Responding to RFPs
The RFP often serves as the front door to the investment management firm. It should welcome the reader/allocator. It should be responsive to the questions and demonstrate a repeatable investment process. While the tone may differ (i.e., more or less personalization) depending on the type of investor, it should always be client-centric.
Obstacles to Responding to an RFP
- Cannot organize your data to accurately complete RFP tables by deadline (performance, assets & accounts, HR, characteristics)
- In-house staff does not have the time or training to write a competitive RFP
- Little or no positive results or feedback from previous RFPs
- Narratives in eVestment or other consultant databases are not well-written; data is not up-to-date. For public markets searches, the manager search process often begins with database screens
RFP Process
- While the specifics of the process may differ based on the size and preferences of the client, it generally follows the steps below. We have experience using most RFP databases, as well as using a firm's prior RFPs, marketing collateral, ADVs and other legal documents to answer questions.
- When we receive the RFP we'll review the questions and other RFP requirements.
We will set up a kick-off call if it's part of the manager's process. Otherwise,
we set and communicate deadlines for
1) Populating initial RFP responses
2) Sending questions to Subject Matter Experts (SMEs) if answers are not otherwise available
3) Marketing/Sales/Compliance reviews
4) Final manager review and submission.
5) Incorporating Compliance comments - When we complete the first draft of the RFP and send it to the manager for review, our goal is to have it be as complete as possible based on the manager's library of answers and, if necessary, new answers from (SMEs)
- We incorporate first draft edits and comments and send the second draft to Compliance.
- We incorporate Compliance comments, finalize, and send it to the manager for submission.