The asset management RFP process is a crucial one for financial institutions looking to grow. Globally, $11 trillion of revenue is won every year through RFPs, so an iron-clad and efficient RFP response process can be a significant boon for business.

RFPs – or Request for Proposals – are documents issued by organizations looking to vet vendors. Organizations seeking asset management services will issue RFPs to learn more about what potential partners have to offer. RFPs are often lengthy, asking financial service providers questions about virtually every facet of their business.

Asset management RFPs can go by many different names, such as:

Asset management RFP
Investment management RFP
Investment RFP
Investment consultant RFP
Investment advisor RFP
Investment consultant RFP
A consistent RFP win rate can be mission-critical for financial institutions. But most asset management RFP response functions are strained, with asset managers saying they're "drowning in RFPs." On average, it can take more than 40 hours to respond to every RFP, a complex process that involves orchestrating cross-functional participation from SMEs (subject matter experts like portfolio managers), curating the right content, navigating disparate organizational knowledge bases and producing an eye-catching proposal that makes a mark.

In an environment where organizations are seeking to maximize value while minimizing risk, the number of RFPs institutional investors are issuing is not only increasing, but each RFP is also getting lengthier and more complex. For financial firms, responding to these challenges requires even more work from already burdened proposal management functions, which often rely on manual and inefficient processes.

But that doesn't have to be the case. There are a number of key ways your firm could infuse your asset management RFP process with automation and efficiencies that'll significantly cut response time and increase your win rate. In this article, we'll cover everything you need to know about asset management RFPs, exploring how RFPs play a critical role in investment management and what steps your organization can take to strengthen your RFP response process to win more business, faster.