The financial and professional services sector is one of the top industries in the United States. In 2017 the industry had a “GDP value added of $1.159 trillion which is equivalent to 8% of the total GDP.”[i] The industry encompasses multiple sectors which include: finance, insurance, law and accounting.

In Missouri, the financial and professional services industry is one of the state’s top industries and continues to grow as more companies are choosing to locate there and existing companies are expanding. The “Show-Me” state is the only state that has two federal reserve banks and “has the third highest location quotient for Securities and Commodity Contracts Intermediation and Brokerage of any region in the nation”[ii] behind New York City and Boston.

Government agencies will often seek out financial and professional services because their expertise, knowledge and resources can be a great asset to their departments, employees and local communities.  The banking and insurance fields are a vital part of individuals’ daily live and these financial and professional consultants can help explain certain aspects of each sector in a more in-depth way.  Whether they’re providing training to improve workflow or helping to implement better strategies for operations and management, the procurement of these professional services can be a major plus for any agency.

Some of the bid opportunities one can find for financial and professional services in Missouri are:

• Collection Services Various Financial Accounts
• Annual Audit Services
• Banking Facility and ID Banking Services
• Financial Advisor Services
• Payroll and Parking Division Banking and Depository Services
• Technical Accounting Assistance
• Insurance Brokerage Services
• Public Defender Services

Who is Posting Bids in the State of Missouri?

Although most state and local agencies publish their bids on the state’s vendor portal, many agencies still use their own portals to post bids. Registering with an individual agency’s vendor portal can assist vendors in finding even more open bids throughout Missouri. Some agencies may also require that you register both with the state portal as well as their own in order to even submit a bid proposal. A few examples of agencies that are posting the types of bids listed above are:

• University of Missouri
• Louis Economic Development Partnership
• Office of Administration
• County of St. Louis
• Rockwood School District
• Springfield School District
• City of Jefferson City
• Department of Transportation
• Southeast Missouri State University
• City of Independence

Bidding on State Contracts

Businesses looking to do business with the state of Missouri should first register with the state’s vendor portal MissouriBuys. Once registered vendors can begin to search and bid on many of the state and local opportunities that are available throughout Missouri. In Missouri, any purchases valued above $3,000 are subject to a competitive bid process. Anything equal to or over $25,000 is required to go through a formal, sealed competitive bid process, along with having a public advertisement.[iii]

The state has three types of bids:

Invitation for Bid (IFB): a formal bid where the price is the only factor.

Request for Proposal (RFP): used when the agency is looking for additional factors along with price, such as capability or technical expertise.

Single Feasible Source: used when the goods or services needed are only available from a single source, such as the manufacturer or distributor.

(Source: State of Missouri Office of Administration. Division of Purchasing and Materials Management. Vendor Manual 2014)

Missouri also gives preference to vendors who are certified as minority-owned, woman-owned or Service-Disabled Veteran-owned. The state has specific contracting goals of awarding all bids, they are:

• Minority-Owned (MBE): 10%
• Woman-owned (WBE): 5%
• Service-Disabled Veteran Owned (SDVB): 3% with an additional 3 point bonus

(Source: State of Missouri Office of Administration. Division of Purchasing and Materials Management. Vendor Manual 2014)

All certified MWBEs will be listed on the Office of Equal Opportunity Directory of certified vendors, where state agencies and prime contractors looking for subcontractors can search to find certified vendors for a particular bid. To become a certified MWBE vendor with the state of Missouri the business must meet the following requirements:

• The minority or woman owner must have at least 51% of the business ownership
• Business owner must be a U.S. citizen or lawfully admitted permanent resident
• Minority or woman owner must have the highest position and major responsibility of management, which includes responsibility for policies and daily and operational decisions
• Business must be organized as a for-profit

(Source: Missouri Office of Equal Opportunity. M/WBE Certifications. 7 Mar. 2019)

Need Help Finding More Bids in Missouri?

Make the most of your time and subscribe to a bid intelligence service company to help you find more relevant bids for your business. 

Bid intelligence companies like BidNet find research and track the thousands of bids that government agencies publish each year. Once you are subscribed, you can create a customized business profile based on the products and services you sell and the location you wish to bid in.

BidNet members receive a daily email alert about new opportunities that match their products and services based on commodity/service codes and keywords they choose. BidNet also provides all the relevant information about a bid including bid documents, pre-bid meeting dates, amendments and possible set-asides. By receiving all the pertinent information a vendor needs to submit a bid, BidNet’s clients can focus more on submitting a winning proposal rather than searching thousands of sources trying to find relevant bids.

Danielle Calamaras | BidNet.com

[i] B.E. Sawe. World Atlas. The Biggest Industries in the United States. 1 Aug. 2017. Web. 6 Mar. 2019

[ii] Missouri Department of Economic Development. Established Financial and Professional Services Industry. 5 Mar. 2019

[iii] State of Missouri Office of Administration. Division of Purchasing and Materials Management. Vendor Manual 2014. Web. 5 Mar. 2019