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Wealth Management Educational Standards and Quality - Going to the Next Level.
Over the years, the CWM ® Chartered Wealth Manager ® Program has remained one of the top designations in the investment and banking industry. Investopedia ® defines the CWM ® program as: A professional designation offered by the American Academy of Financial Management ® (AAFM). The prerequisites for the Chartered Wealth Manager (CWM®) program are three years or more of experience in wealth management and an AAFM-approved degree or other approved program. The course focuses on topics such as relationship management, communication, sales and financial planning. Read more: http://www.investopedia.com/terms/c/chartered-wealth-manager.asp
For the last 7 years, the FINRA has listed the AAFM ® CWM® accredited requirements along with various of other finance designations. The Wall Street Journal ® in 2004 and 2010 described the CWM ® program's accredited requirements as such: Eligible candidates must successfully complete at least one of the following: AAFM® online Chartered Wealth Manager course - AAFM-approved Masters Degree in finance, tax, accounting, financial services, law, or CPA, MBA, MS, PhD or JD from an accredited school or organization, 5 or more approved and related courses from an AACSB or ACBSP accredited business school or AAFM sanctioned program, AAFM Executive Certification training course. These accredited requirements are the highest in land.
For the last several years, the AAFM ®has sponsored a post-graduate CWM ®online course in the USA is offered by the ABA Accredited TJSL Law School http://llmprogram.tjsl.edu Thus, if you have a college degree, you can take the online courses from the law school for CWM ® Certification.
AAFM® CEO George Mentz, Esq. has discussed these exam requirements with the Wall Street Journal and also with other media outlets. Mentz is the CEO of the AAFM®, but also is an author, speaker, and writer for various financial news and media outlets while Mentz also owns a web-media company. Mentz has stated that, "It is our goal to forever raise the standards and change the way that professionals are certified with designations by being a global leader and advocate for: accredited program exams and assessment.
The AAFM®, under legal articulation agreements, will still award the MFP credential to those who complete a qualifying 'Double Accredited Program" at either an ACBSP or ACBSP Program. (These are the nations top 2 accrediting bodies) which represent roughly the top 15% of all CHEA recognized business schools worldwide. The AAFM ® recognizes over 800 such degree programs which offer exams and courses.
The CWM ® is a graduate credential that has always required an accredited college degree exams and education. Other designations over the last 3-5 years, are now also requiring a college education and degree. While designations such as CFP® and CHFC® focus their programs on US related topics in: Investments, Tax, Estate Planning, Retirement, the world is changing quickly and so are the knowledge areas for financial advisors. As an example, the AAFM® CWM® Wealth Management program goes beyond the regular 5 topics to cover these 12 key global financial areas: 1. Estate Planning and Trusts 2. Asset Management 3. Portfolio Management 4. International Taxation 5. Retirement Law 6. Economics 7. Investments 8. Money and Banking 9. High Net Worth Consulting 10. Relationship Management, Compliance, and Ethics 11. Business Entities & Organizations 12. Risk Management and Insurance. These areas are covered with an international focus. The AAFM ® also offers a MFP ® masters program in financial planning and an accredited financial analyst program
The CWM® and AAFM® Programs are active in Asia, Africa, Middle East, Latin American and more. Presently, there are over 10,000 people certified in wealth management worldwide. The AAFM exams in the USA are conducted by government backed institutions or accredited programs.
The AAFM® is a standards and certification board and "certification accreditation council". The AAFM does not have plans to recognize any programs beyond ACBSP, AACSB, and the ABA as these represent the top 1000 accredited bodies around the world for graduate programs.
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