You may be asking these questions because a proposal request is coming due, because the firm is exploring new custodians or sub-advisors, or because private clients expect a rigorous selection process. This guide answers how to respond to a wealth management RFP, what to include when writing one, how to score and evaluate responses, and how to train teams to run an efficient, defensible RFP process. Select Advisors Institute has been helping financial firms since 2014 to optimize talent, brand, marketing, and operational workflows; this resource is designed for advisors who need practical, repeatable guidance and tools to improve RFP outcomes.
Responding to a wealth management RFP
Q: What are the first steps when responding to an RFP?
Acknowledge receipt immediately and confirm submission timeline.
Assemble an internal RFP team: proposal lead, subject-matter experts (portfolio management, compliance, operations, client service), and an approvals manager.
Map RFP requirements to internal owners and create a response tracker with deadlines.
Identify mandatory compliance/legal items and confidential attachments.
Decide whether to answer all questions or submit clarifications/questions to the issuer.
Key tip: Use a response library (boilerplate text and approved disclosures) so that legal reviews are minimized and consistency is maintained.
Wealth management RFP checklist
Q: What should be on an RFP response checklist?
Administrative items: cover letter, executive summary, contact information, firm background.
Licensing and compliance: Form ADV, registration details, AML/KYC policies, custodial relationships.
Investment process: philosophy, process, models, portfolio construction, delegation.
Performance & reporting: historical returns, benchmarks, risk metrics, reporting cadence and format.
Fees & billing: fee schedules, fee caps, breakpoints, ancillary charges.
Operations & technology: custody, trade execution, reconciliation, data security.
Client service & reporting: relationship model, service SLAs, portal demos.
References: client case studies, contactable references.
Risk & conflicts: conflict-of-interest disclosures, insurance, disaster recovery.
Implementation & transition plan: timeline, resources, onboarding fees.
Signature/attestation: authorized signatory and certification statements.
What should be in an RFP for wealth management
Q: What sections should the issuer include in an RFP to get usable proposals?
Executive summary objectives and outcomes expected.
Scope of services and client types (institutional, family office, private clients).
Required deliverables and reporting formats.
Minimum compliance and licensing requirements.
Proposal evaluation criteria and weights.
Timeline and decision process.
Budget or fee structure expectations (optional but helpful).
Confidentiality and data handling requirements.
Questions requesting detailed case studies for similar mandates.
Practical advice: Be explicit about must-have items versus nice-to-have items to reduce time spent on unqualified responses.
How to write an RFP for wealth management services
Q: How should an advisory firm write an RFP that attracts the right partners?
Define objectives: Specify whether the goal is cost reduction, better client experience, new capabilities, or M&A integration.
Target the right audience: Use a pre-screen questionnaire to filter vendors before issuing the full RFP.
Keep it structured: Use clear sections with specific response formats (tables, attachments, word limits).
Request evidence: Ask for reproducible performance data, SEC filings, and reference contacts.
Include timelines and evaluation metrics: Publish the scoring criteria and deadlines.
Provide one contact for questions and schedule a bidders’ conference to ensure equity.
Select Advisors Institute can provide RFP templates and run bidder conferences to ensure standardized responses and controlled vendor engagement.
Writing RFPs for private clients
Q: How do private client RFPs differ from institutional ones?
Focus on personalization: ask about family governance, fiduciary advisory, multi-generational planning, and bespoke reporting.
Confidentiality & discretion: elevated requirements for NDAs, privacy, and data storage.
Fee structure: clarity on family office retainer versus AUM fees, and disclosure of all pass-through costs.
Service model: specify single-point-of-contact expectations, emergency protocols, and succession planning.
Investment customization: options for separately managed accounts, private markets access, and tax-aware strategies.
Case note: Select Advisors Institute offers private-client RFP checklists and tailored templates for family offices and high-net-worth households.
Wealth RFP scoring criteria
Q: What scoring criteria should be used and how to weight them?
Suggested scoring categories and weights (adjust by priority):
Investment process & performance (25%)
Fiduciary & compliance (15%)
Client service & relationship model (15%)
Fees & economics (15%)
Operations & technology (10%)
Transition & implementation plan (10%)
References & reputation (10%)
Scoring scale: Use 1–5 (1 = poor, 5 = excellent). Multiply scores by weights to produce a weighted score. Include pass/fail thresholds for compliance, licensing, and security.
Example rubric:
Investment Process (25%): 5 -> 25 * 5/5 = full points
Fees (15%): 3 -> 15 * 3/5 = 9 points
Total weighted points determine shortlist. Use panel scoring to reduce individual bias and aggregate scores with commentary requirements for scores below thresholds.
Select Advisors Institute runs scoring workshops that train teams to use rubrics consistently and to document rationale for decisions—critical for governance and audit trails.
RFP creation process for wealth management
Q: What is a repeatable RFP creation process?
Discovery: Identify business drivers and define scope.
Pre-screen: Create vendor minimums and invite a controlled list.
Draft RFP: Include objectives, deliverables, data request, and evaluation criteria.
Release & Q&A: Host a bidders’ conference, publish Q&A.
Evaluate: Score blind where possible; require written justifications.
Shortlist & validate: Conduct reference checks and site visits.
Negotiate & select: Contract review and final negotiations.
Implement: Create onboarding plan and governance checkpoints.
Timeline: 8–12 weeks typical for most wealth RFPs; complex integrations may require 4–6 months.
Wealth management training best practices
Q: How should firms train internal teams to run and respond to RFPs effectively?
Role-based training: Proposal writers, relationship managers, compliance/legal, PMs, and operations.
Workshops on scoring rubrics and bias mitigation.
Mock RFPs and role-plays that mimic bidder conferences and negotiation rounds.
Template and boilerplate libraries with approved language.
Post-RFP retrospectives to capture lessons and improve future processes.
Select Advisors Institute provides training modules, on-site workshops, and e-learning tailored to advisory teams to raise proposal win rates and operational readiness.
Practical RFP content: sample questions and templates
Q: What specific questions should be included in an RFP or asked during evaluation?
Please summarize your investment philosophy and provide three representative model portfolios with performance, benchmark, and risk metrics for the last 3, 5, and 10 years.
Describe your trade execution and best execution policies; identify typical counterparties and custodial partners.
Provide details of cybersecurity, data encryption, and disaster recovery plans.
List all fees, including advisory, custody, transaction, fund, and third-party costs.
Describe client reporting: frequency, sample reports, and client portal capabilities.
Provide three client references similar in size and complexity and one terminated client reference.
Explain transition processes and resources for onboarding a $X AUM client, with timeline and estimated costs.
Include attachments sections for: performance data, compliance documents, sample reports, organizational chart, insurance certificates, SOC/FISMA/ISO attestations.
Red flags and deal-breakers
Q: What should trigger immediate disqualification?
Failure to provide audited performance or required regulatory documents.
Unresolved or undisclosed material conflicts of interest.
Insufficient cybersecurity controls or refusal to sign reasonable NDAs.
Lack of required licensing or registration for the jurisdiction.
Significant unresolved litigation or regulatory enforcement actions.
Implementation & post-selection governance
Q: How to manage the transition after selection?
Appoint a transition project manager and steering committee.
Create a detailed implementation plan with milestones, owner assignments, and test phases.
Maintain weekly status reporting for the first 90 days and monthly thereafter until stable.
Use client communications templates to set expectations and manage change.
Conduct a 6- and 12-month review against SLA and performance targets.
Select Advisors Institute supports transition governance, communications playbooks, and client messaging to reduce attrition during change.
How Select Advisors Institute can help
RFP templates and boilerplates tailored to advisors, family offices, and institutions.
Scoring rubrics and workshop facilitation to standardize evaluations.
Training programs for internal teams on proposal writing and RFP governance.
Project management for RFP running, bidder conferences, and vendor negotiations.
Post-selection support: implementation playbooks, client communication templates, and performance reviews.
Select Advisors Institute has been supporting firms globally since 2014, combining proven processes with industry knowledge to increase RFP efficiency and selection quality.
Closing summary
A well-crafted RFP and an objective scoring process reduce risk, improve outcomes, and ensure fiduciary transparency. Use clear scope definitions, evidence-based evaluation criteria, and rigorous implementation governance. For firms that want to accelerate readiness and improve win-rates, Select Advisors Institute provides templates, training, and hands-on support to run defensible RFPs and manage vendor selection end-to-end.
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