Savant Continues to be Recognized for Fiduciary Excellence
Firm meets global standard of excellence for the ninth straight year
Savant Capital Management, a nationally-recognized fee-only wealth management firm, has once again been recognized with two certifications by the Centre for Fiduciary Excellence® (CEFEX®). This is the ninth consecutive year Savant has had its certifications renewed. This comes after Savant’s recognition of the Service Provider Certification for Employee Retirement Income Security Act (ERISA) 3(16) Plan Administrators earlier this year.
Savant has received an Investment Steward certification for adhering to global standards of fiduciary excellence. As defined by CEFEX®, an Investment Steward is a person or organization which has the legal responsibility for managing investment decisions. The Investment Steward decides on the asset allocation, defines the details of the strategy, implements the strategy with appropriate Investment Managers, and monitors the strategy on an ongoing basis. In 2007, Savant was the first retirement plan in the world recognized by CEFEX® as an Investment Steward.
Savant has also received a CEFEX® certification as an Investment Advisor for its services in ERISA plans, 403 (b)/church exempt, eleemosynary, personal trusts, and high net worth individuals. According to CEFEX®, Investment Advisors are responsible for managing comprehensive and continuous investment decisions, including investment advisors and wealth managers, among others.
Earlier this year, Savant received the Service Provider Certification for adhering to the CEFEX® standard of excellence for ERISA 3(16) Plan Administrators. The certification implies that the firm can demonstrate adherence to the industry’s best practices, and is positioned to serve fiduciaries such as Investment Advisors, Investment Managers, and Investment Stewards. Savant was among one of the first organizations in the nation to be independently certified in this role.
The CEFEX® standard of excellence for Investment Stewards, Investment Advisor, and Plan Administrator under ERISA 3(16), is based on a series of fiduciary practices that seek to increase long-term investment performance by diversifying the portfolio across multiple asset classes and peer groups, evaluating investment management fees and expenses, and selecting or terminating Investment Managers. The practices also help uncover investment and/or procedural risk, which may assist in prioritizing investment management projects.
A CEFEX® assessment includes both on and off-site confidential reviews of an organization’s practices by an independent Accredited Investment Fiduciary Analyst® (AIFA®). The process is based on the ISO 19011 audit standard, an internationally recognized standard for testing process management systems. The assessment is documented by the AIFA® and is subject to review by the CEFEX® Registration Committee, comprised of independent fiduciary experts.