A word on Fiduciary Consulting Group, Inc. -
Fiduciary Consulting Group, Inc. (FCG) is an organization dedicated to providing objective/independent investment due diligence guidance and education to those individuals, committees or entities (collectively referred to as Fiduciaries) responsible for the investment of or oversight of their organization's financial assets. FCG recognizes that most Fiduciaries perform multiple functions for their organizations and do not have the opportunity to dedicate themselves, on a full-time basis, to meeting the high standards required of those charged with the duty of investing other people's money.
FCG's approach to serving its Fiduciaries is truly unique in the industry as evidenced by the following:
- To assure complete objectivity, FCG sells no investment or insurance based products (such as proprietary mutual funds, annuities, etc.),
- FCG charges no asset-based fees;
- FCG agrees, in writing, to serve in a co-fiduciary status;
- FCG requires that it provide Fiduciary Education to all clients as a condition of any engagement;
- FCG utilizes a "best-practices-standard" developed by the Center for Fiduciary Studies to develop a due diligence process that includes, but is not limited to, the assessment of manager/investment performance, fee benchmarking, relevant document organization, and periodic vendor searches; and FCG's process and practices have been assessed by CEFEX analysts and have received the CEFEX Certification (described above).
These above services are positioned for delivery to align the interests of our clients with our own.
As a result, FCG assumes co fiduciary status with these Fiduciaries and establishes an investment due diligence process and discipline that allows the Fiduciaries to meet these standards.
What makes Fiduciary Consulting Group, Inc. different?
In a single word, the answer is Objectivity.
Here is how we deliver to our clients' needs...
Fiduciary Consulting Group has been reviewed by and has received the Certification of CEFEX.
We encourage you to explore our site and learn more about the services we provide. Should you have any questions or would like more information on our firm, please feel free to email us or call us at . We look forward to hearing from you.
Who is CEFEX?
CEFEX is an independent global assessment and certification organization. CEFEX works closely with investment fiduciaries and industry experts to provide comprehensive assessment programs to improve risk management for institutional and retail investors. CEFEX certification helps to confirm trustworthiness of investment fiduciaries.
Why Independent Fiduciary Oversight?
To establish a level of comfort.
In a time of financial industry anxiety, trust in asset management is more important than ever. Investor trust is critical to a firm which provides fiduciary functions. Stewards of retirement plans, endowments, foundations and personal trusts are looking for proof of their investment firm's integrity. Conversely, investment firms and advisors, are looking for a way to show investors that their trust is warranted.
As a certifying organization, CEFEX provides an independent recognition of a firm's conformity to a defined Standard of Practice. 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.
PRACTICES OVERVIEW
As defined by the Center for Fiduciary Studies (and supported by FI360) there are specific "Practices" which serve to guide investment Fiduciaries along the path to Prudent Investing (A standard to which many Investment Fiduciaries are held. By following a structured process based on the Practices, the fiduciary can be confident that critical components of an investment strategy are being properly implemented.
The term, "fiduciary," can logically be divided further into three groups:
- Investment Steward--A person who has the legal responsibility for managing investment decisions (trustees and investment committee members).
- Investment Advisor - A professional who is responsible for managing comprehensive and continuous investment decisions (including wealth managers, financial advisors, trust officers, financial consultants, investment consultants, financial planners, and fiduciary advisers).
- Investment Manager - A professional who has discretion to select specific securities for separate accounts, mutual funds, commingled trusts, and unit trusts.
The Practices for each of these groups are highlighted in the Prudent Practices for Investment Fiduciaries handbook series. (Please contact us electronically via this website or telephonically at our offices at 937. 298.6532 to obtain a copy of the practices.)
Both Steff C. Chalk and C. Marshall Esler (Fiduciary Consulting Group principles) have achieved, and hold, the Accredited Investment Fiduciary Analyst™ (AIFA®) designation.
AIFA® DESIGNATION
Accredited Investment Fiduciary Analyst™ designees are the few people in the country with knowledge in both a prudent investment process and assessment principles, qualifications that are becoming increasingly desired and demanded by both the industry and regulators.
AIFA® designees' primary function is to perform, or assist in, assessments of an Investment Steward's, Advisor's, or Manager's conformance to a Global Fiduciary Standard of Excellence using fi360's ISO-like procedure of assessment. AIFA® designees possess the ability and knowledge to advise clients of deficiencies in investment processes. It is also the required mark to perform a CEFEX Fiduciary Certification, the independent recognition of a fiduciary's conformity to all fiduciary Practices and Criteria.
Fiduciary Consulting Group participates in the Fiduciary Benchmarks, Inc. database.
Fiduciary Benchmarks Inc. is an independent third party manager of fiduciary data and information.
PERFORMANCE
Why Use Fiduciary Benchmarks Inc.?
Fiduciary Benchmarks, Inc. builds custom benchmark groups tailored to each plan's characteristics. This process identifies plans with similar economic profiles, cost structures and designs. Some of the factors considered are plan size, number of participants, company industry, employer match and allocation to index funds. By grouping like plans together, FBi provides the context needed to accurately assess relative plan fees, support, services and success measures.
Existing approaches in the marketplace to assessing fees reasonableness (including the use of simple averages books, issuing RFIs, participating in a mock RFPs or actually taking a plan to market) were falling short in terms of validity and/or the time, effort and disruption involved. These gaps continue today.
How does Fiduciary Benchmarks Inc. Help Clients to Meet their Fiduciary Obligations?
- Clear documentation of an objective fiduciary process
- Lower probability of litigation
- Opportunity to reduce the cost of fiduciary liability coverage
- Provides a "real plans data" framework to manage plan fees and services with the record keeper
- Supports plan design and benefits marketing decisions
- Understand and move the plan toward "best practices"
Not all benchmarking firms are created equal
In order to remain independent and conflict free, FBi does not perform any traditional investment consulting, plan monitoring and/or record keeper search work.
FBi offers its benchmarking services through advisors/consultants, record keepers, other plan service providers and where desired, by the plan sponsor, directly.
Fiduciary Benchmarks, Inc. is a completely independent company.
Background
Fiduciary Benchmarks, Inc. (FBi) was founded with the express purpose of providing plan benchmarking services.
The genesis of the firm's creation was recognition by the FBi's principals that the marketplace did not have an efficient and affordable way to help plan sponsors meet their fiduciary obligation to determine if plan fees are reasonable.
FBi has spent substantial time sharing their methodology and reports with the marketplace.
Plan Management and Oversight Benefits
- Provides a "real plans data" framework to manage plan fees and services with the record keeper
- Supports plan design and benefits marketing decisions by relating your plan to other plans like yours
- Enables you to understand and move the plan toward "best practices"
- Offers customization of benchmark group sort factors to create comparisons that meet your clients' unique needs
Benefits of working with The Fiduciary Consulting Group
- To assure complete objectivity, FCG sells no investment or insurance based products (such as proprietary mutual funds, annuities, etc.),
- FCG charges no asset-based fees;
- FCG agrees, in writing, to serve in a co-fiduciary status;
- FCG requires that it provide Fiduciary Education to all clients as a condition of any engagement;
- FCG utilizes a "best-practices-standard" developed by the Center for Fiduciary Studies to develop a due diligence process that includes, but is not limited to, the assessment of manager/investment performance, fee benchmarking, relevant document organization, and periodic vendor searches; and FCG's process and practices have been assessed by CEFEX analysts and have received the CEFEX Certification (described above).
