2024 Regional Summits | RFP Express

Christian Cardenas, RFP Systems Manager at RPAG, discussed RFP Express, the newest and most efficient benchmarking tool offered by RPAG. This tool is designed to streamline the process of gathering and comparing proposals from different recordkeepers, saving valuable time and effort for advisors and their teams. Christian's goal was to guide attendees through the process of using RFP Express, from generating a report to understanding the tool's inner workings, and to highlight its potential to help members find new business opportunities.

RFP Express, is intended to streamline and expedite the process of benchmarking and comparing retirement plans. RFP Express offers a rapid method for obtaining and evaluating quotations from many recordkeepers, so you can make informed selections regardless of whether you're working with an existing client or seeking for new ones.

He began by demonstrating how to access RFP Express from the plan details page, highlighting its integration with existing client data. This tool is especially useful for those attending conferences and looking to generate reports for potential new clients. Here’s a step-by-step guide to getting started:

1. Accessing RFP Express: Start by navigating to the "Menu" dropdown and selecting "RFP Express." From there, click on the "Start New Report" button to begin.
2. Entering Basic Plan Information: Enter essential information about the plan, including the location, advisor details, and current service provider. The tool also allows for customization, such as adding multiple advisors, which is particularly helpful for administrators.
3. Gathering Additional Data Points: Provide details like plan assets, participant numbers, and current provider fees. While some data points are optional, entering as much information as possible can help generate more accurate benchmarking results.
4. Instant Quotes from Recordkeepers: Once the basic information is entered, RFP Express generates live quotes from various recordkeepers. Christian compared the tool to a "Costco sample experience," where users get a taste of what each provider offers. These instant quotes offer a base idea of pricing, investment lineups, and available services, allowing for easy comparisons.
5. Custom Quotes for Specific Needs: For more tailored solutions, RFP Express offers the ability to request custom quotes. This is particularly useful when specific fund lineups or additional services are required. Recordkeepers typically respond to custom quote requests within 24-48 hours, allowing for quick turnaround.

Key Features of RFP Express
Christian highlighted several features of RFP Express that make it a powerful tool for advisors:

• Open Architecture Pricing: Allows users to select and add any funds they want to the lineup, providing flexibility and customization.
• Customizable TPA Costs: The tool offers the ability to add Third-Party Administrator (TPA) fees, which can be applied to specific quotes or across multiple quotes.
• Side-by-Side Comparisons: The tool's comparison chart allows users to easily view and compare quotes from different providers, with options to include or exclude specific details.
• Provider Details and Disclosures: Each provider's profile includes additional details, such as unique offerings and potential discounts, ensuring users have all the information needed to make an informed decision.

RFP Express offers an in-depth overview of all of the potential outcomes while streamlining the benchmarking process and saving time and effort. He underlined that using this technology to improve offers for current clients or to get your foot in the door with new prospects is essential. Advisors may easily generate reports customized to their specific needs thanks to the tool's flexible and intuitive design, which improves service delivery and strengthens client relationships.

________________________________________