Phillip Mendiola-Long of Sherman Consulting, LLC and current chairman of the Mariana's Public Land Trust has been awarded the Accredited Investment Fiduciary AnalystT designation from Stetson University and Fiduciary360, an organization offering 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 (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 scored the top of his class with a 93 percent passing rate. Rich Lynch, the COO of fi360 training programs, described Mendiola-Long's score as “very impressive” and the “highest in class.”
“I was quite concerned regarding sitting for the exam, the pass/fail rate is about 50 percent so I went into the preparation for the exam with the anxiety of working hard to be on the “pass” side of the class. As suspected, the course study prior to the exam was quite intense, not to mention the class demographics were filled with financial industry veterans with an average of 15 years experience in the field of investment advisory services, money management, and certified public accountants, so at first I felt out of place and outclassed. However after the first couple of days, I got my stride and was soon the leader of the class with some veterans actually coming to me for 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 the exam was taken. I will never forget the experience.” said Mendiola-Long
Mendiola-Long, a resident of Tinian and Guam, is the president for Sherman Consulting, which does business in the Asia Pacific Region as a fiduciary consultant.
Mendiola-Long is also the chairman of MPLT, a CNMI-based trust fund valued at approximately $83 million. In addition, Mendiola-Long is also a board member of the Asia Pacific Association for Fiduciary Studies where his firm, Sherman Consulting, is the designated fiduciary trainer for all APAFS members.
Mendiola-Long has done fiduciary training in Guam, Rota, Tinian, Saipan, Palau, Majuro, Pohnpei, and Yap.
With the new AIFA® designation, Mendiola-Long is capable of reviewing and auditing 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.
“The first thing I would like to accomplish is to lead the efforts with the support of the other trustees of the Marianas Public Land Trust 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. After the completion of the self audit, we will most likely seek a third party certification of Fiduciary Excellence which would reduce our insurance premiums tremendously. This will lead to tremendous cost savings for our trust fund,” said Mendiola-Long. (PR)