By Ian Hawkes
Magus is now certified for Investment Advisor Fiduciary Excellence, placing us globally amongst an elite group, with only a handful of firms achieving this certification in the UK.
What is CEFEX?
CEFEX is an independent global assessment and certification organisation. It works closely with investment fiduciaries and industry experts to provide comprehensive assessments to improve risk management for investors.
CEFEX certification helps determine the trustworthiness of investment fiduciaries and it looks at how we run our business, how we run money and ensures we have the right systems, processes and controls in place. Having a clear investment philosophy with robust processes that are embedded across our entire business meant that we passed our assessment with flying colours – in fact, a direct quote from CEFEX:
— DAVID VRIESENGA – ANALYST, CEFEX
Why be CEFEX certified?
We talk about ‘being the best’ all the time. Being the best isn’t easy and it doesn’t happen by accident. It takes hard work, effort and determination, from everyone within our business, all of the time.
In order to be certified, we have to adhere to the CEFEX standards, which represent the best practices in our industry. We had to complete a ‘standards based assessment’, which included document reviews, client file sampling, on site visits and interviews with senior representatives. But it doesn’t end there, we will be subject to ongoing, regular audits - which are supplemental to the oversight from the financial regulators.
However, these audits are designed to maximise the professionalism of our firm – management will be required to keep up-to-date with best practices, which fosters a culture of continuous improvement, increasing transparency and accountability.
What is a fiduciary?
In this time of change in the financial industry, trust is critical, it’s not good enough to simply say ‘trust us’ – having this certification shows we adhere to our ethical and legal duties, we place your interests above our own, with the 2 most fundamental duties of fiduciaries being loyalty and care.
Being a fiduciary firm requires us to be bound ethically to act in our clients' best interests. An investment fiduciary is responsible for the management of the assets of others and is therefore in a special position of confidence, reliance and trust.
So, not only is this good for all of us within the Magus business, but we hope it clearly demonstrates to you that we are committed to the very highest professional standards as well as placing your interests first.
As you can imagine we are all so proud of this wonderful achievement, and we’re so pleased to be able to share this great news with you.
If in the meantime you have any comments or questions, please do get in touch with us.
View our certification
Watch the CEFEX video "What does it mean for an advisory firm to be CEFEX-certified?"
Read the CEFEX press release...