Presidium Blog

RF™ News Release

Anne Comer Awarded Registered Fiduciary™ Designation

(Charlotte, NC: March 1, 2011) Anne Comer, Presidient of Presidium Retirement Advisers, Inc. has successfully completed the training, validation and testing necessary to become a Registered Fiduciary™. The Registered Fiduciary™ (“RF™”) designation identifies financial professionals and organizations as competent fiduciaries that have achieved pertinent educational qualifications and licenses, learned required skills, and have passed a background check.

The RF™ award to Presidium Retirement Advisers, Inc. recognizes particular skills in the area of ERISA and non-ERISA Retirement Plans including 401(k), 403(b), 401(a), 415(m), 457(b) and defined benefit plans.

In acting as a Registered Fiduciary™, Presidium is committed to always acting in the best interest of clients, using the skills, ethics and focus on the client needs that the designation represents.

“At a time when the public concern has been elevated by years of financial excesses and scandals, the RF™ validation process offers comfort in the knowledge that our firm has been found worthy of this distinction” said Ms. Comer, president of Presidium, adding “We have always been dedicated to our clients and this award gives us the independent confirmation of this policy.”

The Registered Fiduciary designation is based on the 2010 Fiduciary Standards of the Foundation for Fiduciary Studies and validated by Dalbar, Inc., the independent expert.

The Foundation for Fiduciary Studies is a not-for-profit (501(c)(3)) organization established in September of 2000 to develop and advance standards of care for investment fiduciaries, which includes trustees, investment committee members, brokers, bankers, investment advisers, money managers, etc. The Foundation is independent of any ties to the investment community and therefore positioned to be a crucible for advancing fiduciary standards throughout the industry and to the public.

Dalbar, Inc. is the financial community’s leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service. Launched in 1976, Dalbar has earned the recognition for consistent and unbiased evaluations of investment companies, registered investment advisers, insurance companies, broker/dealers, retirement plan providers and financial professionals. Dalbar awards are recognized as marks of excellence in the financial community.

Under ERISA §405, a named fiduciary (such as the retirement plan committee) may delegate fiduciary responsibilities to a qualified investment advisor — but finding the right fiduciary can be challenging. When researching investment advisors, how can you tell the difference between genuine integrity, reliability and insight — and just effective sales and marketing?

In short, how do you know which professional relationships are worth building?

When assessing relationships in our personal lives, we use trial and error — and a combination of visual, auditory and olfactory cues — to form and refine opinions. Combining these instinct-driven cues, we determine whether people are approachable, dependable and trustworthy.

Though this imprecise method may work to guide our personal relationships, organizations have to rely on clearer criteria when the consequences of being wrong can make trial and error an unacceptable process.

While instinct and personal connections may play a role in business, diligent, documented processes should be the foundation for any professional relationship — especially for retirement plan sponsors who must protect plan participants while also being held personally responsible for their choices as a fiduciary.

To effectively delegate any fiduciary responsibilities, the named fiduciary must:

• Investigate the expert's qualifications;
• Provide the expert with complete and accurate information; and 
• Make certain that reliance on the expert's advice is reasonably justified under the circumstances.

Unlike legal, medical and accountancy professions, however, the investment advisory industry requires no defined criteria or specific educational requirements. 

If you are a plan sponsor, before you entrust your employees’ retirement money, Presidium recommends a five-step process for evaluating service providers:

1. Establish a prudent process;
2. Develop criteria for evaluation;
3. Review the findings and make the selection;
4. Document the process; and
5. Monitor the selected provider.

Selecting the right investment advisor may be challenging, but the right process can help simplify and streamline your choices. To learn more about each step — and find out about Presidium's independent fiduciary services —contact Anne Comer at acomer@presidiumadvisers.com or at (704) 907-4272.

Presidium Retirement Advisers is one of the few Registered Investment Advisers to receive the Certification for Fiduciary Excellence from the Centre for Fiduciary Excellence (CEFEX). 

What does this mean for our clients who invest with us?

“The certification provides assurance to investors, both institutional and individual, that Presidium has demonstrated adherence to the industry’s best fiduciary practices. This indicates that Presidium’s interests are aligned with those of investors.”

CEFEX is an independent organization offering an assessment and certification process designed to help investors worldwide evaluate advisory firms. The CEFEX certification verifies that the advisor employs specific best practices and certifies those who showcase a commitment to excellence while conducting fiduciary responsibilities.