IMCA targeting indie reps and advisers

The Investment Management Consultants Association is zeroing in on independent advisers as it attempts to attract new members to certain designations.
APR 27, 2011
The Investment Management Consultants Association is zeroing in on independent advisers as it attempts to attract new members to certain designations. Despite recent attempts to make its certified investment management analyst designation more visible, it is "overly hidden" among independent advisory firms and independent contractor reps, IMCA executive director Sean Walters said at its Advanced Wealth Management Conference today in San Francisco. The group began marketing to independents about three years ago, he said, but that effort has been hindered by the financial crisis. Independent advisers "understand financial planning, but that doesn't mean they understand the investment side" at the level of detail offered by the CIMA curriculum, he said. About half of IMCA's membership is made up of wirehouse brokers, with independents making up about a quarter, and the remainder coming from banks and consulting firms. At the same time that IMCA is targeting independents for investment expertise, it is also pushing its certified private wealth advisor designation to existing members. The CPWA covers more complex issues faced by wealthy families, compared with the certified financial planner designation, said John Nersesian, managing director of wealth management services at Nuveen & Co. and an IMCA board member. "There's a growing focus at firms and with [adviser] teams to pursue" the high-net-worth market, Mr. Nersesian said. The CPWA program includes a pre-study program and a week-long session at the University of Chicago. It covers estate and tax planning, executive compensation and charitable giving, among other areas. There are 6,200 CIMA designees and 350 CPWA holders. That designation was first offered in 2007. Overall, IMCA's membership has held up through the financial crisis, Mr. Walters said, although the group did see a drop in the number of advisers pursuing a designation. IMCA membership is up 4.5% so far this year, to 7,900 members. The group helped its cause by staying focused on its educational role — and avoiding potentially controversial advocacy work in Washington, Mr. Walters said. And IMCA's members "were not the ones who were let go" by big brokerage firms during the downturn, Mr. Walters added. The Advanced Wealth Management Conference, which runs through tomorrow, attracted 515 attendees this year, up from 450 last year, he said.

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