The Investments & Wealth Institute is making changes to its Certified Private Wealth Advisor certification program, with updates to learning requirements, curriculum, and the exam set to roll out later this year.
The revisions, which the institute revealed Wednesday, are based on findings from the organization’s 2024 Private Wealth Advisor Job Analysis, which assessed the evolving demands of high-net-worth advisory services.
“The CPWA certification is designed for elite advisors who serve the most sophisticated client segment,” said Sean Walters, CEO of the Institute, in a statement announcing the news.
A key change involves the expansion of the human dynamics domain, which covers ethics, behavioral finance, investor psychology, and family dynamics. The instituted said that section will increase from a 13 percent weighting the exam to 18 percent, reflecting a greater emphasis on psychological and emotional factors in wealth planning.
The curriculum will also update the behavioral finance and investor psychology subdomains, incorporating emotional heuristics – mental shortcuts influenced by feelings rather than facts. The institute said the update will allow advisors to recognize how clients’ cognitive biases affect decision-making and will be introduced to four archetypal investor personas: preservers, followers, independents, and accumulators.
The program will also explore how earned and inherited wealth shape financial beliefs and behaviors across generations.
In the family dynamics section, new topics include governance structures for managing family wealth, such as closely held businesses and foundations. Advisors will also study intergenerational wealth adaptation, with a focus on sustaining family legacies through human, social, and financial capital. The curriculum will cover communication strategies, including family meetings and mission statements, as well as techniques for handling familial conflict.
IWI pointed to its recent research with CEG Insights, which found teams with CPWA-certified advisors manage nearly $100 million more in assets on average than teams who don't sport the credential. That research also found CPWA-certified advisors earn over $100,000 more per year than non-CPWA peers.
On its webpage for the CPWA program, IWI indicated CPWA certificants oversee $7.3 million in assets per client on average, nearly quadruple the amount for non-CPWA holders.
"These latest updates ensure that CPWA professionals continue to deliver high-impact, ethical, and strategic wealth advice with advanced technical and behavioral expertise," said IWI CEO Sean Walters.
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