Creating a singleton ChannelFactory<T> and reusing for client connections

In our SharePoint/ASP.NET environment we have a series of data retriever classes that all derive from a common interface. I was assigned the task of creating a data retriever that could communicate remotely with other SharePoint farms using WCF. The way I have it implemented at the moment is a singleton ChannelFactory<T> is created in a static constructor and then reused by each instance of the remote data retriever to create an individual proxy instance. I figured that this would work well because then the ChannelFactory only gets instantiated once in an app domain and its creation is guaranteed to be thread-safe. My code looks something like this:

public class RemoteDataRetriever : IDataRetriever
{
    protected static readonly ChannelFactory<IRemoteDataProvider>
        RequestChannelFactory;

    protected IRemoteDataProvider _channel;

    static RemoteDataRetriever()
    {
        WSHttpBinding binding = new WSHttpBinding(
            SecurityMode.TransportWithMessageCredential, true);

        binding.Security.Transport.ClientCredentialType =
            HttpClientCredentialType.None;

        binding.Security.Message.ClientCredentialType =
            MessageCredentialType.Windows;

        RequestChannelFactory = 
            new ChannelFactory<IRemoteDataProvider>(binding);
    }

    public RemoteDataRetriever(string endpointAddress)
    {
        _channel = RemoteDataRetriever.RequestChannelFactory.
            CreateChannel(new EndpointAddress(endpointAddress));
    }
}

My question is, is this a good design? I figured that once the ChannelFactory is created I don't need to worry about thread-safety because I'm merely using it to call CreateChannel() but am I mistaken? Is it changing state or otherwise doing something funky behind the scenes that could cau