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. E&T 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 offerings. If you would like to learn more, please e-mail Lara Davies or call 303.850.3081.

In this issue:

• IMCA Raises Standards for Certified Investment Management Analyst^SM (CIMA^®) Certification Program
• Why Your Advisors Should Be Taking a Closer Look at the CIMA Designation
• IMCA Opens Enrollment for 2009 Chartered Private Wealth Advisor^SM (CPWA^SM) Designation Program
• New Essentials of Investment Consulting Certificate Program is Unveiled

IMCA Raises Standards for CIMA Certification Program
Changes Provide More Financial Advisors Access to Advanced Investment Designation

IMCA announced to nearly 800 attendees at its New York Consultants Conference on January 12, 2009, that it is instituting changes to the Certified Investment Management Analyst (CIMA) certification program. The changes, which go into effect July 1, 2009, are designed to enhance IMCA’s high standards, while allowing more financial professionals the opportunity to demonstrate a level of competence as an advanced investment professional through the CIMA certification program.

“The program will maintain the high standards we’ve developed over its 20-year history while continuing to focus on the ‘Four E’s’ of experience, education, examination, and ethics,” said Dede Pahl, IMCA’s executive director. “However, these changes will simplify and streamline the application process, and will allow IMCA to better serve the financial services industry.”

Changes to Initial Certification
The majority of changes affect candidates who apply for CIMA certification after July 1, 2009. Candidates in the program after this transition point will experience a flexible, pay-as-you-go, five-step process. The program no longer will be priced as a bundled fee to be paid in its entirely at the beginning of the process, with a portion reimbursed if a candidate does not complete all aspects of the certification process. Instead, applicants will pay an application fee that includes a one-time qualification examination. During the application process the applicant must demonstrate a minimum of three years of experience in the financial services industry and successfully pass a background screening. Once the qualification exam step is successfully completed, the candidate will book their educational component directly with one of IMCA’s two educational providers (The Wharton School, University of Pennsylvania, and the Haas School of Business, University of California, Berkeley). Finally, IMCA is in the process of developing a certification examination that must be passed in order to attain the CIMA certification. This certification exam will be offered at testing centers around the country two to three times per year, and candidates who have successfully passed the qualification exam and completed the education requirement will be eligible to sit for the certification exam.

Changes to Recertification
IMCA also is instituting changes to the certification renewal process on July 1, 2009. All CIMA and CIMC^® designees will continue to be responsible for completing and reporting 40 hours (including two ethics hours) of continuing education (CE) credit every two years. But for designees whose next two-year certification renewal period begins after July 1, 2009, there no longer will be a requirement to obtain CE credit from IMCA. Other changes impacting designees whose next certification renewal period begins after July 1, 2009, include the ability to carry-over a maximum of 10 CE credit hours to the next renewal cycle, the elimination of an extension option for completing the renewal requirements, and the submission of a signed certification renewal application.

The renewal application indicates a designee’s continued adherence to IMCA’s Code of Professional Responsibility and Standards of Practice, as well as a compliance disclosure. Under the new rules, all designees will be subject to a license-renewal fee every two years, which is $105 for IMCA members or $500 for nonmembers. It is important to remember that these changes will take effect on July 1, 2009, and therefore designees should continue to operate under the current CE-reporting rule structure until their next two-year certification renewal period beginning after July 1, 2009.

Future of IMCA Conferences
IMCA’s staff and volunteer leaders point out that IMCA’s conferences have experienced rising attendance numbers as well as rising evaluation scores. “The effect of the changes to the IMCA-sponsored CE requirement on IMCA’s conferences is speculative, at best,” said Sean Walters, CAE, IMCA’s deputy executive director. “Experience will show how these changes impact attendance. Even if the number of IMCA conferences is reduced after a year or two, everybody could be a winner. IMCA can be more focused and can invest its sponsors’ and exhibitors’ time and resources into even higher-quality conference experiences,” he said.

IMCA President Garry Bridgeman, CIMA^®, said that IMCA will provide high-quality conferences with focused investment management consulting agendas. “IMCA conferences will continue to be the community gathering place for the investment consulting and wealth management industry,” he said. IMCA conferences have served in that capacity for the investment management consulting profession for many years. IMCA will continue to provide this community experience through IMCA conferences, while striving to improve and enhance the advanced educational experience. In addition, reporting CE from an IMCA-sponsored conference will be simple and immediate through the "My IMCA" portion of IMCA’s Web site.

CIMA Transition Resources
For an overview of how these changes affect your advisors please link to our Overview of Changes to CIMA Certification document. You also can direct your advisors who want to know how these changes affect them to our CIMA/CIMC Transition Center. This site includes specific information about the changes and answers to most frequently asked questions. If you would like further information or to discuss the changes in more detail please e-mail Lara Davies or call 303.850.3081.

Why Your Advisors Should Be Taking a Closer Look at the CIMA Designation
Firms and advisors looking to grow their credibility and confidence in their ability to manage money and build portfolios, offer more complex investment solutions, and set and implement advanced investment strategies can look to the CIMA designation program as a solution.

Recent data compiled in partnership with Cerulli Associates for the first 2009 issue of IMCA Research Quarterly (“Impacts of the Current Capital Markets on Advisory Practices”), offers data which supports the assertion that CIMA professionals are able to recruit and retain a remarkable number of clients in light of extraordinary market conditions. Fewer than 10 percent of CIMA designees/IMCA members reported losing clients over the past six months. Indeed, nearly two-thirds (63 percent) of CIMA professionals grew their practices meaningfully in the second half of 2008—20 percent by 5 percent or more. The report finds that the average CIMA designee with 199 clients at the end of June 2008 reported adding six clients and losing 2.5. Assets under management continued to be significantly higher for CIMA professionals than their peers in the advisory community. The complete report will be ready by mid-February. If you would like a complimentary electronic copy of this report please e-mail Lara Davies or call 303.850.3081.

Chartered Private Wealth Advisor Designation—Enrollment Now Open
Applications are now being accepted for the third Chartered Private Wealth Advisor (CPWA) designation program. The CPWA designation program is an advanced designation created specifically for financial advisors and consultants who work with high-net-worth clients on the life cycle of wealth: accumulation, preservation and protection, and distribution. Candidates who attain this designation gain superior expertise in advanced wealth management content, strategies, and applied concepts.

Pre-study commences in April 2009, and the in-class portion is scheduled for October 5–9, 2009, at The University of Chicago Booth School of Business. The first two CPWA programs sold out, and we expect that the final class for 2009 will sell out as well. The enrollment deadline for this class is March 20, 2009.

Please download the program brochure and application from IMCA's Web site for more information. For questions please e-mail Lara Davies or call at 303.850.3081.

IMCA Launches Essentials of Investment Consulting Certificate Program
IMCA has developed 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 at three points 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 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.

IMCA’s First Client Appreciation Luncheon
IMCA held its first Client Appreciation Luncheon in conjunction with IMCA’s New York Consultants Conference on January 13, 2009. The program was attended by New York training contacts, IMCA board members, IMCA New York chapter officers, and staff. The lunch gave our clients the opportunity to network, learn about the changes to the CIMA certification program, and receive an overview of the CPWA designation and the revamped Essentials of Investment Consulting certificate program. If you would like a copy of the slide presentation from the luncheon please e-mail Lara Davies or call 303.850.3081.

IMCA’s Newest Membership Benefit—IMCA LinkedIn Group
Earlier this year IMCA launched a LinkedIn group to serve as an online gathering place for IMCA members. The benefits of an online community, discussion forum, and the opportunity for networking all are available through IMCA’s LinkedIn group. The group is open only to IMCA members and currently is home to more than 250 IMCA members. If your advisors are IMCA members, have a LinkedIn account, and would like to join the IMCA LinkedIn Group they can sign up here. If an IMCA member does not have a LinkedIn account they can set one up at no cost by visiting LinkedIn’s Web site.

Intranet Links and Descriptions
Corporate training departments can access quick links and short descriptions of IMCA's educational programs, designations, and other investment consulting and wealth management offerings on IMCA's Training Resources Web page.