Increased regulation in the employer-sponsored retirement plan industry has made benchmarking retirement plan services and fees against industry norms and practices the standard. And soon they will use the same process for finding financial advisors, according to CAPTRUST Financial Advisors.

For many years, plan sponsors have used a formal request for proposal process to identify prospective recordkeepers, third-party administrators and investment managers or to benchmark and validate incumbent providers.

Now they are turning to the RFP process when hiring retirement plan advisors or benchmarking an existing advisor's services and fees.

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