Vendor Management

Enhancing Your Experience.

BFSG’s consultants have vast experience working with retirement plan service providers in the marketplace, which allows us to assist our clients with all aspects of their vendor relationship. Experienced BFSG consultants negotiate and review service contracts, as well as help to confirm their vendor’s services are updated and remain effective for the client’s plan.

Main Elements Of A Strong Request For Proposal Process

Administration

Cybersecurity / Data Protection

Service Personnel

Education / Advice

Investment Platform

Fees

Ongoing Fee Benchmarking

BFSG’s 7-Step Vendor Search and Selection Process

To further assist fiduciaries with their responsibility to ensure their service provider can meet the needs of the plan and verify fees paid by the plan are reasonable, BFSG has created a proprietary 7-Step Vendor Search and Selection process which greatly reduces the administrative burden for our clients. The process includes:

vendor management steps

01

Examination
Reviewing the vendor universe to determine which vendors are suitable candidates to receive the RFP.

02

Aggregation
Drafting and distributing a customized RFP based on client’s plan specifics, demographics, and needs.

03

Preparation
Compiling responses and preparing a summarized presentation incorporating areas of high importance for the client, leading to the selection of semi-finalists.

04

Summarization
Providing a comprehensive review of the semi-finalists’ recordkeeping and administration capabilities, investment offerings, education and communication services, and costs.

05

Communication
Coordinating interviews for finalists selected by the client, including providing scorecards and questions for the client.

06

Negotiation
Negotiating final details on behalf of client with selected vendor, which includes a comprehensive service agreement review.

07

Documentation
Documenting the entire process for the client’s fiduciary file.

Paying Too Much? Don’t.

Complimentary Fee Analysis and Investment Review

All we need is a copy of your 408(b)(2) Plan Sponsor Fee Disclosure and we will provide a report which benchmarks fees and investment performance against industry averages.

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