What Is a Wealth Management Certified Professional?
Financial advising comprises far more than selecting the right stocks and assets or giving out stock tips.
Well-rounded advisors consider all factors that can affect your objectives, like economic conditions, individual goals for retirement, or even inflation.
This means they will help you find a strategy to meet those needs, whether through selecting securities or asset classes for investment.
They help people plan for retirement and manage their estates and investments. They also offer other services, such as saving money to buy a home or fund one’s children's education.
The wealth management certified professional (WMCP) designation indicates that a financial advisor has studied all these topics and can provide comprehensive consultation to help clients reach their goals.
It is a designation awarded to professionals who meet or exceed specific requirements related to wealth management.
The WMCP certification is the lowest-level designation offered by the American College of Financial Services (ACFS). It can be used as a stepping stone to other professional certifications and licenses, such as CPA or FINRA memberships.
The program has been offered since 2017 for financial advisors, investors, and anyone interested in asset management. You will learn how to identify goals with your clients while managing the risks of their investment portfolios effectively.
How to Become a WMCP?
To qualify for the WMCP program, applicants must first have one year of full-time experience in the business. A longer period or part-time work can also satisfy this requirement if it is relevant and accredited by an educational institution.
The program consists of college-level courses. These are self-paced and online, with video lectures and interactive texts for study convenience - all in one place. There are also plenty of practice exams to help you prepare before taking them.
Applicants have four hours to answer 150 questions on an exam proctored by ACFS employees (with one year allowed for completion). The certificate can be earned in six months if the applicants spend 10 hours a week on the coursework.
The course’s main focus comprises four topics: investment tools, investment theory, different investment accounts, and application and strategies.
The total cost of the program, which includes study materials, exam fees, and certificates, is $3,150. But you can save $455 by paying the entire amount upfront.
WMCP certificate holders should renew their certificates every two years. This requires taking 30 hours of continuing education and passing a recertification test.
For more information about the program or to enroll, click here.
Other Comparable Certifications
Aside from WMCP, other similar accreditations and certifications can be taken. These include:
- Accredited Financial Counselor (AFC): This certification is offered by the College of Financial Planning. It covers mostly the same topics as WMCP, requires a year of study, and costs $1,300.
- Accredited Wealth Management Advisor (AWMS): This certification is also offered by the College for Financial Planning. It costs $1,300, but the program is less demanding than AWMS and WMCP.
- Accredited Asset Management Specialist (AAMS): This certification is offered by the non-profit Association for Financial Counseling and Planning Education. It costs $1,300 and requires 1,000 hours of experience in financial advising.
Why Are Wealth Management Certifications Important?
Wealth management certifications are important because they ensure wealth managers have the skills to provide comprehensive wealth management services.
They also indicate that wealth managers are up-to-date on the latest wealth management practices and theories.
Certifications also offer a way for wealth managers to differentiate themselves from their competitors.
Certifications can help employers identify qualified candidates for wealth management positions, meaning it helps set you apart from other professionals in the field.
Certificates like WMCP can prove crucial when working in wealth management. They show that you have the proper skills and knowledge to do your job well.
If you want to become a wealth management certified professional, enrolling in a wealth management certification program is a great way to start your career on the right foot.
The Bottom Line
Earning wealth management certification can help you launch or further your career in wealth management.
The WMCP program offered by the American College of Financial Services is one option for those interested in obtaining wealth management certification.
The program is self-paced and online. The certificate can be earned in six months if applicants spend ten hours a week on the coursework. The certificates require renewal every two years.
FAQs
1. How long will it take to complete the program?
Six to eight months if you spend eight to ten hours a week on the coursework.
2. How much time do I have to finish the program?
Twelve months upon enrollment.
3. How much does the whole program and certification cost?
The cost of the program, which includes study materials, exam fees, and certificates, is $3,150. There is a six-month installment plan available. But you can save $455 by paying the entire amount up front ($2,695).
