Mendiola-Long, who is also president of the Tinian Chamber of Commerce and chairman of the Marianas Public Land Trust, scored 93 percent, which Rich Lynch, the COO of Fi360 training programs, described as “very impressive” and the “highest in class.”
Fi360 is an organization that offers training, tools and resources to promote a culture of fiduciary responsibility and improve the decision making processes of fiduciaries.
The AIFA designation signifies Mendiola-Long’s ability to perform independent fiduciary assessments or audits measuring how well investment fiduciaries are fulfilling their duties to a defined standard of care. The designation is the culmination of strict prerequisites, case studies, onsite course studies and an examination.
Mendiola-Long said he was quite concerned about taking the exam because the pass/fail rate was about 50 percent.
“I went into the preparation for the exam with the anxiety of working hard to be on the ‘pass’ side of the class,” he said.
As he suspected, the course study prior to the exam was quite intense, and the class was filled with financial industry veterans with an average of 15 years experience in the field of investment advisory services, money management and certified public accountancy.
Mendiola-Long said he felt out-of-place and out-classed at first but after a couple of days, he got in with the flow and was soon the leader of the class. Even veterans in the industry turned to him for answers to questions.
“What started out as a humbling experience soon turned out to be a confidence builder that transitioned into a top of the class designation after we took the exam. I will never forget the experience,” said Mendiola-Long.
Plans and priorities
Mendiola-Long said his first priority now will be to lead the efforts with the support of other trustees of MPLT, a trust fund valued atapproximately $83 million, to conduct a self-audit on fiduciary practices.
“I am confident that the trustees have been complying with fiduciary practices, however it is always good to review our practices to see if there is room for improvement,” he said.
After the completion of the self audit, Mendiola-Long said they will most likely seek a third party certification of Fiduciary Excellence which will reduce insurance premiums tremendously.
“This will lead to tremendous cost savings for our trust fund,” he said.
Mendiola-Long is a resident of Tinian and Guam. He is a board member of the Asia Pacific Association for Fiduciary Studies of which his firm Sherman Consulting is the designated fiduciary trainer for APAFS members.
Over the years, Mendiola-Long has conducted fiduciary training sessions on Guam, Rota, Tinian, Saipan, Palau, Majuro, Pohnpei and Yap.
With the new AIFA designation, Mendiola-Long can review and audit fiduciary practices for retirement funds (defined contribution and defined benefits), endowments, private trusts, investment advisors, record keepers, money managers, broker dealers and social security systems.
Sherman Consulting LLC conducts business in the Asia Pacific Region as a fiduciary consultant. For more information, visit www.ShermanPacific.com.
Fi360, based near Pittsburgh, Pa., is the first full-time training and research facility for fiduciaries, and conducts training programs at universities throughout the United States and abroad.
Fi360 also offers the Accredited Investment Fiduciary designation, signifying knowledge of fiduciary responsibility and the ability to implement policies and procedures that meet a defined standard of care. In addition, it licenses the Prudent Practices for Investment Fiduciaries from the Foundation for Fiduciary Studies.
Fi360 provides investment education and training programs and awards the Accredited Investment Fiduciary and Accredited Investment Fiduciary Analyst professional designations through the Center for Fiduciary Studies.
For more information on future events, training programs and fiduciary products, visit www.fi360.com.
