Richardson GMP first in Canada to be certified for Fiduciary Excellence
December 12, 2012 - Press release
Richardson GMP today announced that it has become the first Canadian investment advisory firm to be certified for fiduciary excellence. After a rigorous assessment process to audit its practices, the Centre for Fiduciary Excellence (CEFEX) has determined that Richardson GMP’s Portfolio Management Account platform (for advisors who have complete control over decisions for their clients) and the firm’s Separately Managed Account platform conform to the global fiduciary standards of excellence. The voluntary annual certification process provides Richardson GMP clients with an independent validation that the firm’s management systems are effectively implemented and capable of consistently achieving the stated objectives.
“We value and respect the very high degree of trust our clients have bestowed upon us and this certification demonstrates our commitment to their best interests,” said Andrew Marsh, President and CEO of Richardson GMP. “We encourage clients to be educated and engaged in the advisory relationship, but believe we have an obligation to hold ourselves to the highest standard of fiduciary care and be leaders in the wealth management industry.”
CEFEX conducts assessments according to ISO principles, which ensure that CEFEX operates its certification in a competent, consistent and impartial manner. To achieve CEFEX certification, an investment advisory firm must demonstrate adherence to fiduciary precepts, under the scrutiny of a panel of advisors and analysts, all of whom are Accredited Investment Fiduciary Analysts (AIFA®). The certification process involves a detailed assessment of operational data and procedures. All aspects of the investment advisory and management process are examined by the fiduciary assessor on an annual basis, much like accounting auditors, to ensure that approved processes are established and followed.
Now that Richardson GMP has been certified, the firm will formalize a plan in 2013 for its Investment Advisors to independently earn the designation of Accredited Investment Fiduciary (AIF). AIF designees have a reputation in the industry for the ability to implement a prudent process into their individual investment practices.
Richardson GMP understands that wealth management is as important to many boards as it is to individual clients. “We expect our CEFEX certification will resonate with endowment funds, charities, scholarship programs and foundations that have significant capital to manage and bequest. Board members of these organizations are realizing that as stewards of that wealth, there is considerable liability on their shoulders and they can’t afford to take this responsibility lightly,” Marsh added.
CEFEX is an independent global assessment and certification organization based in Toronto, ON and Pittsburgh, PA. It works closely with investment advisors and industry experts to provide comprehensive assessment programs to improve risk management for institutional and retail investors. As a certifying organization, CEFEX provides an independent recognition of a firm’s conformity to a defined Standard of Practice and an assessment of its trustworthiness. It implies that a firm can demonstrate adherence to the industry's best practices, and is positioned to earn the public's trust. This registration serves investors who require assurance that their investments are being managed according to commonly accepted best practices.
About Richardson GMP
As Canada’s largest independent wealth management firm, Richardson GMP Limited provides exclusive and innovative investment solutions to successful families and entrepreneurs. With offices located in Victoria, Sidney, Vancouver, Banff, Edmonton, Red Deer, Calgary, Saskatoon, Winnipeg, Guelph, Mississauga, Toronto, Ottawa, Montréal and Charlottetown, Richardson GMP has earned top overall ranking in the 2010, 2011 and 2012 Investment Executive Brokerage Report Card for products and services dedicated to high net worth investors. Richardson GMP Limited is a member of the Canadian Investor Protection Fund.
For media inquiries please contact:
Richardson GMP Limited
350 Burnhamthorpe Road West, Suite 304
Mississauga, Ontario L5B 3J1
Tel.: 905.615.5614 - 866.205.3548
Marie Blouin Nightingale
1250, René-Lévesque West, Suite 1500
Montréal, Québec H3B 4W8
Tel.: 514.989.4848 - 866.697.7174
2255B Queen St. East, Suite 406;
Toronto, Ontario M4E 1G3