What’s in an acronym? Advisors name their favorite designations
Time to dig into the alphabet soup better known as financial advisor designations.
They say that an investment in knowledge pays the best interest. But they also say that time equals money. So if a wealth manager is going to take the time to pursue that extra certification – whether it’s a CFP, CFA, CPA, or any other designation – they may want some idea of which one will be worth the extra effort in terms of time, energy and money.
Ross Riskin, chief learning officer at the Investments & Wealth Institute, says advisors can differentiate themselves from the pack by investing in their own education, and more specifically, “specialization.”
“In order to become a true specialist, whether you’re working with individual clients or working as part of a big team, it’s about having deep understanding and deep learning,” Riskin said. “And that’s often best obtained by pursuing an advanced certification, just like the CIMA, CPWA or RMA, which are all offered by the Investments & Wealth Institute.”
The IWI designations traditionally have been pursued by wirehouse financial advisors, who on average work with the wealthiest clients and generate the most annual revenue per advisor in the financial advice industry.
The IWI offers three primary certifications for advisors, according to its website: certified investment management analyst, or CIMA, which costs $5,995; certified private wealth advisor, or CPWA, for $7,295; and retirement management advisor, or RMA. The RMA designation has two tiers: $2,495 for online education only, or $3,495 for self-study and a two-day event.
InvestmentNews recently reported that Edward Jones was putting cash on the table for advisors who are seeking to improve their credentials.
“Edward Jones
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