CEFEX: Reinforcing Our Fiduciary Standard
Abacus was founded on the principles of integrity, professionalism, and exceptional client service. We are also deeply committed to continuous improvement. Our dedication to putting our clients’ needs first prompted us to audit our processes by engaging CEFEX, the Centre for Fiduciary Excellence, LLC.
In 2019, we contacted the CEFEX organization and requested an independent analyst provide us with a comprehensive independent review. The process was rigorous and their assessment took months to complete. Having gone through that audit and carefully evaluating our procedures, we are proud to share Abacus has been named for a second consecutive year as a CEFEX certified Investment Advisor.
This recertification signifies our commitment to uphold the highest level of fiduciary care. The Department of Labor (DOL) identifies the following as essential fiduciary responsibilities:
- To act solely in the interest of plan participants and their beneficiaries, and with the exclusive purpose of providing benefits to them
- To act prudently in the faithful performance of all duties
- To follow the plan documents (unless inconsistent with ERISA)
- To diversify plan investments
- Pay only reasonable plan expenses. [1]
By working with Abacus, you can have full confidence our actions align with these responsibilities. Our prudent process aims to help you limit liability and build a retirement plan that strives to improve retirement outcomes.
CEFEX is an independent global assessment and certification organization. They work closely with industry experts to provide comprehensive assessment programs designed to improve the fiduciary practices of investment advisors, stewards (retirement plans, foundations, endowments, etc.), investment managers, and other financial service providers. CEFEX confers formal certification for firms willing to undergo an independent audit and who are also able to demonstrate they fully conform to high standards substantiated in case law and fiduciary best practices.
At Abacus, we follow well-defined processes — grounded in best practices — so we can make sound, objective, and consistent decisions to serve our clients. CEFEX certification offers testament that we understand the importance of paying close attention to the highest level strategies and policies, as well as the most minute details of our business practices. CEFEX certification can instill confidence in our clients that Abacus’ systems have been independently verified and are worthy of their trust.
We wanted to share news of this important recognition of our commitment to fiduciary excellence and continuous improvement. CEFEX recertification is yet another way we tangibly demonstrate that serving our clients’ best interests is our highest priority.
About CEFEX®
CEFEX®, Centre for Fiduciary Excellence, LLC, a Fi360® company, is an independent certification organization. CEFEX works closely with industry experts to provide comprehensive assessment programs to improve the fiduciary practices of investment stewards, advisors, recordkeepers, administrators and managers. CEFEX is based in Pittsburgh, PA. Learn more at www.cefex.org via Twitter or on LinkedIn.
Reference:
[1] Department of Labor. “Meeting Your Fiduciary Responsibilities.” DOL.gov. Sept. 2017
Disclosure:
CEFEX and Abacus Wealth Partners are separate, unaffiliated entities. Abacus Wealth Partners received the CEFEX recertification in July of 2021.
Neither rankings nor recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, membership in any professional organization, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that the client will experience a certain level of results if the investment professional or Abacus Wealth Partners is engaged, or continues to be engaged, to provide investment advisory services.
An annual audit fee is paid by Abacus Wealth Partners to receive the recertification. The certification is based upon specific criteria and methodology (see criteria/methodology). No ranking or recognition should be construed as an endorsement by any past or current client of the investment professional or the Abacus Wealth Partners.
For Questions: Abacus Wealth Partners’ Director of Marketing, Danielle Onesto remains available to address any questions regarding rankings and/or recognitions, including the criteria used for any reflected ranking.
