Financial advisors looking to improve their big-game hunting skills now can get some instruction from the Investment Management Consultants Association.
IMCA, a Denver-based educational organization, has created a wealth management certificate program designed to equip advisors with the skills they need to land wealthy clients.
Developed over the course of five years, the program outlines the financial-planning issues facing $5 million-plus clients and trains advisors how to address those issues.
An inaugural 50-person class convened in December, and a second begins in October. The program lasts between 12 and 15 months, depending on the availability of the participants.
The program is broken into three stages of wealth management, which together make up what IMCA calls the “life cycle of wealth:” accumulation, preservation and protection, and distribution. Mastering each phase of the education requires several months of independent study, up to three days of class time and an exam. Participants are supplied with a reference library on wealth management strategies. The cost is $3,900 for IMCA members; $4,200 for non-members.
Evelyn Brust, executive director of IMCA, says the program is garnering serious interest from Wall Street firms, some of which had asked IMCA to develop the program as wealth management became a greater priority.
IMCA, a non-profit organization, has had success with its Certified Investment Management Analyst (CIMA) program, which focuses on general consulting.
Unlike CIMA, the new wealth management program does not confer a designation on those who complete the coursework.