The Value of Working with an AIF or AIFA Designee
Simply put, a “fiduciary” is someone who is managing the assets of another person and stands in a special relationship of trust, confidence, and/or legal responsibility. A fiduciary is required by law to always act in the best interests of their client, beneficiary, or retirement place participant. Yet, many fiduciaries are not even aware of their duties and responsibilities.
AIF (Accredited Investment Fiduciary) and AIFA (Accredited Investment Fiduciary Analyst) designees have acquired a thorough knowledge of fiduciary responsibility and can be an invaluable resource to investment fiduciaries and individual investors alike. An AIF designation represents that person’s knowledge of a Global Fiduciary Standard of Excellence and their application of the global standard into their own practice.
An AIFA designee has the same training along with the knowledge and ability to assess whether other fiduciaries conform to the standard of excellence using a detailed assessment process.Don’t risk going at it alone, AIF and AIFA designees have the training necessary to ensure that an investment process is managed to an appropriate fiduciary standard of care.
Training
AIF and AIFA designees have successfully completed a specialized program on investment fiduciary standards of care at the Center for Fiduciary Studies. The Center, in association with the University of Pittsburgh Joseph M. Katz Graduate School of Business, was established in 1999 to provide the investment industry with the first full-time training and research facility focused exclusively on investment fiduciary responsibility and portfolio management. The Practices and handbooks described below form the basis of the classroom instruction.
Designees are required to complete a rigorous training program, successfully pass an examination, conform to a Code of Ethics, and adhere to continuing education requirements on a yearly basis. These requirements ensure designees are familiar with the prudent process developed by the Center as well as kept up to date with recent industry events affecting fiduciaries.
Prudent Process for Investment Fiduciaries
An investment fiduciary fits into one of three groups: Investment Stewards, Investment Advisors, and Investment Managers. Each has a unique function in the investment process. The Foundation for Fiduciary Studies has developed a prudent process for each fiduciary type and laid out in a series of Practices that are based on legislation, case law, regulatory opinion letters, and best practices. The Practices are detailed in the Prudent Practices for Investment Fiduciaries series of handbooks. The Practices make good investment sense, and should help to improve long-term investment performance.
Retirement Solution Advisors, LLC - 410 W Grand Ave. - Chicago, IL 60610
Phone: (312) 923 8700 ext. 232 - Fax: (312) 923 8701
E-mail: steve.johnson@rsadvisorsllc.com
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