CFP Board Candidate Open Forum

  • 1.  WMCP Vs. Certification Program

    Posted 08-20-2019 18:49
    Hello

    I am wondering if there are any seasoned planners or RIA's who can advise me on complementing my CFP® Designation as I want to concentrate on wealth/portfoilio management.
    My choices are between obtaining the WMCP Designation or obtaining a certificate through Wharton University's Asset Management Program and which might give me more knowledge and thus, a better benefit?

    Thanks in advance if you can advise.

    Darin

    ------------------------------
    Darin Doty
    Independent Contractor
    Primerica Financial Services & International Advisor
    Querétaro
    830 387-4055

    ------------------------------


  • 2.  RE: WMCP Vs. Certification Program

    Posted 08-21-2019 10:53
    Edited by Gary Wedge 08-21-2019 10:54
    Hi Darin,

    While I do not have the WMCP designation, I do own an RIA. In reading about the WMCP designation, it appears to be redundant in what a CFP® professional should able to achieve within their own skill set. In truth, if you want to focus on portfolio management you should obtain your CFA. That's what those folks do. 

    As you know, managing wealth is only a part of financial planning. Our industry is very good at making it appear to be the only part, or the most important. That is simply untrue. Do you want to be a financial planner or a professional money manager? It's hard to be both. I might add the computers are inexpensive and getting better everyday at the money manager part.

    You may want to evaluate your long-term ability to compete with these platforms in terms of performance and cost for your clients. My own thought is this will become even more difficult as these technologies continue to evolve. This type of management can work well with satellite portfolios. Both passive and active styles are available.

    In summary, you may already know what you need to know to add value for your clients. I would evaluate that first before spending $3K for a designation. This is strictly some advice, which is what you requested.

    Good luck!

    ------------------------------
    Gary Wedge, CFP®
    Registered Investment Adviser
    NewAge Advisors
    ------------------------------