A document that tells vendors and service providers what type of service or products a company is attempting to purchase. An RFP is a solicitation for potential contractors to submit their bids in a competitive process. RFPs are issued by a variety of businesses in the financial world. For example, a pension fund creates an RFP to spell out the type of asset management services it is attempting to outsource. Asset management companies respond to the RFP and explain how they can meet the needs of the company. Often investment consultants are hired by the pension funds to manage the RFP process and help select the management.