Individual Financial Planning Services
| Agency: | City of Redmond |
|---|---|
| State: | Washington |
| Type of Government: | State & Local |
| NAICS Category: |
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| Posted Date: | Sep 29, 2023 |
| Due Date: | Oct 11, 2023 |
| Solicitation No: | RFI 10797-23 |
| Bid Source: | Please Login to View Page |
| Contact information: | Please Login to View Page |
| Bid Documents: | Please Login to View Page |
| Bid Number: |
RFI 10797-23
|
| Bid Title: |
Individual Financial Planning Services
|
| Category: | Bidding & Contracting Opportunities |
| Status: | Open |
|
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City of Redmond, Washington
Purchasing Division, M/S: 3NFN
15670 NE 85th Street
PO Box 97010
Redmond, WA 98073-9710
RFI 10797-23
Request for Information
Individual Financial Planning Services
The City is seeking information on a qualified financial planning service provider to offer
personalized financial planning assistance to approximately 88 public safety employees within our
organization.
Posting Date: September 1, 2023
Responses Due: September 20, 2023 at 2:00 PM (PST)
Response Due Date Extension: October 11, 2023 at 2:00 PM (PST)
Introduction
This Request for Information (RFI) is issued to gather information and identify potential firms capable of
providing personalized financial planning services to approximately 88 public safety employees within the
Redmond Public Safety Department. This RFI is intended to help in the preliminary planning and evaluation
process and the City does not intend to award a contract at the end of this process. Responses to this RFI
do not bind the City to any further actions.
Scope of Services
The selected financial planning service provider will be responsible for delivering comprehensive financial
planning services to our employees. The scope of services should include, but not be limited to, the
following:
1. Initial financial assessment and goal setting: Assist employees in assessing their current financial situation,
understanding their financial goals, and identifying key areas for improvement.
2. Investment planning: Provide guidance on investment strategies, portfolio diversification, and risk
management to help employees make informed decisions based on their financial objectives.
3. Retirement planning: Develop personalized retirement plans, including projections of retirement income,
RFI 10797-23 – Individual Financial Planning Services
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advice on retirement savings vehicles, and strategies for maximizing retirement benefits.
4. Tax planning: Offer advice on tax-efficient investment strategies, deductions, credits, and other tax
planning opportunities relevant to the employees' financial circumstances.
5. Insurance and risk management: Assess employees' insurance coverage, including life, health, disability,
and long-term care insurance, and recommend appropriate coverage options to mitigate financial risks.
6. Estate planning: Advise employees on estate planning matters, including wills, trusts, and beneficiary
designations, to ensure their assets are distributed according to their wishes.
7. Provide a check-in one year from the initial assessment to provide educational resources to help
employees stay on track with their financial goals and make informed financial decisions.
Proposed Timeline
The following table outlines the anticipated schedule for this RFI process. The City reserves the right to
modify or reschedule milestones as necessary.
Item
Date
RFI Announced
9/1/2023
Responses Due
9/20/2023, Extended to 10/11/2023
Evaluation of Responses
Mid October
Interviews/Demonstrations (if desired)
Late October
Response Due Date/Time
2:00PM (Pacific Time) on October 11, 2023. The City must receive responses no later than said date
and time.
Response Submittal Procedures
City of Redmond now utilizes Docusign for the electronic submittal of bids and proposals. This service is
free of charge for bidders and does not require that a bidder have a DocuSign account to complete the
signature process. Please refer to the instructions shared in the online posting for this RFI on
www.redmond.gov/bids for step-by-step instructions for submitting a response.
The City of Redmond must receive electronically submitted responses no later than said date and time.
Responses received after such time will be returned unopened. By submitting a proposal, respondents
acknowledge their satisfaction as to the size, scope and location of the work to be performed.
Response Requirements & Format
All costs for developing a response to this RFI are the obligation of the respondent and are not
chargeable to the City. The respondent must bear all costs associated with the preparation of the
submittal and of any oral presentation requested by the City. All submittals and accompanying
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documentation will become property of the City and will not be returned. Submittals may be withdrawn at
any time prior to the published close date, provided notification is received in writing to the below listed
City agent(s). Submittals cannot be withdrawn after the published close date.
Responses must include all information requested and meet all specifications and requirements outlined
in this RFI. The following submittals must be part of your proposal.
A complete response will include:
1) Executive Summary & Overall Approach – Summarize your submittal and include your firm’s qualifications and
contact information. The summary should discuss your overall approach, understanding of identified scope of
services, and your strategy for completing the work.
2) Experience & Capabilities – Describe your level of industry experience and capabilities/expertise in the proposed
services and tools. Identify the individual you propose to assign as principal and any associate(s); include resume
and relevant work (sample sites) for each member.
3) Service Offerings: Describe in detail the financial planning services you offer and how they align with the outlined
scope.
4) Client References – Please provide at least three (3) references from current or previous clients.
5) Pricing: Outline your fee structure, including any applicable hourly rates or fixed fees for the services provided.
Please specify if you offer any discounts or special pricing for public sector organizations.
Public Disclosure Notice
All materials provided by the respondent are subject to State of Washington and applicable County (e.g.
King County) public disclosure laws, per RCW 42.56. Any information contained in the proposal that the
respondent desires to claim as confidential or proprietary must be clearly designated, including page with
particular content identified. The City assumes no obligation on behalf of the respondent to claim any
exemption that is not clearly identified by the respondent as being confidential or proprietary. The City
will try to respect all material identified by the respondent as being confidential or proprietary but
requests that respondent be highly selective of what they mark as such. The City will make a decision
predicated upon applicable laws and can choose to disclose information despite its being marked as
confidential or proprietary. Marking the entire proposal as confidential or proprietary, and therefore,
exempt from disclosure will NOT be accepted or honored, and may result in disclosure of the entire
proposal or disqualification of the proposal solely at the discretion of the City. Documents identified as
confidential or proprietary will not be treated as such if public disclosure laws take precedence, the
information is publicly available, the information is already in the City’s possession, the information is
obtained from third parties without restrictions on disclosure, or the information was independently
developed without reference to the confidential information.
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Governing Law and Venue
In the event of litigation, the submittal documents, specifications, and related matters shall be governed by
and construed in accordance with the laws of the State of Washington. Venue shall be with the appropriate
state or federal court located in King County.
Americans with Disabilities Act (ADA) Information
The City of Redmond in accordance with the Americans with Disabilities Act of 1990 and Section 504 of the
Rehabilitation Act of 1973 will make every reasonable effort to provide equal opportunity to submit
qualifications in response to this request. Visit http://redmond.gov/ADA for more information. This material
can be made available in an alternate format by contacting the Customer Service Center at
info@redmond.gov or 425-556-2900, option 7.
Title VI Statement
The City of Redmond in accordance with Title VI of the Civil Rights Act of 1964, 78 Stat. 252, 42 U.S.C.
2000d to 2000d-4 and Title 49, Code of Federal Regulations, Department of Transportation, subtitle A,
Office of the Secretary, Part 21, nondiscrimination in federally assisted programs of the Department of
Transportation issued pursuant to such Act, hereby notifies all respondent that it will affirmatively ensure
that in any contract entered into pursuant to this advertisement, disadvantaged business enterprises as
defined at 49 CFR Part 26 will be afforded full opportunity to submit qualifications in response to this
invitation and will not be discriminated against on the grounds of race, color, national origin or sex in
consideration for an award. Visit http://redmond.gov/TitleVI for more information.
Questions/Inquiries
Please direct any questions concerning this RFI or the City’s requirements to the city agent(s) listed below.
No other city official or employee is empowered to speak for the City with respect to this request.
Information obtained from any other source shall not be binding and may disqualify your response.
RFI Content:
Adam O’Sullivan
Purchasing Supervisor
Email: aosullivan@redmond.gov
Tel: 425-556-2199
MS: 3NFN
15670 NE 85th Street
PO Box 97010
Redmond, WA 98073-9710
Technical Content
Darrell Lowe
Police Chief
Email: dlowe@redmond.gov
Tel: 425-556-2529
MS: PSPDA
8701 160th Ave NE
PO Box 97010
Redmond, WA 98073-9710
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