For even the most experienced plan sponsors, the selection of a retirement plan vendor is a daunting task. Besides the enormous time commitment involved, those responsible for the search can be influenced by polished, yet superficial sales presentations and confusing, opaque fee structures. Companies that utilize the services of an experienced consulting firm during their search process are far more likely to select an optimal vendor for their particular needs.
North Pier serves as your advocate during the entire search process. Our knowledge of the industry's most competitive relationships will ensure that you are seeing the most appropriate array of choices in the marketplace. In addition to saving you time and energy, North Pier can often help unearth additional value that may not be apparently available. We are frequently successful in achieving greater flexibility and customization of proposed plan services, resulting in a optimal relationship for all parties involved.
Our RFP process consists of:
- Development of a comprehensive sponsor profile and development of the selection criteria, concluding in the construction of a detailed RFP.
- Initial Screening to establish a field of viable candidates. This can take the form of research and qualifying calls or more formal RFIs, depending on the scope of the search.
- Issuance of the RFP to potential solution providers and standardization of responses.
- Compilation of relevant data and presentation to the sponsor in order to determine finalists.
- Moderation of finalist presentations and selection conference.
At the conclusion of the RFP, the plan sponsor receives a comprehensive compilation to document their fiduciary process for the provider search.
Uniquely, North Pier serves as a fiduciary for vendor searches, giving you confidence in our unwavering objectivity. You might ask, why doesn't every advisor?
North Pier is a pioneer in our ability to serve in a fiduciary capacity during your provider search process. Why is this important to your plan? Only an advisor completely devoid of conflicts of interest can commit to this stance. The advisor industry is muddied with strategic partnerships, co-marketing agreements and pay-for-play arrangements that can greatly influence the outcome of a provider search. As 401(a) charges, fiduciaries legally must act SOLELY in the best interest of plan participants. North Pier is proud to meet that calling, and not many can.