Richardson Wealth embraces fiduciary excellence

First wealth management firm in Canada to earn Centre for Fiduciary Excellence Certification for our Separately Managed and Portfolio Management Account platforms.

At Richardson Wealth, we aspire to achieve the highest standards of integrity, transparency and best practices in managing the wealth of our clients. There has never been a time in the financial industry where wealth management firms must work more diligently to earn clients’ trust. Countries such as Great Britain, Australia and the U.S. are proactively pursuing fiduciary standards of care. Richardson Wealth has taken a leadership position in Canada in this regard, and signaled to the industry its commitment in setting standards and best practices for the firm while providing clients with a true strategic partner and fiduciary.



What is a fiduciary

The word 'fiduciary' comes from the Latin word 'fiducia' meaning 'trust'. It refers to a person (or a business such as a bank or an Investment Advisory firm) who has the power and obligation to act for another under circumstances that require total trust, good faith and honesty.

Characteristically, the fiduciary has greater knowledge and expertise about the matters being handled. A fiduciary is held to the highest standards of conduct and trust. They must avoid self-dealing or situations in which the potential benefit to the fiduciary is in conflict with what is best for the person who placed trust in them.


Richardson Wealth – setting the standard for excellence

This esteemed annual certification program ensures that Richardson Wealth’s Portfolio Management Account platform for those advisors who have complete control over investment decisions for their clients and the firm’s Separately Managed Account platform conform to the global fiduciary standards of excellence. Richardson Wealth is the first Canadian firm to achieve designation for our Separately Managed and Portfolio Management Account platforms.

By undertaking a voluntary certification by the Centre for Fiduciary Excellence (CEFEX) as Richardson Wealth has done, and having an ongoing, independent, third-party, rigorous assessment process to audit our practices, clients can feel confident that the trust they are placing in our firm is warranted.




The Centre for Fiduciary Excellence (CEFEX)

CEFEX is an independent investment standards organization based in Toronto, ON and Pittsburgh, PA which certifies companies for conforming to the highest fiduciary practice standards in the world. It works closely with investment fiduciaries and industry experts to provide comprehensive assessment programs to improve risk management for institutional and retail investors. The CEFEX certification also helps determine the trustworthiness of investment fiduciaries by conducting in-depth audits and assessments of firms based on global international ISO standards.

CEFEX website -

CEFEX certification process

To achieve CEFEX certification, an Investment Advisory firm must demonstrate adherence to fiduciary precepts, under the scrutiny of specialist fiduciary auditors. The certification process involves a detailed assessment of operational data and procedures, followed by on-site interviews with key personnel. All aspects of the investment advisory and management process as well as appropriate documentation are examined by the fiduciary assessor on an annual basis, much like accounting auditors, to ensure that approved processes are established and being followed.

Culture of fiduciary awareness

Driven by a culture of fiduciary awareness, Richardson Wealth has demonstrated its adherence to a Standard of Excellence reflecting the industry’s best fiduciary practices, and will continue to uphold its management and Investment Advisor teams to consistently perform in clients’ best interests.

Best practice fiduciary standards: seven precepts

Best practice fiduciary standards are well defined by the Centre for Fiduciary Excellence ( and are founded on seven precepts namely:

  1. Know standards, laws and trust provisions
  2. Diversify assets to the specific risk/return profile of the client
  3. Prepare an Investment Policy Statement
  4. Use "prudent experts" and document due diligence
  5. Monitor the activities of "prudent experts"
  6. Control and account for investment expenses
  7. Avoid conflicts of interest and prohibited transactions