Savant was the first retirement plan in the world recognized by CEFEX in 2007 for adhering to a global standard of excellence for Investment Stewards. As defined on the CEFEX Web site (www.cefex.org), 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 addition, Savant 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.
"This is a major achievement for Savant as we continually strive for fiduciary excellence," said Brent Brodeski, CEO, principal and financial advisor with Savant Capital Management. "As an Investment Steward and Advisor, we are responsible for our clients’ overall investment strategy, and that important responsibility should be treated with great care. We are thankful for CEFEX and its leadership in enhancing the standards and significance of fiduciary advisors."
The CEFEX standard of excellence for Investment Stewards and Advisors are 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 uses the ISO 19011 audit standard, an internationally recognized standard for testing process management systems. The assessment is documented by the AIFA, and subject to review by the CEFEX Registration Committee comprised of independent fiduciary experts.