Washington DC-Baltimore Area
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Operating from a fiduciary standard as opposed to a suitability (broker) standard. Firms that operate from a fiduciary standard must put client's interests above its own and act in the clients best interest. Firms that operate from a suitability standard are not held to the same standard as one that operates from a fiduciary standard. INVESTMENT ADVISORY SERVICES: - Investment Policy Statement preparation assistance OR review - Ongoing Investment Recommendations - Ongoing Investment Monitoring - Qualified Default Investment Alternative Assistance - Non-Discretionary Model Portfolios - Performance Reports CONSULTING SERVICES: - Service Provider Liaison - Education Services to Plan Committee - Participant Enrollment - Participant Education - Plan Search Support/Vendor Analysis - Benchmarking Services - Assistance Identifying Plan Fees
CEFEX advisory individuals adhere to the Global Fiduciary Standard of Excellence. This means they act in the best interest of investors. This is contrasted with a firm that lacks a fiduciary process or operates according to a ‘suitability’ standard. Here’s one way to look at it: Fiduciary standard: Firm must put client’s interests above its own, and act in the client’s best interest Vs. Suitability standard: Firm must have a reasonable basis to believe that a recommended investment is suitable given the client’s objectives. Adherence to the fiduciary standard can be the foundation for the trust placed in Advisors by their clients, whether individual or institutional investors. CEFEX registration, since it includes an annual audit, is a demonstration of compliance with the requirements of the Pension Protection Act, specifically final rule §2550.408g-1, pertaining to the furnishing of investment advice to participants and beneficiaries. This registration includes the audit of any applicable eligible investment advice arrangements, which would be listed in the scope if applicable. The Department of Labor regulation requires that the auditor: (1) be independent, (2) have appropriate technical training or expertise and proficiency, (3) make such representations in the written audit report, and (4) present in the audit report specific findings regarding compliance with the regulation. The DOL has stated that the selection of the auditor is a fiduciary act and therefore must be carried out in a manner consistent with the prudence requirements of ERISA section 404(a)(1), taking into account the nature and scope of the audit and the expertise and experience necessary to conduct such an audit. The audit itself does not cause an auditor to be a fiduciary under ERISA.
Disclosure: Christopher Rainer has attained Investment Advisory Representative CEFEX Certification for RIA services with the LPL Financial Retirement Plan Consulting Program. CEFEX and LPL Financial are separate entities.
For the individual investor, the relationship focus ranges from the simplicity of investing for retirement to comprehensive planning that involves things like Estate Planning, titling of assets or setting up of Trust accounts. The relationship focus for corporate client begins with the entire Fiduciary process as required by the Department of Labor down to helping the individual investor allocate investment options within the Retirement Plan.