New Year, New Vendor? Conducting a Vendor Search: Benefits and Best Practices

A Multnomah Group Webinar
December 6, 2017

One of a plan sponsor’s most important fiduciary duties is the selecting and monitoring of a competent service provider to supply services to the plan for a reasonable fee. To be a prudent fiduciary, this can involve conducting a vendor search to benchmark your current vendor against what others in the industry are providing.

We know conducting a vendor search can be a detail-laden, time intensive process that takes up to six months to complete. If the vendor search results in the selection of a new vendor, the conversion can disrupt the norm and create anxiety. However, the benefits of conducting a vendor search substantially outweigh the potential short-term inconveniences. Applying some battle-tested best practices along the way will not only help mitigate those inconveniences, but also ultimately result in the selection of the most suitable vendor to the plan.

During this webinar, Scott Cameron discusses:

• Benefits of conducting a vendor search
• Frequency and timing of vendor searches
• Vendor search best practices
• Case studies