Commonwealth Financial Program Is Certified For Fiduciary Excellencep>PITTSBURGH, PA (February 5, 2014)â€”CEFEX, the Centre for Fiduciary Excellence, LLC, has certified Commonwealth Financial Networkâ€™s Retirement Plan Consulting program (RPC) which includes the oversight and support of Investment Adviser Representatives (IARs) participating in the RPC. The independent certification is based on the standard described in the handbook â€œPrudent Practices for Investment Advisorsâ€.
The standard describes how an Investment Advisor assumes the responsibility for managing a clientâ€™s overall investment management process, which includes the selection, monitoring and de-selection of investment managers, as well as developing processes to implement investment strategies and fiduciary practices on an ongoing basis. According to the General Manager of the Centre for Fiduciary Excellence, Carlos Panksep, â€œCEFEXâ€™s independent assessment of the RPC and the associated IAR, demonstrates adherence to the industryâ€™s best fiduciary practices.â€
The annual certification process involves a detailed assessment of operational data and procedures, followed by on-site interviews with key personnel. The Commonwealth RPC is registered at www.cefex.org, where its certificate can also be viewed.
The standard is substantiated by legislation, case law and regulatory opinion letters from the Employee Retirement Income Security Act (ERISA), Uniform Prudent Investor Act (UPIA), Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Uniform Management of Public Employee Retirement Systems Act (MPERS) in the U.S.
A full copy of the standard can be downloaded from CEFEX at www.cefex.org and a summary can be viewed by clicking on Commonwealth RPCâ€™s on-line CEFEX certificate. More information about Commonwealth Financial Network is available at www.commonwealth.com.
About CEFEX: CEFEX, Centre for Fiduciary Excellence, LLC is an independent certification organization. CEFEX works closely with industry experts to provide comprehensive assessment programs to improve the fiduciary practices of investment stewards, advisors, recordkeepers, administrators and managers. CEFEX has offices in Pittsburgh, PA and Toronto, Canada.
About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, is the nation’s largest privately held independent broker/dealerâ€“RIA, with headquarters in Waltham, Massachusetts, and San Diego, California. J.D. Power and Associates ranks Commonwealth “Highest in Independent Advisor Satisfaction Among Financial Investment Firms, Three Times in a Row.” The firm supports more than 1,487 independent advisors nationwide in serving their clients as registered representatives, investment adviser representatives, and registered investment advisers, as well as through hybrid service models. For more information, please visit www.commonwealth.com.