Mastering the Asset Management RFP Process: Strategies for Success

The asset management RFP process is a high-stakes opportunity for firms to demonstrate value, differentiate their strategy, and win trust. As institutions become more selective and risk-averse, the bar for quality and speed in RFP responses continues to rise.

Today, winning firms don't rely on dusty content libraries or rinse-and-repeat answers—they build smart, collaborative workflows powered by real-time intelligence and automation. That’s where modern tools like Iris make the difference.

What Is an Asset Management RFP?

An asset management RFP is a formal request from institutions—like pensions, endowments, or foundations—seeking detailed proposals from investment managers. These RFPs assess everything from investment philosophy and team structure to risk controls, performance, and cost.

You’ll typically see RFPs issued by:

• Endowments and foundations
• Non-profits and associations
• Municipal pension plans
• Corporations with retirement plans (401(k), 403(b))

With increasing regulatory pressure and scrutiny, these issuers expect transparency, customization, and speed in how you respond.

What to Expect Inside an Asset Management RFP

Most asset management RFPs follow a familiar structure, though requirements are growing more detailed every year. Core sections include:

• Organizational Overview: The issuer’s mission, values, and investment objectives
• Requirements & Scope: Size of mandate, asset classes, oversight process, custodian relationships
• Evaluation Criteria: Diversity, ESG focus, GIPS compliance, regulatory standing, investment philosophy
• Submission Timeline: Deadlines and next steps
• Detailed Questionnaire: Covering team background, investment approach, reporting, operations, performance, and pricing

Every one of these sections is a chance to show why your firm is uniquely positioned to deliver.

The Asset Management RFP Response Process

Great responses don’t happen by accident—they’re the result of a tight, repeatable workflow that ensures your best thinking is front and center.

1. Bid/No-Bid Decision (check out our bid qualification tool for free at pro.heyiris.ai)
   Don’t chase every opportunity. Align your team early on whether the fit and ROI are there.

2. Kickoff Meeting
   Assign owners, align stakeholders, and clarify timelines. A strong start is the best predictor of success.

3. Drafting the Narrative
   Focus on the now. Not what you’ve said before. Each response should reflect today’s team, strategy, and capabilities.

4. Subject Matter Expert Input
   Loop in the right people for sections that require nuance or depth. Create a culture of shared ownership, not bottlenecks.

5. Polish & Visuals
   Edit for tone and clarity. Use clean formatting and visual aids to elevate your narrative and stand out.

6. Submission
   Submit early and correctly—especially with portals. Confirm receipt and reinforce your interest in the next step.

7. Postmortem
   Whether you win or lose, debrief quickly. What slowed you down? What landed well? Refine your process based on what you learn—not what you’ve reused.

Common Challenges in Asset Management RFPs

RFPs in this space are no joke. You’re often balancing:

• Tight timelines with minimal internal resources
• Siloed knowledge across investment, sales, and compliance teams
• Rigid formatting and portals that limit creativity
• Information overload—especially in complex questionnaires

Without a purpose-built workflow, the process can drag and dilute your strongest differentiators.

Best Practices That Actually Move the Needle

Firms that consistently win RFPs approach the process like a sales motion—not a compliance exercise. Here’s what they do differently:

• Be selective
  Focus only on RFPs where you bring a unique edge or relationship. Volume doesn’t equal velocity.

• Treat every response like it matters
  Each RFP is a conversation—not a copy-paste job. Invest the effort to speak directly to the issuer’s goals.

• Design for clarity
  Avoid dense paragraphs and buried points. Use structure, visuals, and whitespace to guide attention.

• Make collaboration seamless
  Internal chaos is visible in the final product. Invest in tools that reduce friction and encourage cross-functional input.

• Use AI to work smarter
  Tools like Iris use intelligent context and live input—not static templates—to accelerate drafting and elevate quality without repeating yourself.

How Iris Transforms the RFP Game

Iris isn’t a dusty answer database—it’s a real-time workspace designed to bring structure, speed, and clarity to the most complex RFPs. Instead of relying on past content, Iris:

• Guides you with relevant context based on the question, not old answers
• Streamlines collaboration across stakeholders—without endless threads or versioning nightmares
• Keeps everything centralized, secure, and transparent
• Helps you write like the best version of your firm—with zero drag

RFPs shouldn’t feel like a scramble. With Iris, they become an extension of your sales and relationship strategy—fast, modern, and client-focused.