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:
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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California Office (Headquarters)
Wealth Management & Institutional Services
2040 Main Street, Suite 720, Irvine, CA 92614
Arizona Office
Wealth Management
1643 E. Bethany Home Road, Phoenix, AZ 85016
