Independent fiduciary assessment renewed annually since 2016
MONTREAL, September 21, 2026 — PWL Capital is proud to announce its tenth consecutive year of certification by CEFEX, the Centre for Fiduciary Excellence, an independent organization that assesses whether investment firms’ practices conform to a defined fiduciary standard of care.
PWL Capital—first certified in 2016—was among the first investment advisory firms in Canada to complete the assessment across its entire business. Certification is valid for one year, and each renewal requires a new independent assessment. Ten years of certification therefore represents ten separate assessments, conducted during a period when the firm continued to grow, expanded its offices across Canada, and evolved its ownership structure.
“PWL was founded in 1996 on the idea that Canadians deserved advice given in their interest. CEFEX certification doesn’t impose that standard on us—it measures us against it,” notes Cameron Passmore, PWL’s CEO.
The CEFEX assessment is evidence-based and modelled on ISO 19011, the international guideline for management system auditing. It typically includes reviewing a firm’s documented policies and procedures, sampling client files, conducting on-site visits, and interviewing senior representatives. The CEFEX Registration Committee reviews findings before granting or renewing certification, a step designed to ensure the assessment is applied impartially and consistently across firms.
As a firm providing discretionary portfolio management, PWL Capital aims for the highest standards and does everything to put its clients’ best interests first. CEFEX certification is voluntary and separate from regulatory obligations. It is an outside assessment of whether a firm’s documented practices conform to a defined fiduciary standard of care.
Process is what an audit can observe. Markets shape a firm’s investment returns—but its file documentation, management of conflicts of interest, and the consistency of its advice from one client to the next depend on how the firm chooses to operate. PWL Capital submits these practices to independent review each year, and they shape a client’s experience.
“A few years ago, CEFEX asked us about our policy on vulnerable clients—elderly clients, or clients whose health or circumstances put them at greater risk of financial harm,” says Karine Deslandes, Senior Manager, Compliance and M&A at PWL Capital. “At the time, the regulatory environment did not include specific rules regarding vulnerable clients. This is an excellent example demonstrating that CEFEX’s assessment doesn’t check whether you’ve met the minimum. It asks whether you’re doing right by the client. We wrote a policy for vulnerable clients, and it’s part of how we work now.”
Canadian rules addressing vulnerable clients followed several years later. Each annual assessment brings new questions reflecting emerging client-protection issues.
Ten renewals span a third of the firm’s history.
“The firm looks different than it did in 2016—more offices, many more colleagues, a different ownership structure. What hasn’t changed is who the work is for. A one-time certification would say something about 2016. An annual one says something about now,” adds Passmore.
PWL Capital’s certificate and assessment report can be viewed on the CEFEX registry at cefex.org.
Founded in 1996 in Montreal, Canada, PWL is an independent retirement and wealth firm with over $7B in AUM that offers holistic, full-service wealth management expertise to Canadians. For over 30 years, PWL has offered wealth management services, integrated investment management, and financial planning services (tax, retirement, and estate strategies) with offices across Canada. For more information, visit pwlcapital.com.
Portfolio management and brokerage services are offered by PWL Capital Inc., which is regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF).
Financial planning and insurance products are offered by PWL Advisors Inc., which is regulated in Ontario by the Financial Services Regulatory Authority of Ontario (FSRA) and in Quebec by the Autorité des marchés financiers (AMF). PWL Advisors Inc. is not a member of CIPF.
CEFEX is an independent global assessment and certification organization that evaluates whether investment advisors, recordkeepers, administrators, and managers conform to the Global Fiduciary Standard of Excellence. CEFEX-certified firms adhere to a standard representing best practices in their industry and voluntarily undertake annual audits by independent expert analysts to verify ongoing adherence. An annual assessment is required to retain CEFEX certification. For more information about CEFEX and its assessment process, visit www.cefex.org.
