Rochester, NY -- July 13, 2012 -- Westminster Consulting, LLC has been certified by CEFEX, the Centre for Fiduciary Excellence, LLC to the standard described in the handbook “Prudent Practices for Investment Advisors”. Westminster Consulting is among the first Investment Advisors globally and the only Investment Advisor in New York State to successfully complete the independent certification process.
The standard describes how an Investment Advisor assumes the responsibility for managing a client’s overall investment management process, which includes the selection, monitoring and de-selection of investment managers, as well as developing processes to implement investment strategies and fiduciary practices on an ongoing basis. . “We are pleased to receive this notable certification, recognizing our commitment to the highest fiduciary standards as an investment advisor and a truly independent fiduciary to our clients,” said Thomas Zamiara, one of Westminster Consulting’s founding partners.
Westminster Consulting has been certified for its provision of investment and fiduciary consulting services for endowments, foundations and ERISA DC & DB retirement plans, serving in the fiduciary role of either an ERISA 3(21) advisor or ERISA 3(38) investment manager. The annual certification process involves a detailed assessment of operational data and procedures, followed by on-site interviews with key personnel. Westminster Consulting is registered at www.cefex.org, where its certificate can also be viewed.
The standard is substantiated by legislation, case law and regulatory opinion letters from the Employee Retirement Income Security Act (ERISA), Uniform Prudent Investor Act (UPIA), Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Uniform Management of Public Employee Retirement Systems Act (MPERS) in the U.S.
A full copy of the standard can be downloaded from CEFEX at www.cefex.org and a summary can be viewed by clicking on Westminster Consulting’s on-line CEFEX certificate. More information about Westminster Consulting is available at www.westminster-consulting.com.