Request for Proposals
Investment Management Services
The Milford Regional Chamber of Commerce Trust
The Milford Regional Chamber of Commerce Trust (MRCC Trust) is seeking to hire an investment firm/financial advisor, to assist the MRCC Trust in meeting its investment objectives concerning its trust accounts. The purpose of this Request for Proposal (RFP) is to solicit responses from experienced and qualified firms that can meet the needs of this proposal in an effective and cost-effective manner.
The MRCC is a Chamber of Commerce located at 1201 Boston Post Road, Milford, CT 06460.
0.1 Submit Proposal to:
Michael Moses, President, MRCC
Mail: 1201 Boston Post Road, Suite 1100, Milford, CT 06460
Electronic delivery address (PDF document with the title "RFP: MRCC Trust / (Advisor Name) submission"): firstname.lastname@example.org
REQUEST FOR PROPOSAL DEADLINE: The deadline will be 5:00 PM on January 15, 2021. Any proposals received after the deadline will not be accepted.
1 The following information should be submitted
1.1 Firm Name
1.3 Type of Organization
1.4 Name and contact information (phone and email) of individual filling out the form
1.5 Additional contact person and contact information as appropriate
1.6 Assets under management by firm
1.7 In the event of an adverse judgement:
1.7.1 What levels of insurance policies are in place at your firm? (Do not provide copies at this time of the application process).
126.96.36.199 Error and omission insurance
188.8.131.52 Other fiduciary and professional liability insurance.
2 Your Team
2.1 Please provide the names, educational background, securities licenses held, and number of years of relevant experience of the principal members of your team who you propose will be providing services to the MRCC Trust
2.2 Provide an organizational overview of your firm, including its corporate and ownership structure
2.3 Provide all affiliated companies, including parent and subsidiary companies. We are specifically asking for the names of any affiliated entities that might benefit from your proposal
2.4 Describe your experience in managing Trusts, both in number of clients and size of accounts, also include the range (lowest and highest) of the values of your current trust accounts.
2.5 List, but do not provide copies, of all appropriate state and national licenses required to act in this capacity.
3 Investment Philosophy
3.1 What target asset class allocations would you propose? (You may change the number of portfolios).
3.2 Include a specific portfolio(s) that you propose for us.
3.3 Describe the research process that you used to arrive at your specific portfolio.
3.4 In a bad year, defined as the worst year in 20 years, how much would you expect your specific portfolio to lose?
3.5 In a normal year, how much would you expect your specific portfolio to make?
4.1 What are reasonable benchmarks for your portfolios? Explain the reasoning behind your benchmarks.
4.2 Over what period can you deliver to us your actual past returns versus these benchmarks?
4.2.1 Are your returns certified?
5 Explain all fees involved in your services
5.1 As we have not provided the fund asset amounts, you may elect to provide this in a schedule based upon asset size, as a flat fee, or by commission.
5.2 In this section, provide the types of additional compensation that your firm may receive because of this contract:
5.2.1 Commissions. Yes or no. If yes, specify.
5.2.2 Other compensation. Specify.
5.3 Is any other service you provide an additional fee, if so, state here.
6.1 Do you supply rates of returns of your performance?
6.1.1 With what frequency do you report these returns?
6.1.2 Describe your methodology.
6.1.3 Is it GIPS compliant?
6.2 Per what frequency are statements sent to the MRCC Trust, and what information is contained therein?
6.2.1 Please provide a sample, if available.
6.2.2 Is this information available online, and with what frequency is it updated?
6.2.3 In the event of a question by the MRCC Trust, what is your availability to answer that question? Who would do that and how (phone/email)?
7.1.1 Does your firm have a regulator, if so, whom?
7.1.2 Are you registered with FINRA and/or the SEC?
7.2 How does compliance operate at your firm?
7.2.1 Does your firm have a chief compliance officer (CCO)? Does it have a compliance division? Is the CCO a full-time position?
8.1 Provide a list of up to five client references applicable to this RFP whom we can contact. Include the name, title, address, e-mail, phone number, and the time they have been utilizing your services.
9 Why should we hire you?
9.1 What sets your firm apart from other firms?
9.2 Is there anything else about you that you would like to bring to our attention?
10 Special Terms
10.1 Do you agree that if hired, that the MRCC Trust may terminate the contract with you at any time for any reason without cause? If no, please specify terms.
10.2 Do you agree that if hired, other than increasing because the assets increase and compensation is based upon asset size, the compensation rate eventually negotiated will not increase for a period of three years? If no, please specify.
10.3 Do you agree that your contract will specify that you are a fiduciary to the MRCC Trust? If no, please specify why.
11 Moving Forward
11.1 If selected, we may like to interview a few applicants via in person meeting and/or recorded Zoom before making our final selection. Please provide contact information to set up this meeting if you are selected
11.2 No submissions will be returned and will become the property of the MRCC Trust. Any information marked as proprietary or confidential will be held in confidence to the greatest extent possible.
11.3 The MRCC Trust shall not be responsible for any costs associated with preparing and/or submitting a proposal in response to this RFP, in any manner or for any reason.
11.4 The MRCC Trust may:
11.4.1 Modify or otherwise alter any or all the requirements herein. In the event of a modification, applicants will be given an equal opportunity to modify their proposals in writing.
11.4.2 Reject any proposal not adhering to the requirements set forth within this RFP either in whole or in part.
11.4.3 Reject any or all proposals received.
11.4.4 Terminate this RFP at any time, without reason.
11.5 If an agreement is awarded, all terms and conditions herein shall be incorporated into the award along with the applicant's proposal. Any change to the agreement must be through a written amendment agreed upon by both Parties.
11.6 If a contract is awarded by the MRCC Trust, no explanation will be given to parties that were not awarded the contract
Milford Regional Chamber of Commerce, Inc.
© 2019-2022 · All Rights Reserved
1201 Boston Post Road, Unit 1100
Milford CT, 06460
(203) 878-0681 · Fax: (203) 876-8517
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