What is an RFP in asset management?

An investment management request for proposal (RFP) is a formal questionnaire sent to financial services firms by an institutional investor or potential client. Then, interested firms respond by answering the questions in a proposal format which helps the investor select the right partner.

What is an RFP writer?

An RFP writer is responsible for producing documents known as Requests for Proposal or RFP. These request documents are sent out to vendors so that they can bid on the proposal. You need strong writing skills and must have experience with proposals.

What is an investment RFP?

An RFP is a document that facilitates the formalized bid-seeking process that a nonprofit organization conducts when searching for an investment service provider. The RFP document requests information on the candidate firms’ services, levels of expertise, performance, fees and other important factors.

Is bid writing a good career?

Specialising in Bids and Proposals can offer long and successful career opportunities for the right person. The roles tend to pay well, the progression is excellent, and you get the opportunity to become a real thought partner and advisor to the business.

What is an RFQ vs RFP?

While an RFQ is a request for quote, an RFP is a request for proposal. An RFQ is sent when you know exactly what product/service you want, and you really only need to know the price. An RFP is sent when it’s more complicated and you want to evaluate many factors besides price before making a decision.

Is bid writing stressful?

Bid writing can be a stressful job role, or even just a task on its own. Writing a bid tends to include strict deadlines, and management of an often-complicated bid submission whose importance others within the organisation may not recognise!

What skills do bid writers need?

Effective bid writers must have the following skills:

• Communication. Effective communication is a must.
• Attention to detail. One of the main causes of negative feedback from buyers is not answering the questions correctly.
• Time-Management. Bids cannot be rushed.
• Strategic Thinking.

Why do companies use RFP?

RFPs should be used when a project is sufficiently complex, requires a great deal of technical information, solicits hard data for analysis and comparison, and thereby warrants a formal proposal from a supplier. They’re best used when you really need to compare responses and vendors objectively.