Certifications For A Financial Advisor

Tuesday, October 01 2019, Contributed By: NJ Publications

Your 2 year old baby is ill. You are new to the city and do not know much about the local doctors. Your heartthrob has not had anything since 24 hrs and you have to take him to a doctor. On googling, you get 3 options in your area; Dr Anil Karmakar, MBBS, DCH, MD (PED.), Dr Sunil Pandey, MBBS and Dr Ajay Bhatia, MBBS, MD (Ortho). Which of the above will you go to see? The obvious answer would be Dr Karmakar, who is a specialist in child health, and not Dr Pandey, who hasn't obtained any other specialisation or Dr Bhatia, who is a specialist in Orthopedics. Similarly, when someone is looking to consult an advisor for his hard earned money, whom would he approach? A B.Com graduate or a B.Com graduate with a CFP or a CWM certification? The answer is simple, the person will choose the latter, because he is a specialist in the field.

A certification attached to the name of an advisor creates an impression in the mind of the client even before meeting him personally, and as they say "First impression is the Last impression". So in order to make a lasting first impression, it is very important to acquire knowledge and certifications which will make you a specialist in your domain.

In the modern day competition, you have to go an extra mile to stand out of the crowd. You need to gain knowledge and keep yourself updated with the latest developments in the advisory field. And certifications will help you renovate your knowledge and skill repository. There are various institutions offering numerous courses and certifications for financial advisors. And each of these courses involve time and money. There are courses which cover financial advisory on the whole and then there are specialised courses which focus on specific areas like estate planning, retirement management courses, etc. You have to pick and choose the right fit according to your expertise and target areas.

Following are a few certifications which you can pursue to enhance your knowledge and name:

NISM VA-Mutual Fund Distributor Certification Examination: It is a mandatory exam for anyone who want to make a career in the mutual fund industry to take this exam. The objective of the exam is to familiarize the candidate with the basics of mutual funds. It is conducted by NISM, which is the regulating body of Mutual Funds in India. Hence, for any advisor the first step is to acquaint himself himself with the fundamentals of Mutual Funds, take and pass the NISM VA-Mutual Fund Distributor Certification Examination exam and become an advisor.

Just like an MBBS is not enough for a doctor, he needs a masters degree to enhance his knowledge and gain recognition. Likewise, an NISM VA-Mutual Fund Distributor Certification Examination exam is not enough, you need to enhance your knowledge through further certifications.

CFPCM: A Certified Financial Planner certification is the most prestigious accreditation in the field of financial advisory and financial planning. CFPCM is a trademark of specialisation in personal finance for individuals and small businesses. This course is accepted and recognised worldwide and FPSB India awards the CFPCM certification in India through an agreement with FPSB Ltd. You must fulfill the following criteria for this certification:

  • You must be 12th pass at the time of enrollment and must pass the 5 module CFPCM Certification Education Program through an Authorized Education Partner and pass corresponding Exam 1-4 facilitated by NSE.
  • Pass the CFPCM Exam, which demonstrates that you possess the required level of competency to apply your knowledge to real life financial planning situations.
  • Either Pre or Post CFPCM examination(3 Years for Graduates & 5 Years for Non-Graduates)
  • After meeting the above criteria, you must agree to abide by FPSB India's Code of Ethics and Rules of Professional Conduct, Practice Standards and Disciplinary Rules and Procedures.
  • Once Certified, you must fulfill the Continuous Education requirement to stay current on Financial Planning strategies, products and trends affecting their clients. This will help you keep yourself abreast of the developments in the Financial Planning field.

CWM: The Chartered Wealth Manager Certification is the only Wealth Management Certification in India and is the most prestigious and internationally accepted Wealth Management Certification. This course aims to polish your wealth management skills as required by the industry and focuses on Investment Strategies, Life Cycle Management, Intergenerational Wealth Transfer, Relationship Management, Behavioral Finance, Alternative Products, Real Estate Valuation and Global Taxation. This certification is provided by the American Academy of Financial ManagementTM.

In India, the ultra High Net Worth population is growing, and therefore the need for Chartered Wealth Managers is also growing. Wealth Management is one of the fastest growing and highly paid careers. The course helps advisors to to gain in depth knowledge of advising HNIs and ultra HNIs on managing, growing and transferring their wealth. Registration Pathways:

  • Compulsory Pathway: The eligibility criterion to register through Compulsory Pathway is that the candidate must have passed minimum 12 Standard.
  • Experience Pathway: The eligibility criterion to register through Experience Pathway is that the candidate must have passed Graduation with 3 years of minimum work experience.

CTEP: The Chartered Trust and Estate PlannerTM focuses on Estate and Trust Planning. This course deals with all the aspects of Estate Planning and Trust Planning like Asset Protection, Intergenerational Wealth Transfer, Succession Planning, Creation of Trusts, Trust Management, International Trust Structures, Philanthropic Planning, Cross Border Estate Planning, Maintenance of Dependents and Estate Tax Planning issues Globally. The participants get in depth view of Wills, Power of Attorneys and Succession Laws etc.

So, in our example you wanted to go and see a Child specialist for your 2 year old baby. Similarly, if someone is looking forward to transfer his huge estate to his heirs, he would choose an advisor who has a CTEP certification. So, if Trust and estate planning is your cup of tea, so it is wise to perfect your skills by going for this certification.Succession and inheritance laws are very complicated in India and people are moving in the direction of availing professional services for the same in order to avoid complications later. Therefore the need for CTEPs are on the increase. This course is certified by AAFM India.

We, at NJ offer comprehensive training programmes for the above courses in addition to the basic trainings. We assist you in the registration process, provide detailed course material, practice questions and classroom trainings. NJ aims to create a force of quality financial advisors who possess the right knowledge to offer the excellent advisory services.

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