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Principal Funds launches tool to help advisors navigate retirement plan RFPs


Principal Funds has created a suite of materials to guide advisors through the process of retirement plan requests for proposal (RFPs) and help drive successful outcomes.

According to a recent study, 71 per cent of retirement plan sponsors conducted an advisor search within the past five years.
“We heard from many advisors who found the RFP process more time consuming and less successful than they had hoped,” says Rob Logan, Principal Funds regional vice president. “We applied our expertise in the retirement space to create materials that help advisors better navigate the process, positioning them to win new business and retain current clients.”
Mastering the Advisor RFP is a research-based tool kit that offers insights for advisors to use when responding to retirement plan RFPs. It identifies and defines five factors that generally drive successful RFP outcomes, including:
1. Differentiated story: reinforcing a unique value proposition throughout the RFP response
2. Efficient process: building a repeatable process and assigning clear responsibility among internal resources
3. Accessible tools: generating a database of well-written RFP responses
4. Prospect engagement: creating meaningful touch points with the prospect before and after RFP delivery
5. Quality deliverables: continuously evaluating RFP practices on both wins and non-wins
Principal Funds worked with Ann Schleck & Company to identify the factors that help generate success.
“It’s becoming more of a requirement for advisors to submit RFPs in order to be selected as a consultant for a retirement plan,” says Ann Schleck, the firm’s founder and principal. “When RFP responses are used as a tool to screen advisors, it’s easy to get eliminated from consideration – especially if the plan sponsor can’t discern the important intangible differences. This tool kit helps advisors follow steps to create meaningful responses and put their best foot forward.”

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