IDEAS
Click directly on the question to find the answer.
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What is the Certified Private Wealth Advisor designation?
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The Certified Private Wealth Advisor (CPWA) designation encompasses advanced education in the life cycle of wealth: accumulating, preserving and protecting, and distributing. This program offers advanced financial education designed for experienced financial advisors and consultants who work with high-net-worth clients.
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How do professionals earn the CPWA designation?
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The certification is achieved after a candidate successfully completes the “four E’s": experience, education, examination and ethics. CPWA designees have at least five years in client-centered experience. They complete an advanced education program involving approximately six months of pre-study (which includes 10 quizzes that must be successfully completed) followed by five days of intensive classroom lecture/workshop format at The University of Chicago Booth School of Business. Finally, candidates must successfully complete a four-hour examination and adhere to IMCA’s Code of Professional Responsibility and Rules and Guidelines for Use of the Marks.
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Where is the program offered?
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The self-study portion is online. You will have access to an e-campus class where you will find additional reading and 10 core topic quizzes. There is at least one pre-recorded educational call for each core topic. The in-class portion of the curriculum is held at The University of Chicago Booth School of Business in Chicago, IL. Faculty include both university professors and experienced practitioners including financial planners, retirement-planning specialists, investment managers, tax experts, and estate-planning and asset-protection attorneys. This "application based" curriculum has been developed by practitioners and faculty of some of the nation's top business schools. |
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Why did IMCA develop this designation?
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IMCA sets the standards and practices for the investment management consulting and wealth management professions, and provides advisors with the credentials and tools required to best serve their clients. We identified a need for advanced financial education designed for experienced financial advisors and consultants who work with high-net-worth clients. The CPWA designation facilitates an advanced expertise in the life cycle of wealth: accumulating, preserving and protecting, and distributing.
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How does this compare with the CIMA certification?
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The CPWA curriculum teaches advanced wealth management content, principles, and applied concepts. The CIMA certification is the industry standard for advanced education focused on asset allocation, manager search and selection, investment policy, and performance measurement.
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How does this differ from other wealth management or financial planning designations?
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This is a program for experienced advisors and not an entry-level program in financial planning. We have identified a need for advanced financial education designed for experienced financial advisors and consultants who work with high-net-worth clients. The CPWA designation encompasses advanced practices in the life cycle of wealth: accumulating, preserving and protecting, and distributing.
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How many students can enroll in each class?
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Each class can accommodate up to 75 students, however, most classes are capped at a lower number. If applicants do not meet the application deadline, IMCA reserves the right to place individuals on a waiting list for subsequent classes.
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How do I register?
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Download the application and submit to IMCA via fax (303.770.1812). Click here to view all upcoming dates for the CPWA program.
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How do I find out more about the program?
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If you are interested in participating in the CPWA designation program and have questions about the curriculum, please visit the following website. For more information regarding program content, contact Jim Dobbs. For registration information, contact Ashley DeSantis.
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How much of a time commitment will I have to set aside for the self-study curriculum?
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Students are expected to study approximately 10 hours each week during the six-month self-study period. You will have access to an e-campus which is divided into 10 core topic sections. Selected texts will be provided as well. Each section of the self-study curriculum includes a pre-recorded call and additional readings. In addition, several live calls will be scheduled during the self-study period. Candidates must successfully pass a quiz for each of the 10 sections.
Those with significant experience in a particular content area may find they can spend less than the recommended time studying in their area of expertise, while students with little or no experience in a particular area of the curriculum may need to spend more time studying in that particular section (for example: it may take double the recommended hours of study).
These self-study guidelines are simply "rules of thumb" and there will be exceptions to these recommendations. It is important, however, to note that a significant commitment should be made by every student to prepare diligently for all self-assessment exercises, in-class sessions, and the comprehensive exam. Each student's level of commitment and preparation will be a significant and meaningful determinant of his/her success in this program. This is particularly true given the breadth of the topics covered and the depth at which each area is covered and applied.
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Is the CPWA designation pertinent to advisors practicing internationally? |
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The CPWA program focuses on strategies and issues, including taxation, relevant to those advisors serving high-net-worth clients in the United States. This program does not translate well for advisors working in or with clients of other countries including Canada. We do not recommend advisors outside of the U.S. apply for entry into this program. |
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Is the CPWA designation program pre-approved for CFP® continuing education (CE)?
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Yes, the CPWA designation program has been pre-approved for 28 CE credits from CFP Board. Once an individual has successfully completed the CPWA designation program and earned the designation, IMCA will submit all information regarding CE to CFP Board.
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What are the CPWA designation renewal requirements?
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There are three requirements to renew the CPWA designation. Designees must: complete and report a minimum of 40 hours of CE credit, including two ethics hours; pay a designation renewal fee for the next two-year designation renewal period ($100 for IMCA members, $500 for nonmembers, or $495 for those who wish to join IMCA or renew their membership); and sign and submit continued adherence to IMCA’s Code of Professional Responsibility and Rules and Guidelines for Use of the Marks, as well as disclose any federal/state regulatory actions or complaints. CPWA designees may monitor and track their CE by logging in to the "My IMCA" portion of the website and clicking on the "CPWA Details" link. For more detailed information about CPWA designation renewal requirements, click here. If planned appropriately, CPWA designees who also hold the CIMA certification should be able to maintain both credentials without incurring significant additional expense. |
