Ep #16: Streamlining the RFP Process from Months to Minutes with Ray Conley from Benetic

Ray Conley is CEO of Benetic and a 23-year veteran of investing in early stage technology companies.

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5/3/2021 - 44 minutes


Episode Summary

How can retirement plan advisors leverage technology to drive efficiency and increase profitability when conducting RFPs? My guest today is Benetic CEO Ray Conley. Benetic is a new advisor-centric platform that brings together recordkeepers, asset managers, and other service providers. Advisors can search for and select plan service providers, choose a fund lineup, and generate a proposal in minutes making the selection and maintenance of retirement plan services easier and more efficient.


On today's episode, Ray and I discuss his background as a venture capitalist and fintech in the ERISA space. We also take a deep dive into Benetic, how the platform works, the revenue model, how data and privacy is handled, as well as much more.


What You'll Learn

  • Ray’s background as a VC.
  • Why venture capital and fintech is not set up for retirement services.
  • Where the idea for Benetic came from.
  • How Benetic turns the RFP into minutes from months.
  • Benetic's revenue model. 
  • How Benetic handles data.


Links to Resources


Ideas Worth Sharing

  1. “This is an industry based on relationships.” - Ray Conley
  2. “You can’t break relationships. Business gets done through these relationships.” - Ray Conley
  3. “This is a technology arms raise. The only way [recordkeepers] are going to survive is by continuing to invest in technology that’s going to make them more efficient.” - Ray Conley