Savant has received an Investment Steward certification for adhering to global standards of fiduciary excellence. 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 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.
The CEFEX standard of excellence for Investment Stewards and Investment Advisors 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 uses 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.