proposed fees—advisory fees, performance-based fees, custodial fees, and any underlying investment costs. Insist on transparency and request sample billing statements if possible.
6. Regulatory and Legal Disclosures
Request Form ADV (Parts 1 and 2) and any recent regulatory or legal issues the firm may have faced. Ensure you’re dealing with advisors who are both compliant and accountable.
7. Client Experience and Retention
Ask for retention metrics and client tenure. Long-standing relationships often signal advisor stability and quality of service.
8. References (Optional)
Request references from clients with similar needs—but respect confidentiality. Many top-tier clients don’t wish to be contacted, so this isn’t always a dealbreaker.
What Not to Include
Many RFPs unintentionally reveal too much. Here’s what to avoid:
Over-disclosing your financials. Hold back exact net worth or portfolio details until the finalist stage.
Sharing too much strategic intent. Keep broader investment or liquidity plans vague until you’ve built trust.
Asking overly technical questions. While thoroughness is good, don’t fall into jargon traps that obscure practical evaluation.
Why RFPs Alone Aren’t Enough
While RFPs are valuable, they are only one part of the evaluation process. They don’t replace the importance of:
Personal chemistry and trust.
In-person meetings or video interviews.
Observing how a firm responds under time-sensitive or high-stakes scenarios.
A polished proposal doesn’t always translate into superior long-term service. Use the RFP to narrow your field, then dig deeper through conversations and trial engagements.
How Select Advisors Institute Helps
At Select Advisors Institute, we’ve guided hundreds of families, institutional investors, and boards through advisor search processes. We don't just help you draft a great RFP—we help you think strategically about the entire selection journey, from internal alignment to final interviews.
Clients who work with us often report feeling more confident, in control, and prepared to ask the right questions that others miss. We bring both insider knowledge of the advisory landscape and an impartial lens to every engagement.
Final Thought: Use the RFP as a Strategic Filter
An RFP isn’t just a paperwork requirement—it’s a strategic tool. Used wisely, it filters out incompatible advisors early, highlights quality candidates, and puts you in control of your financial future from day one.
Take the time to build it carefully. Ask the right questions. Guard your information. And never forget: the RFP process is your process—not the advisor’s.
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