Investment Management Consultants Association (IMCA®) is sending you this complimentary e-newsletter in appreciation of your support and interest in IMCA’s investment consulting and wealth management credentialing programs. Education & Training Leader is a compendium of industry-related news and information that addresses the field of financial services credentialing and presents additional information about IMCA’s knowledge offerings. If you would like to learn more, please e-mail Lara Davies or call 303.850.3081.

Features and News

IMCA Resources

Accredited Professional Certifications—Why It Matters!
With financial regulation in the spotlight, there has been much discussion in magazines, at conferences, and within blogs about the difference between professional certification and the many certificate programs and educational designations in the financial services industry.

Investments & Wealth Monitor has published a year-long series on professional certification from long-time industry veteran and IMCA director of certification Gary Diffendaffer, CFP®. The articles address the importance of building professional certification programs around third-party accreditation principles and the four E’s: experience, education, examination, and ethics. You may read this series of articles by clicking here.

A recent article written for CFP certificants by CFP Board of Standards CEO, Kevin Keller, CAE, aptly discusses the differences between assessment-based certificates and professional certification programs. “The true differences between certificate and certification programs are meaningful, especially when it comes to the assurances they provide to the public. A consumer seeking services from someone who holds a certificate can be assured that the certificate-holder has completed an educational program with testing. But a consumer seeking services from a certified individual, like a CFP® certificant, can be assured that the certified individual has met initial and ongoing standards of professional competency.” To access the complete article on the CFP Board of Standards Web site, click here.

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Certification for the Evolving Age of Finance—The New York Times, August 20, 2009
IMCA’s CIMA® certification program was featured in "An Education in Risk Management Can Offer a Leg Up" and "Certifications for the Evolving Age of Finance." Read the articles (free registration required).

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Advisors Need the Relevant Skills, Tools, and Training—The New York Times, July 31, 2009
A recent PricewaterhouseCoopers survey of 238 private banks and wealth management firms found that wealth management firms need to make sure that their advisors have the relevant skills, tools, and training. The survey questioned managers who advised clients with $500,000 to $20 million. Of that sampling, only 7 percent said they felt strongly that they had received adequate training to complete their job to the highest standard. The survey was referenced in the July 31 New York Times article, "In Search of Competent (and Honest) Advisers."  In today’s market environment, advisors are eager to put the needs of their clients first by augmenting their own skills and knowledge; however most advisors don’t know where to find the advanced education needed to enhance their competence, credibility, and expertise. IMCA's offerings can help. Click here to learn more.

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IMCA Designation to Focus on Behavioral Finance and Communicating with Clients—InvestmentNews, September 8, 2009
Wealth managers studying for the Certified Private Wealth Advisor designation will be learning more about behavioral finance, risk management and communicating with clients next month. “These have all become hotter topics over the past two years, and we wanted to boost our courses accordingly,” said Edythe “Dede” Pahl, executive director of IMCA. Classroom time for risk management and asset protection will increase from two hours to four hours, and classroom time for behavioral finance and client communications will increase from about one and a half hours to three hours, Ms. Pahl said.

Courses for the designation were augmented after input from advisors on the wealth management committee and clients, Ms. Pahl said.  IMCA practitioners are now dealing with behavioral finance and risk management “on a daily basis with their clients, so we know that those in the program need to deal with it as well,” said Jim Dobbs, president of Dobbs Wealth LLC in Golden, Colo. And client communication has become a critical “second-generation-client issue,” said Mr. Dobbs, who is also IMCA’s curriculum consultant.  For the full article click here.

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CPWA Name Change to Certified Private Wealth Advisor
IMCA is changing the name of the CPWA credential to Certified Private Wealth Advisor. This change will take several months, and as our corporate contacts, you will receive updates and information from us to make this process as seamless as possible. Our goal is to complete this transition by December 31, 2009.

Why make this change? In early 2010 IMCA will begin the multi-year process of aligning the CPWA certification program with third-party accreditation standards. Accrediting the CPWA credential will ensure that this certification meets high-quality standards that benefit your employees as the certificants, their clients, your firm, the industry, and the public at large. The program already meets many of the certification standards required by third-party accrediting bodies, so the name change positions the program more accurately as we begin the steps toward accreditation. For more information on the CPWA certification program click here.

IMCA’s Essentials of Investment Consulting Certificate Program
IMCA offers a certificate program specifically for financial services professionals who wish to enhance their fundamental knowledge of core topics related to the investment consulting process. The IMCA Essentials of Investment Consulting learning platform incorporates a comprehensive set of educational content and self-evaluation tools into an online, self-study environment. There are 12 learning modules organized within an online learning center, with each module offering written educational content, a key themes discussion area, and an application assignment (along with a self-assessment tool). There also are three quizzes offered during the 12-module online learning path, and several audio recordings presented by subject matter experts.

Learners can use the Essentials of Investment Consulting learning center in whatever way they choose:

  • As a resource for understanding topics that support the field of investment consulting
  • As a tool to help prepare for IMCA’s CIMA certification program
  • As a comprehensive certificate program

For more information click here.  For questions, to set up a Webinar, or to discuss options for designing a custom Essentials of Investment Consulting certificate program for your firm, please e-mail Lara Davies or call 303.850.3081.

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IMCA Presentations and Seminars
IMCA staff and/or volunteers are available for presentations about the value of the CIMA certification program, or for the educational seminars listed below. To find out more about these seminars and presentations (which can be delivered live or via audio conference or Webinar), please e-mail Lara Davies or call 303.850.3081.

  • Financial Services Designations and Certifications—An Overview
  • Voluntary Certification vs. Professional Licensing—What’s the Difference?
  • Industry Research Roundup: Financial Advisors and Consultants (summary of research describing advisory marketplace changes, institutional consultants, professional designations within financial services, etc.)
  • Industry Research Roundup: Consumers and Clients (summarizes studies on the value of advice and what consumers look for in an advisor, demographic shifts in clients, client communication and trust, etc.)
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Intranet Links and Descriptions
Corporate training departments can access quick links and short descriptions of IMCA's educational programs, certifications, and other investment consulting and wealth management offerings on IMCA's Training Resources Web page.
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IMCA—Investment Management Consultants Association delivers the premier investment consulting and wealth management designations and world-class educational offerings through membership, conferences, research, and publications.

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