CPWA® professionals understand how to address the complex challenges high-net-worth clients face. If you advise these individuals, consider these five reasons to earn CPWA certification:
1. Specialized knowledge. Today’s high-net-worth clients have different needs than they did 20 years ago. Gain the expertise required to help serve this group of investors.
2. Credibility. Savvy clients with $5 million or more know that a basic planning background isn’t enough to help them address their complicated financial issues.
3. Differentiation. In today’s crowded credentialing marketplace, earning the most respected certifications is a difference-maker.
4. Executive education. A week of in-class education a required component of CPWA certification. Certificants say it’s an invaluable step in the certification process.
5. Ethics. All CPWA professionals must adhere to IMCA’s Code of Professional Responsibility, and enforcement of disciplinary violations is handled by a professional review committee of peers.
"If you work with high-net-worth clients, I think it's a must," says Michael Johnson, CPWA®, of Plante Moran Financial Advisors. Watch Johnson discuss experience earning the Certified Private Wealth Advisor® (CPWA®) certification.
Many CPWA certificants believe that wealth management professionals, like medical professionals, should have a strong foundation in generalized knowledge (like financial planning) and specialized knowledge (like wealth management) in order to best deliver services and skills. Here’s what some certificants have to say:
“The CPWA certification program lives up to its billing as a comprehensive study of wealth management. The classroom section for five busy days was informative. The quality of instruction and course topics are relevant and second to none in quality from genuine practitioners. The University of Chicago Booth School of Business augments the program’s core strengths. I met many fascinating entrepreneurs and found the class participation enlightening.”
-Michael Hokin, CFA®, CPWA®
“My confidence in dealing with larger clients is significantly higher than before my CPWA education.”
-Brian Beasley, CPWA®, Partner, Registered Principal, Athena Investment Group, LLC
“I am a 25-year veteran of the financial services business with most of that time on the wealth management side and almost all of it at Northern Trust here in Chicago. Currently I am a managing director for one of our Wealth Advisory teams. One of the things that you realize in this business is that it is constantly changing—investment opportunities, tax and estate planning strategies, regulations, etc. If you are not committed to continuous learning, you are in effect falling behind. There has been a proliferation of certifications and accreditations in this business. What attracted me to the Certified Private Wealth Advisor program is that it is targeted to the advisor who works with the ultra-high-net-worth client. The other attractive aspect of the CPWA program is the partnership between IMCA and The University of Chicago Booth School of Business. Both organizations bring a high level of intellectual capital to the table. I began applying the knowledge gained in this program immediately—while I was still going through the program.”
-Charles Mueller, CPWA®, CTFA, Senior Vice President, Managing Director, Northern Trust
“We recently sent six people from our staff through the CPWA certification program. We found the content to be excellent and relevant for advisors and individuals supporting the ultra-high-net-worth marketplace. Instructors, along with facilities at the University of Chicago, were first class. I would strongly recommend the CPWA program to individuals working with high-net-worth taxable clients.”
-James Durocher, CPWA®, Director, Eaton Vance Distributors, Inc.
“I enjoyed the program. I feel I've learned more in the last six months than I have in the last nine years.”
-Chad A. Williams, CFP®, CPWA®, COO/Managing Partner, Capital Investment Management
“The CPWA program is the perfect complement to the CIMA program—the former adding practical wealth management strategies atop the latter’s theoretical and math-laden framework. While the CIMA program breaks down investments and processes iteratively into smaller parts for analysis, the CPWA program assures that the advisor can extract exponential value beyond the mere sum of the parts of a client's wealth. The CPWA program succinctly and effectively provides the toolset necessary to compete in the ultra-high-net-worth space. Our practice already caters primarily to this market segment, but I found the coursework prior and the week in residence to be both a wonderful refresher of core competencies as well as a lab brimming over with the latest wealth management techniques and perspectives. All of this was conveyed through relevant real life examples of practitioners, peers, and authors. The program made such an impression on me that I insisted that four of my colleagues participate in the winter class so that as a group we would become more effective in our roles.”
-Rick Schultz, CIMA®, CPWA®, CEP, AIF, Senior Vice President – Investments, UBS Financial Services