PLANSPONSOR - June/July 2021 - 8

UPFRONT
RFPs, the Easy Way
consulting firm that runs its RFPs online
with InHub's technology. " Being able to
specify the format for some answers-
including for yes/no questions-and for
lists and tables, has increased the quality
of the responses we receive while also
reducing the length of the responses
without sacrificing detail. "
Ray Conley, CEO at Benetic, says his
company's system reduces the time to
conduct an RFP from weeks to minutes by
aligning sources on one digital platform.
The platform also offers real-time
quotes from up to 20 recordkeepers at a
time-the sponsor or its adviser can then
follow up to inquire about specific features,
as well as compare the plan's investment
lineup with those of the prospects. The
adviser can contact his wholesaler directly
from Benetic's solution; the wholesaler
will next determine what products and/or
services it represents that would meet the
plan's needs, and then update the proposal.
" [This] will format a proposal that you can
now take to your client, " adds Conley.
Benetic, which Conley says has seen
IF INDUSTRY folks consider the often
lengthy request-for-proposals (RFP)
process a necessary evil, technology has
helped to ease the problems. Companies
such as InHub and the recently launched
Benetic are designing digital platforms
to help institutional investors and investment
advisers navigate the RFP process
with prudence and ease.
Providing an online process reduces
the risk of overlooking critical information
and increases transparency for investment
committees, advisers and recordkeepers,
says Ariana Amplo, founder and CEO of
InHub, which has designed a system to
modernize the process. " Decisions can
often be made weeks quicker-and made
more confidently than with the old-fashioned
method, " she says.
Instead of managing RFPs with emails
and spreadsheets, InHub has restructured
the process via an online interface.
With the help of their adviser, sponsors
can analyze recordkeeper responses on a
single digital page. The adviser can also
export answers and attachments to a zip
file for the sponsor to review as part of the
complete due diligence packet.
" InHub has allowed us to streamline
our RFP process, " says Hailey
McLaughlin, a consultant and director
of Vendor Services, an investment
8 PLANSPONSOR.COM June - July 2021 Art by Anja Sušanj
over a half billion dollars in proposals on its
platform since its start in January, anticipates
more such services being offered,
as firms recognize the potential of digital.
Benetic, in fact, was created in response to
adviser need. It asked the largest aggregators
what parts of advisers' jobs could they
use the most help with, Conley recalls.
" Each gave us a list, and we built from
those. In just the past few months, it's been
overwhelming the number of advisers who
have been wanting to use [the platform]. "
Jason Chepenik and his team
at Chepenik Financial, now part of
OneDigital, utilize Benetic's RFP platform,
for both its automation and transparency.
For Chepenik, the solution lets him ensure
his proposals are " apples to apples. " And he
now has access to the data he needs, all on
one platform, to seize opportunities as they
arise. " This is what fintech is all about, " he
says. -Amanda Umpierrez
http://www.PLANSPONSOR.COM
PLANSPONSOR - June/July 2021

Table of Contents for the Digital Edition of PLANSPONSOR - June/July 2021
