Starting point: how you currently pick funds

• Tell me briefly how your team normally builds a client or plan model portfolio
• Which buyer role are you representing in these decisions Options: Independent financial advisor (solo or small firm), RIA/home office (model or due diligence team), Broker-dealer home office, Retirement plan committee or consultant, Platform operations / onboarding sponsor
• How often do you review or rebalance your model portfolios or plan lineups Options: Monthly, Quarterly, Biannually, Annually, On an event-driven basis
• When you select a new fund, which three data points matter most in your decision Options: Long-term performance versus peers, Expense ratio and fees, Morningstar or peer ratings, Manager tenure and team stability, Liquidity and AUM, Operational and compliance history, Distribution and wholesaler support
• Describe the last fund you added to a model or plan menu and why it made the cut
• If adding that fund were easy and low risk, how quickly could you deploy it to your models or menus Options: Within 1 week, 2–4 weeks, 1–3 months, Longer than 3 months, Not sure

Where the current lineup actually falls short

• Which recurring problem with existing fund choices most frustrates you or your committee Options: Unexpected style drift, Manager changes or departures, Fee creep or higher share-class costs, Platform unavailability, Poor wholesaler or educational support, Operational issues at trading or NAV
• How frequently does that problem cause you to remove or replace a fund in a model or menu Options: Multiple times a year, Once a year, Every few years, Rarely or never
• Who on your team feels the operational pain first when a fund experiences an issue, and what do they do next
• What downstream cost or risk does that failure create for your firm or plan sponsors
• Which single acceptance criterion would make you stop considering a new fund immediately Options: No appropriate share class for our platform, Unresolved regulatory or operational findings, Manager team lacks tenure, Excessive fees relative to peers, Inadequate distribution support
• Tell me about a recent time a fund addition went poorly and what you would change about that process

Fiduciary realities and ERISA constraints that actually move decisions

• How do ERISA or fiduciary requirements change the way you evaluate share classes for a plan menu
• Which documents or certifications must a fund provider already have in place before your team will even start due diligence Options: ERISA fee disclosure or comparative memo, Form ADV or investment management agreements, Share-class expense breakdown, Service agreements with recordkeepers, Other required documents
• Who signs off on fiduciary comfort at your firm and what stops them from approving a fund
• To what extent does fee benchmarking against plan-level share classes determine the final approval Options: Primary factor, Major factor, Minor factor, Not a factor
• Which ERISA or compliance finding would kill a placement for you right away Options: Active enforcement action, Material misstatements in disclosures, Lack of required documentation, No plan-level share class available, Other
• Describe an internal approval checkpoint that typically delays or blocks a fund from being added

Platform realities: where integrations and availability actually break the plan

• Which platform or recordkeeper categories must a fund be available on for you to consider it seriously Options: Major custodial platforms, Retail broker-dealer platforms, Wrap or UMA model marketplaces, Retirement recordkeepers, Direct-to-consumer channels
• How do gaps in platform availability change your willingness to approve a fund Options: I will not approve without full coverage, Partial coverage is acceptable for pilot clients, Coverage on key platforms is sufficient, Unsure
• Which integration details create the most operational risk when onboarding a fund Options: No API endpoints for position-level files, Unsupported share-class mappings, Missing tax lot or cost-basis support, Nonstandard file formats, Manual provisioning only
• Who owns integrations and endpoint provisioning on your side, and do they have capacity for onboarding this quarter Options: Internal integration team, available, Internal team, limited capacity, Third-party integrator, available, No dedicated resource
• Which single technical or operational constraint would stop your operations team from accepting a new fund right now Options: No test environment with the platform, Required file format not supported, No resource to validate mappings, Compliance gating approvals missing
• Describe any past onboarding where an integration issue caused a weekslong delay and what prevented it

How you actually evaluate funds under pressure — selection in action

• When you run a candidate through your selection process, what does the scorecard look like and which fields are mandatory Options: Performance vs peer benchmarks, Expense ratios and fee schedule, Manager and team stability, Operational risk score, Distribution and wholesaler support, Platform availability
• How many fund candidates do you typically run through due diligence before selecting one for a model or menu Options: 1–2, 3–5, 6–10, More than 10
• Walk me through a recent selection where platform constraints forced you to pick a second-best fund
• Which part of the selection exercise takes up the most time for your team Options: Performance analysis, Compliance and documentation, Operational mapping and testing, Fee benchmarking, Sales/support evaluation
• Which acceptance threshold on your scorecard, if unmet, will make you walk away from a deal Options: Operational readiness below threshold, Fee premium above peer median, Pending regulatory issues, No appropriate share class
• If a fund demonstrated performance and fee parity in a pilot, what internal step would allow you to sign off immediately Options: Committee vote, Fiduciary memo approval, Operations readiness signoff, Legal contract routing

Who you are comparing us to, and why you might stay where you are

• Which alternatives are you actively evaluating beyond external fund providers Options: Incumbent fund providers we already use, Internal sleeve or model replication, ETF or index-wrap solutions, Other external complexes, Not evaluating alternatives
• Name the incumbent or internal option in broad terms and tell us what would have to be true for you to keep going with them
• Has anyone on your team proposed building an internal solution instead of adding an outside fund, and who argued for that Options: Yes, investment team, Yes, operations team, Yes, leadership, No one has proposed that
• Which competitive feature or capability would cause you to pick another provider this quarter Options: Lower plan-level fees, Faster onboarding window, Wider platform coverage, Stronger manager track record, Dedicated wholesaler support
• If you stayed with the incumbent, what reporting or monitoring improvement would need to change to keep you from switching

Operational readiness: the constraints that decide timelines

• Which of these operational prerequisites can you confirm are already in place on your side Options: Dedicated onboarding owner, Integration sandbox/test endpoints, Legal routing for new fund agreements, Platform mapping team, Clear timeline for approvals
• Who will be the single point of contact for operations during provisioning and testing
• How many hours per week can your ops contact commit to onboarding work during the next 8 weeks Options: Less than 5 hours, 5–10 hours, 10–20 hours, More than 20 hours
• Are there any regulatory approvals or internal committee dates that will gate launch windows this quarter Options: Yes, scheduled committee dates, Yes, pending regulatory review, No known gates, Unsure
• Which single missing operational item would force us to pause or cancel a planned onboarding Options: No test endpoints, No document signoff, No resourcing from integration team, Legal review not completed
• Describe any recent onboarding where a resource shortage on your side extended timeline and how you resolved it

Decision drivers, deal killers, and the timeline that actually matters

• Which single commercial or operational commitment from a seller would accelerate you from evaluation to signed inclusion this month Options: Guaranteed platform availability date, Reduced share-class fee, Dedicated onboarding resource, Pilot support for select clients
• If the pilot demonstrates the expected outcomes, what internal approval closes the deal that week Options: Committee vote, Operations signoff, Contract signature from procurement, No single approval will close it immediately
• Which contractual term tends to take the longest in your negotiations and could derail timing Options: Indemnification, Data sharing and privacy, Service levels, Fee schedules
• Who are the essential approvers we must convince before anything can be placed on a live menu Options: Investment committee, Compliance/legal, Platform operations, Senior leadership, Procurement
• Which scenario would make you walk away from a potential placement in the next 30 days Options: Unresolved regulatory issues, No test environment provided, Fees not competitive, Insufficient distribution support
• Realistically, what is your target window for having a new fund available on your primary platforms Options: Within 2 weeks, 2–4 weeks, 1–3 months, 3–6 months, Flexible/No fixed deadline

Concrete next steps and acceptance signals we need to get moving

• Which documents should we prepare first to speed review on your end Options: Fee and share-class breakdown, ERISA compliance package, Operational mapping template, Sales and educational materials, Legal contract draft
• Who will approve a pilot and who will sign a full placement if the pilot meets objectives Options: Investment committee then procurement, Compliance then operations, Plan committee then recordkeeper, Other
• Describe one quick win we could deliver in the next two weeks that would materially increase your confidence
• Which acceptance criterion, once met, will cause your team to move to contract within 7 days Options: Operational readiness confirmed, Fiduciary memo approved, Platform test passes, Fee terms agreed
• How would you like us to report progress during onboarding, and how often Options: Daily stand-up emails, Weekly status call, Shared tracker with updates, Ad hoc updates as milestones complete
• Who should we schedule a follow-up with to confirm these next steps and by when

• Solution Experience: Fund Lineup and Share-Class Scenarios

• Confirm the current state and its cost
• You confirm the demonstrated fund and share-class choices eliminate the fee-mismatch and selection rework described in Discovery.
• Provide the two prioritized model-portfolio scenarios and the target platform list to be used for the proof run, including any ERISA/share-class constraints.
• You confirm the demonstrated options meet your plan-level fee benchmarks and ERISA/share-class constraints for the run scenarios.
• Review prioritized selection scenarios
• Run the fee-benchmark and share-class availability checks for the two scenarios and deliver a comparison report with recommended fund/share-class selections before the follow-up decision meeting.
• You agree on the remaining evidence and tasks required to move the selected funds to your target platforms and accept them into your model portfolios.
• Demonstrate the selection and fee-benchmark proof
• Confirm the required registration and ERISA documentation needed per platform and deliver an onboarding dependency checklist.
• Show platform availability and distribution support plan
• Confirm your acceptance criteria and the timeline you need for shelf placement so the deployment plan matches your deadline.
• Validate the outcome

• Solution Experience: Fund Lineup and Share-Class Scenarios
• Solution Experience Deck
• Solution Brief — Fund Lineup and Distribution Fit

• meeting
• slides
• document

• Produce Fund Fact Sheets
• Publish Monthly Performance Reports
• Provide Prospectus and Regulatory Disclosures
• Deliver Manager Due-Diligence Packets
• Provide ERISA Fee Documentation and Schedules
• Enable Share-Class Setup on Recordkeeping Platforms
• Provide Model Portfolio Files for Platform Integration
• Deploy Portfolio Construction Toolkit to Advisors
• Provide Regional Wholesaler Coverage
• Deliver Advisor-Facing Webinars and Trainings
• Publish Quarterly Market Commentary
• Supply Fee-Benchmarked Performance Data for Plans

Produce Fund Fact Sheets

• List the exact fund tickers and share-class identifiers you want individual fact sheets produced for
• Specify the mandatory data fields for each fact sheet (for example: top 10 holdings, expense ratio, assets under management, inception date, 1/3/5/10-year returns)
• Which output formats do you require for fact sheets Options: Printable PDF, Web-optimized HTML, Interactive PDF, CSV data extract
• Provide the name and role of the person who will approve fact-sheet creative and compliance wording
• Identify the distribution endpoints for the fact sheets (for example: advisor portal asset library, platform compliance mailbox, recordkeeper content portal) Options: Advisor portal, Platform compliance mailbox, Recordkeeper content portal, SFTP / secure share
• How many historical performance periods do you want displayed on each fact sheet Options: 1-year, 3-year, 5-year, 10-year, Since inception

Publish Monthly Performance Reports

• When delivering monthly performance reports, list the funds and share classes that must be included in the monthly package
• Who should receive the monthly performance report distribution (for example: your platform rep, your home office due-diligence inbox, recordkeeper performance feed) Options: Advisor distribution list, Platform compliance inbox, Recordkeeper data feed, SFTP
• Confirm the performance metrics you require in the monthly report (for example: month net-of-fees return, year-to-date net-of-fees, benchmark comparison, volatility) Options: Net-of-fees returns, Benchmark relative performance, Rolling periods (3/5/10yr), Volatility / standard deviation, Sharpe ratio
• Select the file formats and delivery method for the monthly report Options: PDF via email, CSV via SFTP, API push (JSON), Portal upload
• Describe your required lookback history for monthly reporting (how many months/years of NAV and price history must be included)
• Attach the list of benchmark mappings you use today for peer-comparison so the monthly report can align to your peer groups Options: Will upload benchmark mapping file, No mapping file; vendor default acceptable, Need help defining peer group

Provide Prospectus and Regulatory Disclosures

• Name the share classes that require prospectus or Statement of Additional Information updates for this scope
• Specify the delivery channels required for regulatory disclosures (for example: upload to recordkeeper compliance portal, deliver to platform compliance mailbox, file with custody portal) Options: Recordkeeper portal, Platform compliance mailbox, SFTP, Registered filing only
• Which regulatory documents do you need included (for example: prospectus PDF, shareholder reports, fund supplement, offering memorandum) Options: Prospectus PDF, Fund supplement, Shareholder report, Offering memorandum
• Describe who on your side will provide legal sign-off for disclosure language and the expected turnaround time
• Indicate any jurisdictional or plan-level restrictions that must be reflected in the prospectus distribution (for example: retirement-only share class, advisory-only share class)
• Provide the exact filename and metadata conventions you require for each uploaded regulatory document

Deliver Manager Due-Diligence Packets

• List the due-diligence artifacts you expect in each packet (for example: portfolio manager bios, team org chart, strategy fact sheet, compliance incidents log)
• Specify the preferred packet format and maximum file size (for example: single PDF, zipped folder, PPT for presentations) Options: Single PDF, Zipped folder with PDFs, PowerPoint deck
• Identify any home-office due-diligence checklist items we must fill out (for example: operational risk questionnaire, custody arrangements, sub-advisor agreements)
• Describe the required frequency for refreshing the manager packet (for example: quarterly update, event-driven on manager change) Options: Quarterly, Semi-annually, Event-driven only
• Who on your team will be responsible for reviewing and accepting the due-diligence packet
• Provide any quantitative manager metrics that must appear in the packet (for example: strategy AUM, 3-year annualized return, turnover, top 10 holdings)

Provide ERISA Fee Documentation and Schedules

• Which plan-level share classes and plan types need ERISA fee schedules (for example: 401(k) plan R-shares, 403(b), institutional classes)
• Specify the fee elements that must appear on the schedule (for example: expense ratio, 12b-1 fees, sub-transfer agent fees, revenue share) Options: Expense ratio, 12b-1 fee, Revenue share, Sub-transfer agent fees
• Confirm whether you require a fee-benchmarking report comparing proposed share-class fees to peer plans and what peer universe to use Options: Yes - use custom peer universe, Yes - use standard peer universe, No
• Confirm whether the signed fee schedule or a plan-level compliance upload is the acceptance evidence required by your recordkeeper Options: Signed fee schedule (PDF), Recordkeeper portal upload confirmation, Both
• When must fee schedules be delivered relative to anticipated deployment date Options: At least 30 days before deployment, At least 15 days before deployment, Within 7 days of deployment
• Who on your team will sign or approve ERISA fee schedules (name and role)

Enable Share-Class Setup on Recordkeeping Platforms

• Define the acceptance criteria that will confirm a share class is correctly provisioned on a recordkeeping platform (for example: active ticker, correct CUSIP mapping, NAV history present, price history matching our source)
• List the recordkeeping platforms and platform identifiers where share classes must be enabled
• Map the required mapping keys you will provide for each share class (for example: CUSIP, ticker, internal share-class code, prospectus effective date)
• Specify any testing steps you require prior to go-live (for example: test ticker trade, historical NAV import, reconciliation report) Options: Test ticker trade, Historical NAV import, Reconciliation report, Sandbox provisioning
• Who will be the operations owner responsible for responding to recordkeeper setup questions during provisioning
• Attach or describe the legal and registration documents you will supply to enable share-class registration on each platform Options: Will upload documents, Use previously registered documents, Need assistance preparing documentation

Provide Model Portfolio Files for Platform Integration

• Provide sample model portfolio files (CSV or JSON) that reflect your schema and include share-class allocations and rebalancing rules
• Map the model portfolios you require (name each model and list primary share-class per sleeve)
• Specify the file format, schema, and field-level requirements for model ingestion (for example: holdings CUSIP, weight decimal, effective date, target tax lot treatment) Options: CSV with header row, JSON schema, Vendor-specific template
• Describe the frequency and versioning policy for model updates (for example: nightly refresh, monthly versioned files with effective date) Options: Daily, Weekly, Monthly, Event-driven
• Define the success criteria for model-file ingestion (for example: import without mapping errors, mapping rate >= 99%, no unmatched CUSIPs)
• Who will maintain and sign off future model changes and what is your expected SLA for responding to mapping exceptions

Deploy Portfolio Construction Toolkit to Advisors

• List the toolkit components you expect delivered (for example: asset allocation calculator, glide path generator, risk-profile questionnaire)
• Specify how you want the toolkit delivered to advisors (for example: embedded widget in advisor portal, downloadable Excel/PDF, API access) Options: Embedded widget, Downloadable file, API access, Hosted microsite
• Indicate the data sources the toolkit should use for performance and benchmark calculations (for example: monthly NAV series, custom benchmark mapping)
• Describe required access controls or firm-level restrictions for advisor firms using the toolkit Options: Firm-level access, Advisor-level access, Role-based controls
• Who on your distribution team will coordinate advisor roll-out and training for the toolkit
• Outline any pre-built model portfolios you want preloaded into the toolkit at launch

Provide Regional Wholesaler Coverage

• List the geographic territories or advisor channels that require dedicated wholesaler coverage
• Specify minimum coverage expectations (for example: number of advisor meetings per month, minimum call frequency) Options: Weekly calls, Monthly meetings, Quarterly on-site visits
• Identify the materials wholesalers must carry to meetings (for example: fund fact sheets, model portfolio printouts, prospectus summaries)
• Describe reporting cadence you expect from wholesalers (for example: weekly activity report, monthly pipeline update) Options: Weekly, Bi-weekly, Monthly
• Who will be the regional contact for escalation if a wholesaler cannot meet coverage commitments
• Estimate the number of advisor relationships per wholesaler to be supported at launch Options: Less than 50, 50-150, 150-300, 300+

Deliver Advisor-Facing Webinars and Trainings

• Choose the primary topics for initial webinars (for example: fund overview, portfolio construction using model kits, ERISA considerations for plan sponsors) Options: Fund overview, Portfolio construction, ERISA considerations, Fee benchmarking
• Select desired webinar cadence and duration Options: Weekly 30 minutes, Monthly 60 minutes, Quarterly 90 minutes
• Indicate whether you require continuing education (CE) credit accreditation for webinars and the accrediting bodies required Options: Yes - CFP/CE credits, No CE required
• Specify the webinar delivery format you prefer (for example: live with Q&A, pre-recorded with on-demand access, hybrid with local follow-ups) Options: Live with Q&A, Pre-recorded on-demand, Hybrid
• Who will be your primary audience segments for trainings (for example: independent advisors, broker-dealer wholesalers, retirement plan committees) Options: Independent advisors, Broker-dealer home offices, Retirement plan committees
• Provide your acceptance threshold for webinar attendance or engagement (for example: minimum live attendance, post-webinar satisfaction score)

• Master Distribution Agreement (MDA)
• Offered Funds & Share Classes Schedule (Exhibit A)
• Commercial Terms & Fee Schedule
• Platform Availability Addendum
• ERISA & Fiduciary Documentation Package
• Registration & Listing Confirmation
• Operations Onboarding Agreement
• Data Security and Regulatory Addendum (conditional)
• Mutual Acceptance & Go-Live Signature Page

• Go-live Health Check (Week 1-4)
• First Measurement Review (Week 4-10)
• Acceptance Gate Review (Day 90)
• Quarterly Success Review (Ongoing)

• Close or reclassify stale operational tickets and assign resolution dates for remaining high-priority items.
• Restate acceptance criteria and targets
• Produce a documented acceptance decision for each numeric criterion recorded in Solution Scope.
• If conditional or failed items exist, agree remediation tasks and a verification date to close them.
• Capture the named signatory or buyer owner decision and publish the acceptance record.
• Publish the acceptance record showing pass/fail per criterion and any conditional remediation with deadlines.
• Execute remediation tasks for conditional items and schedule a verification checkpoint after completion.
• Archive the evidence pack used for the acceptance decision in the shared channel for auditability.
• Trend review of key metrics
• Confirm the solution continues to meet or make progress toward the Solution Scope targets for platform availability and advisor adoption.
• Ensure open operational issues are actively progressing and high-impact enhancements are scheduled.
• Maintain a clear escalation path and cadence for recurring problems so metric drift is addressed promptly.
• Publish quarterly metrics dashboard with platform availability, advisor activity, and net inflow trends for shared review.
• Create a prioritized enhancement backlog with target delivery quarters and acceptance criteria for each item.
• Re-confirm commitments and owners
• Confirm that all deployment tasks required to begin measurement are complete or have committed remediation plans.
• Document high-severity blockers with owners and resolution ETA.
• Ensure the buyer has at least one live path to place orders or include funds in a model portfolio for measurement.
• Publish the deployment validation checklist with status and remediation ETAs.
• Resolve any critical endpoint or registration failures and report completion before the first measurement meeting.
• Collect initial usage logs and onboarding completion data for the first measurement review.
• Present first-measurement data
• Establish whether platform availability and early adoption metrics are tracking to the targets recorded in Solution Scope.
• Agree a prioritized corrective action list with resolution dates to close any gaps before the acceptance gate.
• Confirm the evidence package required at the Acceptance Gate and the named signatory role for the buyer decision.
• Deliver a data pack with platform-by-platform availability, advisor activity by firm segment, and net inflow figures for the acceptance review.
• Implement agreed corrective actions for the top two drivers of underperformance and report progress weekly.
• Compile outstanding documentation (ERISA, registration, share-class mappings) needed to validate platform availability for Solution Scope review.
• Deployment and connectivity validation
• Persistent issues and ticket burn-down
• Root-cause diagnosis
• Present outcome data against each criterion
• Corrective action planning
• Document pass, conditional pass, or fail per criterion
• Enhancement requests and prioritization
• Early adoption signals and usage patterns
• Confirm timeline to Acceptance Gate
• Open issues and defect triage
• Capture formal acceptance decision and signatory confirmation
• Support SLA and escalation review
• Agree remediation plan for unmet criteria
• Immediate remediation plan