M-07-27 Investment Advisory Services.pdf

Investment Advisory Services Bristol Community College

October 2026

Request for Proposal

M-07-27

Proposals Due November 12, 2026

777 Elsbree Street

Fall River, MA 02720 Phone: (508) 678-2811 Fax: (508) 730-3279

Issued October 22, 2026

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Table of Contents

A. Procurement Purpose ……………………………………….. Page 3 B. Tentative Schedule …………………………………………. Page 3 C. About Bristol Community College ……………….………… Pages 3 - 4 D. Anticipated Contract Term ………………………………….. Page 4 E. Inquiries …………………………………………..…………. Page 4 F. General Information …………………………….……….….. Pages 4 - 5 G. Unforeseen Office Closure……………………………..……. Page 5 H. Confidentiality ………………………………………………. Page 5 I. Preparation Costs ……………………………………………. Page 5 J. General Processing and Selection Procedures ………………. Pages 5 - 6 K. Scope of Services ……………………………………………. Pages 6 - 10

• Firm Information

• Team Experience

• Investment Philosophy and Approach

• Client Experience, Reporting and Performance

• Sustainable/ESG/SRI/Mission-Aligned Investing

• Fees

• Conflicts of Interest

L. General Conditions and Notice to Bidders …………………. Pages 10 - 12 M. Submission of Proposal …………………………….………. Page 12 N. Timeline ……………………………………………………. Page 13

Appendix A - Company Contact Information Appendix B - Non-Collusion Statement.

Appendix C - Tax Compliance Certification.

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A. Procurement Purpose Bristol Community College (“Bristol or the “College”) is seeking proposals from qualified experienced Investment Advisory Firms.

If a vendor is part of a purchasing program under a State or National contract and is offering contract pricing, the contract number must be noted on the proposal for reference.

This RFP does not obligate Bristol to take any specific action. The College reserves the right to select the proposals that, in its judgment, best aligns with its needs, taking into account the vendor’s overall ability to effectively provide the requested services.

B. Tentative Schedule

Dates may be revised due to unforeseen circumstances. Every effort will be made to inform known bidders of changes to the timeline. Below is a tentative schedule of events for this

RFP.

Date & Time Event October 22, 2026 Request for Proposal Issued October 29, 2026 Deadline for questions from bidders by 2:00 p.m.

November 5, 2026 Deadline for Bristol to answer questions November 12, 2026 RFP closing date 2:00 p.m.

November 13th - 20th, 2026 Proposal Review Process November 30th - December 4th, 2026 Interviews December 7, 2026 College awards bid by February 1, 2027 Anticipated Start Date

Dates are subject to change and amendments will include any changes to the schedule prior to the RFP closing date.

C. About Bristol Community College

Bristol Community College has core values rooted in student success and lifelong learning.

For more than 60 years, Bristol has served as a leading resource for education and workforce development in the region including locations in Attleboro, Fall River, New Bedford and Taunton.

The College offers a rich variety of degrees, certificate and training programs along with flexible online offerings that lead to an associate degree, a career-ready certificate or the ability to transfer to baccalaureate colleges throughout the state and country.

Bristol’s Business Solutions & Partnerships provides customized training for businesses and the community. The College also strives to put the needs of learners first with support services and career advancement opportunities that lead to student success by reducing barriers to educational access.

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The College is one of the largest employers in the region and is dedicated to fostering an inclusive environment with a rich diversity of beliefs, cultures, languages, abilities and lifestyles. Bristol is a public community college accredited by the New England Commission of Higher Education (NECHE). http://www.bristolcc.edu/.

D. Anticipated Contract Term

The initial term of the agreement shall be fifteen (15) months, commencing February 1, 2027, and ending June 30, 2028, with the option to renew for up to four (4) additional one-year terms.

Year 2 July 1, 2028 to June 30, 2029 Year 3 July 1, 2029 to June 30, 2030 Year 4 July 1, 2030 to June 30, 2031 Year 5 July 1, 2031 to June 30, 2032

Renewal is contingent upon fiscal funding, vendor performance, and if it remains in the best interest of Bristol.

Renewal of the contract shall be contingent upon the availability of appropriated funds, satisfactory performance by the vendor, and Bristol Community College's determination that renewal serves the College's best interests.

E. Inquiries All questions must be submitted in writing and will be answered through a formal addendum.

The addendum will include both the submitted questions and the corresponding responses, and it will be distributed to all vendors who received the RFP.

All requests for information or clarification must be submitted via email no later than Thursday, October 29, 2026, by 2:00 p.m. Eastern Daylight Time to Philicia Pacheco, Director of Purchasing and Business Services, at Philicia.Pacheco@Bristolcc.edu. Please include “M-07-27 Investment Advisory Services” in the subject line.

The College will notify all bidders of any substantive clarification provided in response to any inquiry. The College will extend the due date if such information significantly amends this solicitation or makes compliance with the original proposed due date impractical.

No questions other than via this method will be accepted. No response other than via this method will be binding upon Bristol.

F. General Information

Unless otherwise specified in this RFP, all communications, responses, and documentation must be in English, all measurements must be provided in feet, inches, and pounds and all price proposals or figures in U.S. currency. All responses must be submitted in accordance with the specific terms of this RFP.

http://www.bristolcc.edu/

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Proposals must be available for acceptance for at least ninety (90) days after the proposal opening date unless otherwise noted in the proposal.

Vendors are prohibited from communicating directly with any employee of the College except as specified in this RFP and no other individual employee or representative is authorized to provide any information or respond to any question or inquiry concerning this

RFP.

Should a vendor find discrepancies in or omissions from the specifications, or shall be in doubt as to their meaning, the vendor should notify the College contact Philicia Pacheco at Philicia.Pacheco@Bristolcc.edu with "M-07-27 Investment Advisory Services" on the subject line.

The College accepts no liability and will not provide any accommodation to bidders who submit a response based upon an out-of-date solicitation document.

The College retains the discretion to accept the proposal it determines to be in the best interest of both the College and the Commonwealth of Massachusetts. In making this decision, the College will consider which proposal most closely satisfies its requirements, with particular attention to the vendor’s demonstrated capability to deliver the requested services effectively.

G. Unforeseen Office Closure

If, at the time of the scheduled proposal deadline, the College is closed due to uncontrolled events such as fire, snow, ice, wind, building evacuation or pandemic, the proposal deadline will be postponed until 2:00 p.m. on the next normal business day. Proposals will be accepted until that date and time.

H. Confidentiality

The College reserves the right to review the content of vendor responses with internal or external persons for the purposes of vendor selection.

I. Preparation Costs

Bidders are responsible for all costs incurred in responding to the RFP (including demonstrations). Bristol will not reimburse any costs under any circumstances, even if the RFP is canceled, no contract is awarded, or the project proceeds through another process.

All documentation submitted with an RFP response becomes the property of Bristol.

J. General Processing and Selection Procedures

The following procedures are generally used in the selection of a providers to perform professional services:

1. An RFP package is available to all interested parties. It is available on the

Commonwealth of Massachusetts’ website, https://www.commbuys.com/.

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2. A Selection Committee (the Committee) is formed to evaluate RFP responses.

3. The Committee receives RFP responses for review.

4. The Committee reviews and evaluates the RFP responses based on the established selection criteria and a comparison of RFP responses received. If necessary, the committee may request a meeting with one or more of the Providers to clarify and/or expand on the response. In accordance with the requirements of the RFP, the College may negotiate terms, conditions and fees with the successful Bidder.

5. The committee selects the RFP response which, based on the ability to meet the criteria, appears to be the most advantageous selection for the College, and subsequently recommends contract award to the Vice President of Administration and Finance, who will make the final decision.

6. The College reserves the right to reject all proposals or parts thereof, to waive any irregularities or informalities in the RFP procedures and to award the contract agreement in a manner best serving the interest of the College.

K. Scope of Services

Firm Information

1. Provide a brief overview and history of your firm, including number of years your organization has been providing investment advisory services, and the number and location of offices.

2. Provide the address, telephone number and email address for the primary contact at your firm for this RFP.

3. Briefly describe your current ownership structure and any affiliations or relationships, especially with banks, investment managers, broker-dealers, or administrative services providers. Are any ownership changes planned or anticipated at this time?

4. What do you believe sets your firm apart from the competition, especially for your clients?

5. Describe any circumstances or incentives under which your firm, or any related party or individual, receives compensation, finder’s fees, commissions of any form – or any other benefit from investment managers or third parties.

6. Is your firm a registered investment advisor under the Investment Advisors Act of 1940?

7. What is your information security policy?

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8. Does your firm insure funds against theft and/or security breaches?

9. Is there any history of data breaches at your firm and what safeguards do you have?

10. Within the past ten years, has your firm or any principal assigned to this account been subject to regulatory enforcement actions, material litigation, arbitration proceedings, or disciplinary actions related to investment advisory services? Provide any details.

Team Experience

1. Please explain your client service philosophy.

2. Who would be responsible for developing and delivering investment advice to our organization? Provide brief biographies, including years of industry experience.

3. Please summarize your investment manager’s research group.

4. Include an affirmative statement indicating that your firm acknowledges its fiduciary responsibility on all assigned investments managed on a discretionary basis.

5. How do you and your team assist our Board and Finance Committee in meeting their fiduciary responsibilities?

6. For the lead portfolio manager, please provide:

a) Number of clients currently served.

b) Average portfolio size

c) Average client relationship length

7. How many state agencies, higher education institutions and non-profits do this team currently serve?

a) What is the average ratio of clients to consultants?

b) Colleague retention rate over the last five years?

c) Please describe your employee compensation structure.

8. Please provide the industry mix by percentage that you serve.

Investment Philosophy and Approach

1. Please describe your firm’s investment philosophy and process used in your asset allocation/portfolio construction; with a particular focus on non- profit organization or public higher education investment management.

2. Describe your manager’s due diligence/research process. How are managers initially screened? What criteria are emphasized? How often do your staff visit with investment managers in-house and onsite?

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3. How do you construct portfolios? Describe your investment process (including asset allocation) and comment on the role active and passive strategies play in your investment approach.

4. Discuss your capabilities for evaluating, measuring, and reporting on risk.

5. Describe your philosophy and process with respect to rebalancing portfolios.

6. Describe experience in using alternative investments in client portfolios, including the percentage of client assets currently allocated to alternatives.

7. Please comment on your use of hedge funds.

8. Describe the capabilities and differentiating features of your firm’s manager research database? Is your research effort internal or do you use outside consultants?

9. Do you use internal (proprietary) strategies or external managers or both? If you use internal strategies, please describe their fee structure.

10. Describe the process you will use to assist us in the maintenance of our investment policy, Board investment risk tolerance levels, reserve philosophy, objectives and guidelines for our funds.

11. Do you receive any payments from investment managers you recommend, consider for recommendations, or otherwise mention to the organization for consideration?

12. What do you believe differentiates your investment approach from your peers?

Client Experience, Reporting and Performance

1. Describe the firm's experience with non-profit organizations or public higher education institutions. Indicate the number of years your firm has been performing investment services and the average tenure of your engagements, for services comparable to those that you would provide to the client.

2. Describe your customer service philosophy.

3. Please describe your firm’s philosophy around commitment to local community.

4. How do you select which teams will work with your clients?

5. How often are client reports and updates provided? Please describe and provide a sample copy of your month/quarter end reporting.

6. Please describe any online access to account information, including balances, holdings, performance, asset allocation, account transactions, etc.

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7. Describe the transition for new clients coming to your firm. What is the process (total liquidation or transfer of assets) and timeline for the transition to occur, once a contract has been signed?

8. Please describe how your firm handles custody of assets.

9. Describe how benchmarks are chosen or developed.

10. Do you provide consolidated reporting for performance on all our investments or is your performance calculated on an account-by-account basis?

11. What are other ways in which you would work with our team? What additional services do you provide? How many of your clients take advantage of these services? How do you advise clients on spending policy?

12. What do you believe differentiates your client service approach from your peers?

13. Provide references for three current clients like our organization which we may contact regarding your services. All references should include the number of years that the client has been engaged with the firm.

Sustainable/ESG/SRI/Mission-Aligned Investing

1. How does your firm define sustainable investing, mission-aligned investing and/or ESG (Environmental, Social and Government) /SRI (Socially Responsible Investing) investing?

2. Describe your capabilities and experience in mission investments, including socially responsible investing, shareholder advocacy and impact investing.

3. What percentage of your discretionary clients participate in some form of sustainable or mission- aligned investing?

4. How do you work with clients who want to factor mission-aligned investing into their investment policy and asset allocation?

Fees

1. Describe the scope of services and cost proposed by your firm for providing investment advisory services. Indicate whether these fees are all inclusive or whether additional expenses may be incurred.

2. If there are additional fees to be charged for services related to the development or revision of investment policy or asset allocation, sub- management or fund management, or custodial or trading services, describe those fees in detail.

3. Do you receive other compensation or revenue share from any investments that are or will be contained in the account?

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4. Please provide a complete fee structure including any fluctuations that would occur with changes in balances.

Conflicts of Interest

1. Disclose any potential conflicts of interest, or appearance of conflict, which might arise if you are selected.

2. Does the firm have a Code of Ethics? Will you provide a copy if hired?

3. Please provide a copy of the firm’s Form ADV, Part 2, and any relevant marketing materials.

4. What review procedures does your firm have in place to ensure compliance with industry regulations?

L. General Conditions and Notice to Bidders

1. The Commonwealth of Massachusetts or its agent, Bristol, will make payment for equipment or services after COMPLETE delivery to the satisfaction of the College.

2. The College retains the right to accept or reject any or all proposals, in whole or in part, and to overlook technical flaws, irregularities, or omissions if it determines that doing so serves the best interests of the College.

3. The College is exempt from Federal Taxes and Massachusetts Sales Taxes. Prices quoted shall not include taxes.

4. No financial claim for any payment whatsoever shall be brought against the College for any contract delays.

5. All labor to be paid in accordance with Minimum Wage Rates and Health and

Welfare and Pension Fund contributors as determined by the Commissioner of Labor and Industries under the provisions of the Massachusetts General Laws, Chapter 149, Section 26 to 27D, inclusive as amended.

6. If the bidder has not been issued a Massachusetts Vendor Code Number, use the 9-character Federal Employee Identification number issued by the IRS if you employ two or more employees. Otherwise use your personal Social Security Number.

Purchase orders cannot be issued or payment made until this number is shown complete and correct.

The IRS Form W-8BEN-E form is also acceptable.

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7. All proposals must be submitted electronically and must be in PDF format and clearly labeled with the bid number and name, prior to or by the specified date and time. The College will not be held responsible if any proposal is not so marked and is unintentionally not recorded as being received.

8. By submitting a proposal, the bidder certifies that it is made in good faith and without fraud, collusion, or any connection with another bidder. The bidder affirms that it is competing solely on its own behalf and is not acting under any obligation to an undisclosed person or firm.

The undersigned further declares that the individuals or entities named in the proposal are the only parties with a financial interest in it; that the proposal has not been prepared in collusion with any other person, firm, or corporation; and that no officer or agent of Bristol has any direct or indirect interest in this bid.

The bidder agrees that, if the proposal is accepted, they will enter into a contract with Bristol in accordance with the specifications and the terms and conditions outlined in this RFP.

9. The award of this proposal will be for Bristol only. Massachusetts state higher education institutions have the option to engage the competitively selected bidder for a similar service but through a separate and independent contract agreement. Bristol will have no responsibility for other agency agreements or payments.

10. Affirmative Action, Equal Opportunity Employer and Non-Discrimination: The following regulations (Federal and State) will be considered an integral part of the RFP specifications. Bristol is an affirmative action/equal opportunity employer and does not discriminate on the basis of race, color, national origin, sex, disability, religion, age, veteran status, genetic information, gender identity or sexual orientation in its programs and activities as required by Title IX of the Educational Amendments of 1972, the Americans with Disabilities Act of 1990, Section 504 of the Rehabilitation Act of 1973, Title VII of the Civil Rights Act of 1964 and other applicable statutes and College policies. Bristol prohibits sexual harassment, including sexual violence. Inquiries or complaints regarding the Americans with Disabilities Act, the Rehabilitation Act and related statutes and regulations shall be directed to the College’s Affirmative Action Officer, at the number and address below. Inquiries or complaints concerning discrimination, harassment, retaliation or sexual violence shall be referred to the College’s Affirmative Action Officer and Title IX Coordinator, Associate Vice President, Human Resources, located in the Hudnall Administration Building, (774-357-2195), the Massachusetts Commission Against Discrimination, the Equal Employment Opportunities Commission or the United

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States Department of Education’s Office for Civil Rights.

It is understood and agreed that it shall be a material breach of any contract resulting from this bid for the respondent to engage in any practice which shall violate any provisions of Massachusetts General Laws, Chapter 151B, relative to discrimination in hiring, discharge, compensation, or terms, conditions or privileges of employment because of race, color, religious creed, national origin, sex, age or ancestry, sexual orientation, or gender identity.

11. All materials submitted in response to this RFP, including the proposal selected for award, will be treated as public records under the Massachusetts Public Records Law once the contract referenced herein has been executed. These records may be accessed through the College’s Public Records Request process at https://bristolcc.edu/about/publicrecordsrequest/..

Respondents should clearly mark any information they consider proprietary or confidential; however, such designation does not guarantee exemption from disclosure.

M. Submission of Proposal Proposals entitled for consideration must be made in accordance with the following instructions:

1. The following information must be submitted on the attached forms.

• Company Contact Information Exhibit A

• Complete Non-Collusion Statement. Exhibit B

• Complete Tax Compliance Certification. Exhibit C

2. No faxed responses will be accepted.

3. Proposal must be delivered electronically via email in PDF format to:

Philicia Pacheco Director of Purchasing and Business Services

Philicia.Pacheco@Bristolcc.edu

4. Proposals will be received until 2:00 p.m. on Thursday, November 12, 2026. The bid will be publicly opened and read forthwith in Room F103 in the Physical Plant Building.

5. Bristol will not accept proposals received after 2:00 p.m. Eastern Standard Time on

November 12, 2026.

https://bristolcc.edu/about/publicrecordsrequest/ mailto:BusinessServices@Bristolcc.edu

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N. Timeline

1. Proposals Due Return this proposal clearly marked with "M-07-27 Investment Advisory Services" in the subject line no later than 2:00 p.m. on Thursday, November 12, 2026, to Philicia Pacheco at Philicia.Pacheco@Bristolcc.edu. The bid will be publicly opened and read forthwith in Room F103 in the Physical Plant Building.

2. Proposal Awarded

The contract will be awarded by Monday, December 7, 2027.

Bristol shall use this RFP and the successful response as the basis for the final contract agreement. The winning bidder will be required to sign a Commonwealth of Massachusetts standard contract.

mailto:Philicia.Pacheco@Bristolcc.edu

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Appendix A

Company Contact Information

Please complete the following:

Company Name: ____________________________________________________________

Company Address: __________________________________________________________

City: ________________________ State: ___________ Zip Code: _______________

Phone Number: ________________________ Fax Number: ________________________

Authorized Signature: ________________________________________________________

Print Name: ___________________________ Title: _______________________________

Federal Employer ID Code (9 Digits): ___________________________________________

Purchase orders cannot be issued or payment made without the Federal Employer ID Code information.

W9 Form

Please provide a copy of your W9 form with your proposal.

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Appendix B

Non-Collusion Statement

The undersigned certifies under penalties of perjury that this Proposal or Proposal has been made and submitted in good faith and without collusion or fraud with any other person. As used in this certification, the word “person” shall mean any natural person, business, partnership, corporation, union, committee, club, or other organization, entity, or group of individuals.

Authorized Signature* Date

Printed Name of Person Signing Proposal*

Name of Business

*Must be signed in ink

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Appendix C

Tax Compliance Certification

Pursuant to M.G.L. c. 62C, Section 49A, I certify under the penalties of perjury that, to the best of my knowledge and belief, I am in compliance with all laws of the Commonwealth relating to taxes, reporting of employees and contractors, and withholding and remitting child support.

Authorized Signature* Date

Printed Name of Person Signing Proposal*

Name of Business

*Must be signed in ink