Shadforth receives international fiduciary certification
Private wealth advice firm Shadforth Financial Group has been awarded the international fiduciary certification by the Centre for Fiduciary Excellence (CEFEX).
CEFEX is an international, independent assessment body for the financial advice industry, recognised globally.
Terry Dillon, Shadforth chief executive, said advice relationships were fiduciary in nature and were based on a foundation of trust.
“This is so important because in most cases our clients are entrusting us with the management of their total balance sheets and consequently their financial futures,” Dillon said.
To be a fiduciary meant it was bound by the highest standards and had to commit to three primary duties:
- Client Best Interest – always put clients’ interests ahead of all others;
- Conflict Management – inevitable conflicts must be either avoided or managed in favour of clients; and
- Professional Competence – acting as a prudent professional with the requisite commitment to ethical behaviour, education and qualifications, experience, skill, diligence, transparency, and a proven repeatable investment process.
Carlos Panksep, CEFEX managing director, said: “CEFEX’s independent assessment provides assurance to high net worth clients that Shadforth has demonstrated adherence to the industry’s best fiduciary practices.”
The assessment included a review of the firm’s business, processes, investment approach and client files, and was subject to independent review each year.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
