ATLANTA, Oct. 12, 2016 /PRNewswire/ -- Plan Sponsor Consultants, a nationally recognized, independent retirement plan consulting firm, today announced a new strategic partnership with InHub, the creator of eRFP, the first web-based technology to digitize the request for proposal (RFP) process for the institutional investing community. The enterprise license will provide Plan Sponsor Consultants with InHub's eRFP technology, allowing the firm to streamline and centralize custom RFPs conducted on behalf of clients. Clients of PSC will benefit from increased transparency by also gaining online access, allowing them to participate in or oversee RFPs run on their behalf.
InHub's eRFP solution allows users to create and issue a customized RFP questionnaire to chosen candidates, invite additional reviewers, evaluate proposals side-by-side, take notes online, and streamline Q&A, while prudently documenting the entire process for a fiduciary audit file.
"It is imperative that Committees conduct a periodic formal review of their service providers, including their record keepers and investment advisors. This procedural prudence process can help ensure that the fees, which are being paid for services rendered, are reasonable – the test that the Department of Labor says that you should follow," according to Michael Kane, Managing Director of Plan Sponsor Consultants. "InHub's eRFP technology is well designed for our industry, and significantly speeds up a custom process, which offers greater productivity and results for us and our clients."
Plan Sponsor Consultants leads retirement plan committees in the development and evaluation of RFPs, primarily for record keepers for both ongoing due diligence or potential replacements, and includes an emphasis on questions related to Retirement Readiness/Financial Wellness. The firm was recently named to PLANADVISOR Magazine's Top 100 Retirement Plan Advisers and Director, Mike Kane, was recently elected to the national Retirement Advisor Council (RAC) Board.
PSC joins a small but growing number of Consulting Firms to bring their RFP process online with InHub's eRFP tool. Previously, the firm managed client RFPs through email and word documents. Through this partnership, plan sponsors considering hiring Plan Sponsor Consultants can also gain free access to the easy-to-use eRFP technology as they conduct a Retirement Plan Advisor RFP (market value: $2,500). This access includes the eRFP technology, as well as sample Advisor RFP questions.
"We are thrilled to see Consultants and Investment Committees appreciate the importance of RFPs and focus on ways to make the process more efficient – rather than avoiding it," said Ariana Amplo, CEO of InHub. "Firms like Plan Sponsor Consultants are leading the pack from an innovation and fiduciary responsibility standpoint, and we are thrilled they selected our technology to help do that."
ABOUT Plan Sponsor Consultants
Plan Sponsor Consultants is a nationally recognized retirement consulting team. The mission of Plan Sponsor Consultants is to create an exceptional retirement plan experience for employers and their employees. PSC helps plan sponsors deliver the highest quality program by providing services that save time, help manage exposure to fiduciary liability, and address both IRS and DOL requirements. Through their unique financial wellness benefit, they assist participants in improving their financial literacy and retirement outcomes. In addition to the 2016 Top Adviser award, PSC was a 2013 Finalist for the NAPA/ASPPA 401(k) Leadership Award and the was a 2010 Finalist for the PLANSPONSOR Retirement Plan Adviser of the Year award.
Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC
ASPPA/NAPA 401(k) Leadership: nominated and selected by industry peers based on leadership, innovation and contributions to the retirement plan industry. PLANSPONSOR RP Team of the Year: selected based on quantitative evaluation of service levels and feedback from plan sponsor clients. PLANADVISER Top 100 Retirement Plan Advisors: selected based solely on quantitative factors, including plan assets and number of plans, as reported directly by nominees.
eRFP, the technology behind Chicago-based InHub, is evolving the way the institutional community hires by bringing the request for proposal (RFP) process online. eRFP offers users an elegant solution to issue and collect proposals with ease. Since InHub's beta launch in April 2014, over $60 billion worth of searches have been issued including: investment consultant, investment mandate, auditor, recordkeeper, and other service providers. Visit www.theinhub.com/erfp for more information. InHub also offers RFP Concierge services to institutional investors going through an investment consultant RFP.
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