An Acronym With Teeth
The first edition of IMCA's Chartered Private Wealth Advisor designation program was so successful that the sequel is already sold out! After an intense week of classes at the University of Chicago Graduate School of Business and a comprehensive three-hour examination--preceded by seven months of managed self-study--the first class of designees--some of whom already manage more than $1 billion--said their experience was well worth the challenge.
The program is not for beginners. While the minimum requirement for candidates is five years in the business, 82 percent of the inaugural group had 11 or more years' experience, and a third of the class had been in the field for more than 20 years. An IMCA spokesperson said that 40--or 72 percent--of the original 55 candidates completed all aspects of the course which was modeled after IMCA's former wealth management certificate program. Moreover, 29 percent of the candidates already manage from $51 million to $150 million, 21 percent manage $251 million to $500 million and 18 percent manage assets of more than $1 billion. With so much at stake, the CPWA offers advanced expertise in the accumulation, preservation, protection and distribution of wealth.
Word spread quickly. In spite of increasing the enrollment limit, the second CPWA program, which began self-study in February of this year, sold out. The next available class is set for March 9 to 13, 2009.
"The interest in the CPWA program has exceeded our expectations," IMCA Executive Director Dede Pahl told Wealth Manager. "We knew there was a need for an industry standard in the wealth advisory area, but it is now clear that the CPWA curriculum can provide the knowledge necessary to meet that need."
Newly minted CPWA Charles G. Mueller, managing director, Personal Financial Services at Northern Trust in Chicago, said he was attracted to the program because it is targeted to advisors who work with the highest net worth and because of IMCA's partnership with U of Chicago graduate school of Business. Added the 25-year financial services veteran: "I began applying the knowledge I gained in this program immediately--even while I was going through the program." --Nancy R. Mandell
A VA for Troubled Times
The Phoenix Companies introduced Phoenix Portfolio Advisor Variable Annuity, a low-cost, no-load annuity sold through all of the company's distribution partners, but developed through an alliance with Jefferson National Life to create a low-cost annuity specifically for the growing number of fee-based advisors among Phoenix's distribution partners. The Phoenix Portfolio Advisor will have a flat insurance fee of $20 a month--significantly lower than the typical variable annuity insurance fee of 1.35 percent.
Katherine Cody, senior VP of Alternative Retirement Solutions at Phoenix, notes that since the "definition of retirement is changing," the industry will "see more of these kinds of products." She cites the ninth annual Phoenix Wealth Survey, released in early May, which found that even those with $1 million or more in investable assets are less than sanguine about the economy and their own financial prospects. Just 54 percent of respondents said they felt wealthier this year (down from 81 percent in 2007), while 58 percent said the U.S. economy is not only in a downturn, but that the worst is yet to come.--James J. Green
