The vendor selection process is a fiduciary function that should be conducted in a diligent and well-documented manner. Additionally, you must trust that the firm that assists you with the process of finding a new vendor has the expertise to properly evaluate different vendors. Aon Hewitt Investment Consulting has the experience and is completely independent in the review and selection process.
We have developed a proprietary database, which includes extensive information on over 40 vendors, representing approximately 60 product lines offered by those vendors. These vendors are insurance companies, banks, investment management companies, and third party administrators, and they provide unbundled and bundled recordkeeping/administration, investment management, custodial/trustee, and communication/education services for all types of employer-sponsored defined contribution and non-qualified plans.
The database includes detailed information on each vendor’s services and capabilities and is one of the most comprehensive databases in the industry. The database is refreshed with information from each search we perform to ensure we always have the most current and accurate information to present to our clients.
We manage the entire search process including:
- Guiding our clients to determine service goals and objectives,
- Developing the request for proposal,
- Analyzing responses and fees,
- Facilitating vendor presentations,
- Assisting with the decision-making process, and
- Preparing a report of the entire process that will serve as documentation of the fiduciaries’ due diligence in the selection of a new recordkeeping vendor.
- In addition to managing the search process, once a new vendor is selected we will act as an extension of our client’s benefits team during the implementation/conversion process, either managing or monitoring that process to ensure a coordinated process between all involved parties.
