Los Angeles City Deferred Compensation Plan is searching for investment advice providers for participants.
The $7.1 billion 457 plan has issued a request for information from firms that provide financial education and/or investment advice services for plan participants, said Steven Montagna, executive director.
The plan, which does not currently provide these services, is seeking information from firms that can provide financial education and/or investment advice services in a variety of forms including roboadvising. According to the RFI, the city is most interested in firms that can provide financial planning and/or investment advisory services who can actively manage participants’ investments and meet with them in person.
Mr. Montagna said an RFP could possible be issued at a later date if there is a specific type of service the plan believes should go through the procurement process.
The RFI is available on the city of Los Angeles' procurement website. Registration is required. Information is due at 3 p.m. PDT on April 7. There is no specific timeline for decisions, Mr. Montagna said.