Why Your Internal RFP May Not Hold Up in Court
The Hidden Weakness of Internal RFPs
Internal RFPs often rely on:
Relationships with long-time advisors or brokers
Vague or outdated benchmarks
Undocumented decision-making
These practices feel normal — even efficient. But from a fiduciary perspective, they can look biased, incomplete, or worse: negligent.
What Courts and Regulators Actually Want
Fiduciary compliance isn’t about doing what you think is best. It’s about proving that you followed a neutral, thorough, and well-documented process. That includes:
✅ Impartial vendor evaluations
✅ Fee benchmarking across the relevant market
✅ Written rationale for decisions
✅ Records of due diligence and comparisons
Without these, your internal process may not be enough — even if your vendor is performing well.
The Real Cost of “We’ve Always Done It This Way”
The most common mistake we see? Renewing a vendor without documenting why.
Even if you’ve used the same advisor or broker for years, ERISA still requires that you regularly:
Review fees
Evaluate performance
Compare options
Failing to do so could result in fines, lawsuits, and public reputational damage — especially as class-action lawsuits around benefit plans continue to rise.
Independent Evaluation = Fiduciary Protection
This is where we come in.
At Culpepper RFP, we conduct independent, conflict-free evaluations of retirement and health benefit service providers. We’re not affiliated with any broker, advisor, or vendor — and we don’t sell services ourselves.
That’s why ERISA attorneys refer us to their clients:
Because we help build a legally defensible process — one that removes doubt and protects your organization before problems arise.
If You Haven’t Reviewed Your Process in 3+ Years, Now Is the Time
The law is evolving. Litigation is increasing. And “good enough” processes aren’t cutting it anymore.
Let’s make sure your internal RFP process isn’t just thorough — it’s legally sound
Ready for an impartial second opinion? Let’s talk. Schedule a call HERE.