ST. LOUIS, Oct. 31, 2018 /PRNewswire/ -- Plancorp, a fee-only wealth management firm with $4 billion in assets under management, has begun promoting the fiduciary certification of endowments, foundations and charities as awarded by the Centre for Fiduciary Excellence (CEFEX). Two non-profit entities—Bossier Parish Community College Foundation and the LSU Shreveport Foundation—were the first institutions in Louisiana (and sixth and eighth in the nation, respectively) to take part in the program and receive their CEFEX Investment Steward certifications.
"Private endowments, foundations and public charities have a duty to see that the donations they receive are invested wisely in order to carry out each organization's mission," explained Charley Meyer, Plancorp's Director of Institutional Asset Management and an Accredited Investment Fiduciary®. "Receiving CEFEX Investment Steward certification, which includes an annual independent audit, assures both the board and donors that the foundation is adhering to the best fiduciary practices."
"The CEFEX mark lets donors know that their contributions are in good hands, because the organization is demonstrating adherence to a standard of globally recognized fiduciary best practices," said Carlos Panksep, Managing Director of the Centre for Fiduciary Excellence. "Because the organizations are clients of Plancorp, a CEFEX Investment Advisor, our fiduciary assessments are simpler and can therefore be completed at a fraction of the normal cost to a Steward."
In order to qualify for certification, an organization must undergo an audit conducted by a CEFEX analyst. The peer-reviewed assessment uses an online tool that generates more than 100 pages of findings and reports. Working with CEFEX on the assessment's questions helps foundation board members and executives understand their fiduciary responsibilities to the foundation and its beneficiaries, and provides a roadmap for continuous improvement.
"We were eager to be certified as an Investment Steward, because it demonstrates to our donors that a respected independent authority has determined we adhere to the industry's best practices in managing the foundation's investments," said Laura Perdue, Executive Director of the LSU Shreveport Foundation. "The fact that Plancorp has held CEFEX certification since 2007 is one of the reasons we chose them as our investment advisor. Their help throughout this process has been invaluable."
CEFEX certification supports foundations' donors and grantees by demonstrating the organization's commitment to fiduciary oversight. Achieving CEFEX certification and committing to annual reviews is a public demonstration of a foundation's commitment to accountability, diligence and fiduciary excellence.
Plancorp LLC, a partly owned subsidiary of Prumentum Group, was founded in 1983 as a fee-only financial planning firm in St. Louis, MO. Plancorp is an SEC-registered investment advisor with more than $4 billion in AUM. Plancorp provides financial planning and asset management services to individuals, families, corporations and institutions. Service offerings also include corporate retirement plans and exit strategy for business owners looking to transition their businesses.
Plancorp was one of the nation's first registered investment advisors to become certified by the Centre for Fiduciary Excellence (www.cefex.org) in 2007. Through independent audits, the firm has earned this certification every year since.