Three Phases of a Recordkeeping Vendor Search: Phase 2

We recently walked you through the first phase of conducting a vendor search. Phase 1 covered the preparation portion of conducting a full search. In Phase 2, we focus on the analysis portion of the search.

Phase 2: Analysis (Steps 3, 4 & 5)

STEP 3 - Solicit for proposals

  • Send RFP to prequalified vendors
  • Set clear expectations from the outset on deadlines, response submission format, and how vendors should communicate with you throughout the process
  • Determine the proposal evaluation criteria, consider a comparative scorecard
  • Analyze the response, keeping in mind the objectives of the search
  • Determine if finals presentations are necessary, if not, move to Step 5
  • Select finalists from the candidate pool that best address the plan’s unique objectives and overall circumstances

STEP 4 - Choose vendor finalists and conduct final presentations and analysis

  • Notify finalists
  • Coordinate finalist presentations and/or site visits
  • Request sample materials
  • Check vendor references
  • Negotiate preliminary fees and service standards with all finalists

STEP 5 - Select Vendor

  • The Vendor Search Committee should use the finalist presentations as an opportunity to interact directly with the vendor’s service team and ask specific questions about their proposal
  • Choose and notify selected vendor

Be on the lookout for our blog covering phase 3 in the coming weeks. 

To read our full guide on How to Create a Vendor Search Timeline, click here.


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