Welcome to Update:Hawaii

Lee Financial Group is First Investment Advisor in Hawaii to Achieve CEFEX Certification

CEFEX, the Centre for Fiduciary Excellence, LLC, has certified Lee Financial Group (LFG) of Honolulu as one of only 50 advisory firms globally to achieve the fiduciary standard of “Prudent Practices for Investment Advisors” (“Standard”). It is also the first and only investment advisory firm in Hawaii to have completed the independent certification process thus far.

According to the General Manager of the Centre for Fiduciary Excellence, Carlos Panksep, “Through CEFEX’s independent assessment, the certification provides assurance to investors, both institutional and individual, that LFG has demonstrated adherence to the industry’s best fiduciary practices. This indicates that LFG’s interests are aligned with those of investors.”

LFG has also been certified for its provision of ERISA (Employee Retirement Income Security Act) retirement plan services.

The annual CEFEX certification process involves a detailed assessment of operational data and procedures, followed by on-site interviews with key personnel.

“The reason we participate in the independent certification process is to go the extra mile in improving consumer confidence when it comes to fiduciary practices,” said President and CEO of Lee Financial Group Terry Lee. “Having our overall investment management practices and processes assessed and certified by other experts in the industry demonstrates our firm’s adherence to fiduciary practices.”

CEFEX certification serves as a tool to publicly demonstrate adherence to the highest standard of fiduciary care and is a self-imposed due diligence for the benefit of the investor who has directly or indirectly entrusted financial assets to another.

“We believe that the Standard is essential in achieving global acceptance of the principles of fiduciary excellence and to assuring investors of consistent, unbiased methodologies,” said Lee.

CEFEX uses the International Organization for Standardization (ISO) 9000 quality management system for performing assessments. It is a methodology employed internationally in other industries for over 30 years.

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.

To learn more about LFG visit www.leehawaii.com.

About Lee Financial Group

Founded in 1988, Lee Financial Group focuses on providing wealth management and 401K/Retirement Plan Services serving a broad range of clients.  It also serves as the investment manager for two mutual funds, the Hawaii Municipal Fund (SURFX) and the First Pacific Low Volatility Fund (LOVIX).


CEFEX, Centre for Fiduciary Excellence, LLC, is an independent certification organization.  CEFEX works closely with industry experts to provide comprehensive assessment programs to improve fiduciary practices of investment stewards, advisors, recordkeepers, administrators and managers. CEFEX has offices in Toronto, Canada and Pittsburgh, PA.


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