Finding an advisor to manage your nonprofit's investments may include issuing a Request for Proposal (RFP). Learn the three major parts of a well-thought-out Investment management RFP and download a free customizable RFP Template to get started.

Embarking on a search for a partner to oversee your nonprofit’s endowment or foundation investments? An RFP can be instrumental. This template guides you in soliciting detailed and relevant responses, aiding you in objectively assessing potential investment advisors.

This guide to creating an RFP for investment management services answers these questions:

• What should I include in our Request For Proposal?
• What questions should I ask advisors?
• How should I ask advisors for references?
• What's a reasonable timeframe for our RFP?
• Where can I download an RFP template?

Follow this 3-part resource to create a well-thought-out Request for Proposal that helps you get the right information from advisors and sets up your nonprofit to objectively compare each proposal.

Part 1: Your Organization Overview

When crafting an RFP for investment management services, it is important to provide background about your organization and frame your needs, expectations, and selection process. This ensures you receive responses that are tailored and helps facilitate an efficient evaluation and decision-making process.

• Give an Overview of Your Organization
  Present a brief outline of your organization, including its mission, history, size, and any other relevant information that clearly explains your identity and values.

• Provide a Background on Assets and Investments
  ‍Describe your organization’s current financial situation, including information on existing assets, investments, and any specific challenges or goals you aim to address through the services sought in this RFP.

• Reason for Issuing an RFP
  ‍Are you establishing a new endowment? Are you seeking professional management for the first time? Are you changing investment advisors? Let candidates know why you are issuing an RFP so they understand the work

Part 2: RFP Questionnaire

Leveraging extensive experience with nonprofit RFPs, we present a succinct set of questions intended to obtain comprehensive information without overburdening respondents and making the evaluation process difficult.

• Get to Know the Advisor’s Firm
  Ask questions about each firm to help ensure they are a good match for your organization. Include questions about the firm’s history, experience working with nonprofits, key staff, and what distinguishes them from their competitors.
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• Understand Their Investment Approach
  Each advisor has a unique investment philosophy regarding managing assets. Ask questions about how they determine asset allocation, how they construct their portfolios, and the strategies they use to select investment funds.
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• Learn About Additional Nonprofit Services They Provide
  Each advisor has a unique investment philosophy regarding managing assets. Ask questions about how they determine asset allocation, how they construct their portfolios, and the strategies they use to select investment funds.

Part 3: Timeline, RFP Guidelines, and Contact Information

To help ensure prompt delivery of proposals and give advisors confidence in a timely selection process, it’s important to lay out your timeline and expectations.

• Timeline
  Clearly outline the RFP timeline, including the RFP issuance date, proposal submission deadline, finalist presentation date, decision, and notification date.
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• RFP Guidelines
  Be sure to include any particular guidelines or requirements, such as specific submission formats (e.g., PDF, final proposal length), eligibility criteria, and preferred communication methods during the RFP process.
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• Contact Details
  Specify a contact person for questions or clarifications, including their name, title, phone number, and email address, to facilitate seamless communication.

Ready to Create Your RFP?

Now that you know how to draft an effective nonprofit investment management Request for Proposal, use the attached RFP Starter Template as a basic blueprint. To get a digital version of the RFP template that can be easily customized, email us at hello@getecio.com

Additional RFP Resources

We’ve helped many nonprofits complete the RFP process and developed a library of helpful RFP resources to make the process easier.

• 5 Pitfalls to Avoid When Issuing an Investment Advisor RFP
  Steer clear of these five mistakes nonprofits make when issuing an RFP. Click to view resource.
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• The Alternative to an RFP: A Simplified Approach to Selecting Your Investment Advisor
  Use this resource as a guide to selecting your advisor without issuing a formal RFP. Click to view resource.
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• How to Evaluate an Investment Advisor’s Completed Request for Proposal
  Download a scoring matrix that helps you objectively compare each proposal. Click to view resource.

• Should You Issue an RFP to Select Your Investment Advisor?
  Understand the pros and cons of issuing a formal RFP. Click to view resource.

Ready to Submit Your RFP to Advisors?  

We’d be honored to participate in your RFP. Please send your RFP to hello@getecio.com or submit via our website.