Requests for Proposals (RFPs) have long been a cornerstone of the institutional sales and client service process, yet they continue to pose a resource challenge for asset managers. In response, RFP teams are increasingly exploring different technologies to drive efficiency and improve accuracy, according to the latest edition of the report Cerulli Edge—U.S. Institutional Edition.
According to the report’s findings, amid market uncertainty, rising client expectations, and growing competition, RFP teams responsible for winning new business must adapt. In this context, the rapid advancement and deployment of artificial intelligence (AI) is radically transforming how teams operate and helping address key challenges.
“AI is being used throughout the institutional sales and service process. A large majority of teams (81%) use AI to generate and refine RFP content. In addition, 77% use it to take notes and summarize meetings with clients, prospective clients, and consultants, later sharing these summaries internally. A smaller but growing number use AI to draft prospecting letters (32%), identify potential clients (26%), and design sales strategies (26%),” the Cerulli Associates report states.
The report also concludes that 81% of distribution teams currently use AI. Among RFP teams, the most common applications include automated responses (80%), efficient searches across content libraries (53%), and faster responses to due diligence questionnaires (DDQs) through AI-generated suggestions (53%).
According to Agnes Ugoji, analyst at Cerulli Associates, one key area for improvement lies in content management. “Asset managers maintain extensive repositories of responses, past submissions, regulatory language, and product data. As RFP volumes increase and product offerings expand, the way content libraries are structured and used can either accelerate or slow down a team’s responsiveness,” she explains.
In her view, while firms have made progress in integrating AI into sales and distribution processes, the technology will not replace the value of human oversight. “AI can improve efficiency in certain areas of the RFP process, but it cannot replace the credibility that comes from well-crafted and verified human communication. However, firms that adopt emerging tools early and integrate them strategically will be better positioned to meet client demands and differentiate themselves in an increasingly competitive environment,” Ugoji concludes.
