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. Despite recent attempts to make its certified investment management analyst designation more visible, the group and the designation are “overly hidden” among independent advisory firms and independent-contractor representatives, IMCA executive director Sean Walters said at its Advanced Wealth Management Conference last week 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, Mr. Walters 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 the group 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 a certified financial planner, 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, he said. The CPWA program includes a pre-study program and a weeklong 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. The latter designation was first offered in 2007. Overall, IMCA's membership has held up through the financial crisis, Mr. Walters said, though the group did see a drop in the number of advisers pursuing a designation. IMCA membership has risen 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, he said. The Advanced Wealth Management Conference attracted 515 attendees this year, up from 450 last year, Mr. Walters said. E-mail Dan Jamieson at [email protected].