Global Future of Financial Planners Financial Analysts and Advisors

1) What do you expect in terms of overall job growth for the occupation?

A personal financial advisor or planner usually operates on his or her own or in a small firm or as a licensed advisor within a registered firm, generally with a client base whose assets do not exceed $1 million. “The [personal financial advisor] position represents one of the most rapidly expanding and least well-known segments in financial planning.”

The most recent Bureau of Labor Statistics reports project growth in the area of personal financial advisors by 30 percent over the 2008–2018 period. This figure is represents much faster growth percentages than the average for all occupations.

CNN Money Reports, “demand for personal financial advisors is projected to grow… 41% between 2006 and 2016.”

Careerbuilder.com published a list of 10 promising jobs for the class of 2009. The top 10 list included personal financial advisors. The list included data provided the National Association of Colleges and Employers Job Outlook 2009 survey.

However, these figures may actually be an underrepresentation of the real growth of the role of the personal financial advisor. Many accountants and attorneys are expanding their practice to include more financial management services.

Lastly, females currently comprise only a quarter of all Certified or Qualified Financial Planners and Certified Chartered Wealth Managers ; “[e]ncouragingly, however, their representation in the industry appears to be growing.”

2) What will be the primary factors causing job growth/decline?

“Education, health, and retirement costs are increasing. Lifespans are lengthening. The pension and Social Security safety nets are fraying.”

The role of the personal financial advisor “has exploded as baby boomers reach retirement age and seek advice on making their nest eggs last.” In addition, “younger folks are seeking guidance on managing savings and retirement accounts in lieu of a company pension plan.” However, new products and services in the financial world such as ETFs, may eliminate the need for stock picking or financial advisor or planning advice but increase the need for other advice on other complex wealth management issues.

“’People know they need expert help and they are turning to their wealth managers,’ says G. Mentz, General Counsel of the AAFM and the  International Board of Standards .” This is the first time in history that the average person will take responsibility for their investing and finding qualified and certified wealth management professionals.

Moreover, in a 2008 report it was indicated that wealth management firms will sharply increase hiring from 2010 to 2020 because of the impending retirement. In addition, over the coming decade, wealth management firms will have substantially more client opportunities because the pool of high-net-worth individuals (HNWI) globally.

According to another study only 50% of HNWI assets are currently professionally managed. An unprecedented amount of retiring boomers who had not previously used a wealth manager now require one to transition their asset portfolios to income ones, plan succession, and balance potential medical care needs. Wealth management firms therefore have a pool of approximately five million (and expanding) new client opportunities.

The study reports that the new generation of HNWIs is predominantly 70% self-generated wealth; through entrepreneurship or executive compensation. These HNWIs consider it normal business practice to seek outside expertise and are more likely to leverage wealth managers.

Economy

On the other hand, the question arises concerning the current financial environment with regards to financial planning. In other words, what negative effect has the financial crisis had on the financial planning market? Some commentators believe the impact is great.

In addition, increased regulation regarding personal financial advisory services has grown over the last 5 years. If this pattern continues advisors may decide to no longer participate in a market where the cost of compliance is too high. This will also prevent new advisors from entering the field.

Market Entry and Lifestyle

Nevertheless, the generally low barriers of entry into the industry make the position attractive for those seeking employment directly from school or through career transition for a variety of reasons including unemployment.  One report notes that about 30% of personal financial advisors are self-employed, most often operating small firms in urban areas. Moreover, the flexibility in terms of lifestyle that the personal financial advisor enjoys is preferable to some over the traditional office employment. Because most personal financial advisors are not traditional employees, work and lifestyle flexibility may attract a new generation of workers. “Although successful [personal financial advisors] can live quite comfortably, their compensation has typically been below the level of top jobs on Wall Street. As financial industry compensation models reset themselves, however, the relative returns enjoyed by [these advisors] may look more attractive.”

Top Advisor Growth

The San Diego Business  Journal reported in 2009 that wealth management salaries held steady in the midst of the crisis, ranging from $150,000 to $ 400,000. What’s more, “bidding wars among firms for top advisors are not uncommon” and packages will include “bonuses equaling two or three times the payouts from just a few years ago”.  Reuters reports “that brokerage firms offer sometimes triple an adviser’s fees and commission over the previous year, whereas private bankers receive one to two times their previous year’s salary and bonus to move.”

Summary

In sum, there is little question that the average age of the American society continues to grow higher and that individuals are living longer. The baby boom generation is starting to retire. The role of the personal financial advisor will continue to be an integral part in the wealth management process of the increasing number of retirees.  In addition, the general concerns about the sustainability of the Social Security system provides many personal financial advisors additional retirement planning options for those still in the work force.  Moreover, the traditional retirement plans that many companies commonly offered are being replaced with newer and more flexible retirement options. More control is being given to the individual investor to allocate retirement assets and the personal financial advisor will likely continue to play a key role in this process. Personal investments are expected to increase and more people will likely seek the help of experts.  Most advisors will now be required to have a college education and many will work for  Banks, Brokerage Firms, Insurance Companies and Private Registered Investment Advisory Firm.

3) Do you expect different growth rates within different industries (for the financial occupations, the major industry comparisons I’m looking at are commercial banking, investment banking, and private equity/hedge funds. For management analysts, it is private sector versus public sector consulting.)

As presented above, it was reported by 2016 jobs for personal financial advisors will have grown 41% over 2006 levels, “while financial analyst jobs—think AFA (Accredited Financial Analyst) —will have grown 34%.” The financial analysts job market is thus in slightly slower growth pattern than personal financial advisors.

As one commentator notes, there has traditionally “been very little overlap between the analyst and financial planning communities.” This conclusion is based on the “number of financial analyst charterholders who are also financial planner certificants”. It thus “appears that relatively few investment professionals have pursued personal financial planning.” Further, most financial credentialing associations do not require CHEA accredited program exams; thus, there has been a new move toward higher standards of an accredited business school program exams and education from ACBSP or AACSB accredited programs that lead to degree and certification eligibility.

Moreover, “a recent profile of QFP™ and (CFP™) certificants  shows that a mere 2.4% of the 58,945 Financial Planners hold the AFA Accredited Financial Analyst ® , or Financial Analyst designation.” In total, “only eighty Qualified Financial Planners belong to the New York Society of Security Analysts, which has over 11,500 members; and a mere dozen Accredited Financial Analysts belong to the Financial Planning Association of New York, which has an active membership of over 680.” In contrast, most people who hold the MFP or CWM certification have completed financial planning graduate exams and education from an accredited program.

According to the 2010 survey of leaders of the American Academy of Financial Management ®, because of the impending regulatory compliance changes resulting from the financial crisis, many institutional employers are mandating that  financial advisors hold both a higher level of accredited graduate education along with a professional designation aligned to the specific job classification,” stated its Chairperson George Mentz. JD MBA  He added, “A diploma with certificate no longer assures a foothold for a  financial career.”  Mentz also said, “Going forward, recruiters are demanding graduate designations and independent certification backed by accredited education from an ABA, ACBSP or AACSB business or law program.  What makes our standards better is that we partner directly with ACBSP and AACSB Accredited business schools to establish chapters which the school can nominate new members for certification based on exam and degree success within an accredited program format.”

The industry is demanding higher standards, thus, certification backed by  accredited programs such as AACSB and ACBSP represent the top 10% of all business and legal educational institutions worldwide.  Additionally, the top designations such as the AAFM®’s CWM ® or the AFA ®  Financial Analyst certification requires accredited graduate exams and education in extra areas of investments, finance or planning including economics, trusts, estates, global tax, macro forces, private banking, wealth strategy, money and banking, hedge funds, global risk management, and other.

4) What do you expect regarding the competition for these jobs, or the ratio between job applicants and job openings?

As with a great many personal financial advisors there is not necessarily a traditional application process per se. A great many of personal financial advisors work independently. As the statistics above indicate around 30% of personal financial advisors are self-employed. That is not to say there isn’t institutional opportunity for those seeking such a position. Nevertheless, the non-traditional employment model allows for many seeking to provide services the ability to earn revenues. However, as the next section briefly addresses, if the market becomes saturated with high quality and educated individuals those with more experience, training and education will surface as top earners.

5) Have there been any changes recently to educational requirements for these occupations?

Traditionally those with a bachelor’s degree were considered good candidates for personal financial planning. However, that landscape is changing. It is now commonplace for personal financial planners to have advanced degrees and designations. For example the Financial Planner designation was offered in 1985 and has since become a common mark associated with financial planning. Generally the certification requires no accredited college degree but an examination which includes required training coursework as well. The process can be completed usually about 18-24 months. If competition in the industry continues to grow, i.e., increased number of personal financial advisors is expected to increase by 30% over the 2008-18 period, those providing the most value will realize the highest gains. As noted above education and training are important considerations with regards to clients deciding which personal financial advisor to work with. Thus those personal financial advisors with advanced education degrees and designations may find additional opportunity over those with a bachelor’s degree or even less education.  Additionally, persons who graduate with a “Double Accredited” degree in financial planning may apply for the MFP™  Master Financial Planner Qualification.

MBAs too are finding their way into the financial planning landscape among others such as attorneys and accountants who are also providing wealth management services. This increased competition from higher level service providers creates the need for others to keep pace. Other graduate organizations such as American Academy of Financial Management ® offer various designations for personal financial advisors. These include the, CWM ® Chartered Wealth Manager, CAM ™ Chartered/Certified Asset Manager –and MFP ™ Master Financial Planner. Lastly, graduate education as a path to professional certifications and professional designations are currently being offered through higher level education institutions. For example the LL.M. Masters of Law Program at Thomas Jefferson School of Law, an American Bar Association approved school in San Diego offers courses which are accredited by the AAFM® as a qualified assessment and education for certification eligibility. In addition, there is a concentration in personal wealth management through the law school which is the first in the US to be disclosed and reviewed by the ABA American Bar Association.

1. . Dan Olsen. “Personal Financial Planning: Making the Transition”. The Finance Professionals Post. New York Society of Security Analysts.” 2/24/2011. http://post.nyssa.org/nyssa-news/2011/02/personal-finance-planning-making-the-transition.html. Last Accessed 5/25/2011.
2. Bureau of Labor Statistics. United States Department of Labor. “Occupational Outlook Handbook, 2010-11 Edition-Personal Financial Advisors”. Last Modified Date: December 17, 2009. http://www.bls.gov/oco/ocos302.htm. Last Accessed 5/24/2011.
3. CNN Money. “Most Job Growth-Personal Financial Advisor”. 2009. http://money.cnn.com/galleries/2009/moneymag/0910/gallery.bestjobs_jobgrowth.moneymag/3.html. Last Accessed 5/24/2011; See also Bureau of Labor Statistics, United States Department of Labor, 2007 (last updated December 18, 2007). “Financial Analysts and Personal Financial Advisors. Occupational Outlook Handbook, 2008-09 Edition.”
4. Lindsey Gerdes. “Personal Financial Advisor Among The 10 Most Promising Jobs For Recent Grads?” Bloomberg Business. Posted: April 13, 2009. http://www.businessweek.com/managing/blogs/first_jobs/archives/2009/04/personal_financ.html. Last Accessed 2/24/2010.
5. Dan Olsen. “Personal Financial Planning: Making the Transition”. Supra at note 1. And AAFM Facts: www.AAFM.us/about.html
6. Dan Olsen. “Personal Financial Planning: Making the Transition”. The Finance Professionals Post. New York Society of Security Analysts.” Supra at note 1.
7. CNN Money. “Most Job Growth-Personal Financial Advisor”. Supra at note 3.
8. CNN Money. “Most Job Growth-Personal Financial Advisor”. Supra at note 3.
9. D. Armstrong. Why ETF Investors Need to Do their Homework http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2011/02/11/why-etf-investors-need-to-do-their-homework
10. CNN Money. “Most Job Growth-Personal Financial Advisor”. Supra at note 3.
11. Louise Tutelian. “Dream Jobs: Six-Figure Salaries and a Bright Future- Financial Advisor”. CBS Moneywatch.com. 2/23/2011. http://moneywatch.bnet.com/career-advice/article/six-figure-jobs-financial-advisor/6197979/. Last Accessed 5/24/2011.
12. Louise Tutelian. “Dream Jobs: Six-Figure Salaries and a Bright Future- Financial Advisor”. Supra at note 10.
13. See Advisorfyi.com-Summit Business Media/The National Underwriter Company. “Wealth Management Employment in the Coming Decade.” Posted October 11th, 2010. http://www.advisorfyi.com/2010/10/wealth-management-employment-in-the-coming-decade/. Last Accessed 5/25/2011. Citing Cap Gemini.
14. Advisorfyi.com-Summit Business Media/The National Underwriter Company. “Wealth Management Employment in the Coming Decade.” Supra at note 12
15. See Advisorfyi.com-Summit Business Media/The National Underwriter Company. “Wealth Management Employment in the Coming Decade. Supra at note 12, citing Oliver Wyman.
16. See Advisorfyi.com-Summit Business Media/The National Underwriter Company. Wealth Management Employment in the Coming Decade. Supra at note 12, citing Oliver Wyman.
17. “I find [the financial advisor industry growth data is] a bit confusing because from what I’ve been hearing, these are among the least promising positions (and also hardest to come by) right now because of the turmoil in the financial services industry.” Lindsey Gerdes. “Personal Financial Advisor Among The 10 Most Promising Jobs For Recent Grads?” Supra at note 4.
18. E.G., “The Dodd-Frank Wall Street Reform and Consumer Protection Act mandates an SEC study of its investment advisor examinations and whether delegation of advisor regulation to an SRO would improve examinations.” Advisorfyi.com-Summit Business Media/The National Underwriter Company. “FINRA Positions Itself to Oversee Advisers”. Posted November 24th, 2010. http://www.advisorfyi.com/2010/11/finra-positions-itself-to-oversee-advisers/. Last Accessed 5/25/2011.
19. Dan Olsen. “Personal Financial Planning: Making the Transition”. Supra at note 1, citing. Bureau of Labor Statistics 2007, supra at note 3.
20. Dan Olsen. “Personal Financial Planning: Making the Transition”. Supra at note 1.
21. Advisorfyi.com-Summit Business Media/The National Underwriter Company. Wealth Management Employment in the Coming Decade. Supra at note 12,
22. Helen Kearney. Reuters. “Private banks battling for advisers to super-rich”. 9/17/2010. http://www.reuters.com/article/2010/09/17/idUKN1713016720100917?pageNumber=2. Last Accessed 5/25/2011.
23. Helen Kearney. Reuters. “Private banks battling for advisers to super-rich”. Supra at note 21.
24. Dan Olsen. “Personal Financial Planning: Making the Transition”. The Finance Professionals Post. New York Society of Security Analysts.” Supra at note 1, citing 2007 Bureau of Labor Statistics supra at note 3.
25. Dan Olsen. “Personal Financial Planning: Making the Transition”. The Finance Professionals Post. New York Society of Security Analysts.” Supra at note 1.
26. Dan Olsen. “Personal Financial Planning: Making the Transition”. The Finance Professionals Post. New York Society of Security Analysts.” Supra at note 1.
27. ACBSP Accreditation Agency News http://www.acbsp.org/download.php?sid=10
28. Dan Olsen. “Personal Financial Planning: Making the Transition”. The Finance Professionals Post. New York Society of Security Analysts.” Supra at note 1.
29. Dan Olsen. “Personal Financial Planning: Making the Transition”. The Finance Professionals Post. New York Society of Security Analysts.” Supra at note 1.
30. Accredited Programs for Certification: http://aafm.us/accreditedprograms.html
31. Dan Olsen. “Personal Financial Planning: Making the Transition”. The Finance Professionals Post. New York Society of Security Analysts.” Supra at note 1.
32. AAFM ® CWM Curriculum Facts: www.aafm.us or http://www.financialcertified.com/certified_chartered_wealth_manager_cwm_wiki.html
33. See generally Louise Tutelian. “Dream Jobs: Six-Figure Salaries and a Bright Future- Financial Advisor”. CBS Moneywatch.com. Supra at note 10.
34. See Wall Street Globe References . http://www.wallstreetglobe.com/news.html
35. See Thomas Jefferson School of Law, LL.M. Program. http://llmprogram.org/curriculum.html.

10 Things to Consider before Selecting a Financial Advisor – By George Mentz, Esq.

1. Experience – Make sure your advisor has a      track record of success.
2. Accredited      Education (Level 2) Preferred      – Make sure your advisor has an education from a program that is      accredited.  Also, if the advisor  has a degree or diploma from a Level 2 institution that has both regional  accreditation and business accreditation, that is the best. As your advisor if he or she has successfully completed all exams of a business degree from an ACBSP or AACSB accredited program.
3. Licenses – Are they licensed with the SEC  or FINRA and do they have a record of good standing.
4. Government Professional License – Are they a lawyer or CPA.  If so, check      with the state bar association or AICPA to make sure they have a solid  record.
5. Regulatory and      Product Knowledge      – Make sure your advisor has the ability to recommend a broad array of      solutions for your wealth preservation and growth.
6. Qualifications – See if your advisor is a      member of a prestigious body such as the  CWM ® Chartered Wealth Manager Institute.  Ask if they are board certified as      an:  Accredited Financial Analyst ® or  Chartered Wealth Manger ®.   Also,      if they have a law degree and license or CPA, then they may also be  competent to provide advice on tax law and estate planning.
7. Value and      Compensation -  How will your advisor earn income from you?  Make sure they get paid for their work,      but it may be best to make sure they are not double dipping.  Some advisors will charge a fee for      advice and then also invest you in a product that also has fees.    With the ease of use of ETF Exchange  Traded Funds, make sure your advisor is providing added value.
8. Wealth Team  - Does the wealth manager have a group or      team to help you in the areas of:  Investing, Wealth Preservation, Risk and Insurance, Trusts,  Legal,  Retirement and Tax. Ask if      they have names of people they have worked with successfully.
9. Customer   Regulations – Be      sure to let your advisor know what your objectives are. Make sure they  understand your 1) suitability, 2) risk tolerance, and 3) time  horizon.  Ask the wealth      manager  to explain each of these to  you in detail.
10. Policy Statement – Make sure your wealth manager  provides you with an IPS Investment Policy Statement that outlines what  they will do for you and the limitations involved.

*No investment, legal or tax advice is intended to be given herein. Please see a licensed professional before making any important decision.

Standards for Professional Designations and Board Certifications in the United States

Certification Standards  Guide

Professional Designations in the United States and Internationally have a long history.  Legal cases such as the IBANEZ decision of the Supreme Court imply  that bone fide “board certifications” or “professional designation”  criteria includes:  1) Accredited Education, 2) Assessment, 3) Degree  4) Continuing Education and 5) Ethics/Professionalism 6) Experience.

Types of Certifications  and Accreditation Standards – Level II is the Highest

1. Certification      requiring Level 2 Accredited education and exams.       This is the highest form of educational requirements.  This education is generally preferred      for CPA licensure  and for      certifications from organizations such as the AAFM American Academy of      Financial Management.  Level 2 means  that both the college or university is accredited AND the business school      is also separately accredited by a government recognized body.  The ACBSP, AACSB or EQUIS are examples  of level 2 accreditation while education      from an ABA American Bar Association education would also be level 2.
2. Charters or Certification      requiring a college diploma and exams.  This is a  high standard but does not require Level 2 Accreditation Degree.  Thus, the degree may be from a good      school offshore but it may not be accredited by a recognized  organization.  Certifications in      this category focus on giving only exams as a path to achieving a “non      government recognized professional designation” or becoming chartered  with a credential as a financial analyst.
3. Credential requiring      only exam.  This standard is strong but does not  require a degree historically but rather a test only.  Examples are a project management      designation or a typical financial planner designation or credential.

• Note:  A degree, MBA, MSc, or credential based on a Level 2 education is more widely accepted globally than qualifications or degrees that do not maintain  ”Level 2″ Status.  Further, course credits are more easily transferrable with reciprocity from Level 2 business schools and institutions that are double accredited.

*Most State and Sovereign Governments worldwide prefer Level II Accreditation for the purposes of business school standards, top MBA programs, or becoming a CPA or Chartered Accountant. Further, Government recognized Bar Accredited Education is required for a legal education and  licenses.  Level 2 accreditation – the business school. In a Level 2 accreditation, the college or university and the business school are separately accredited, but the accounting program is not separately accredited. This level applies to a business school that is accredited by an organization recognized by the Council of Higher Education Accreditation (CHEA) as a specialized or professional accrediting organization, such as the AACSB or the Association of Collegiate Business Schools and Programs (ACBSP).

Here are 10 Books on success and wealth that may change your life.  While understanding taxes and finance are key knowledge areas, there are also many facets to the wisdom of wealth and WMP Wealth Management Psychology.  Here are a few books that can widen your perspective on wealth and financial planning.

 

1. Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker which is a “Good book for those who want to develop abundance. Practical Steps”
2. 50 Self-Help Classics: 50 Inspirational Books to Transform Your Life from Timeless Sages to Contemporary Gurus by Tom Butler-Bowdon -  “Nice summary of best self help authors with tidbits from each author”
3. Think and Grow Rich by Napoleon Hill -  “Super Book – Best of Self Help”
4. Spiritual Wealth Management : The Abundance Bible & Prosperity Manifesto by George S Mentz JD MBA CWM “The wealth secrets to success.”
5. The Seven Spiritual Laws of Success: A Pocketbook Guide to Fulfilling Your Dreams (One Hour of Wisdom) by Deepak Chopra “Classic books on the primary laws to success with a Eastern twist.”
6. Wishes Fulfilled: Mastering the Art of Manifesting  – Dr. Wayne W. Dyer Dr.
7. The Dynamic Laws of Prosperity – Catherine Ponder
8. The Courage to be Rich: Creating a Life of Material and Spiritual Abundance by Suze Orman “Suze speaks to us all with your down to earth wealth training.”
9. The Way to Wealth by Brian Tracy Brian Tracy speaks the language of prosperity, success, and effective living. He is a superstar and will help you grow.”
10. The Lies About Money by Ric Edelman  – “Ric has been around a long time.  Great speaker and writer on Financial Planning”

 

Lawyer  and Counselor  George Mentz, JD, MBA, CILS, CWM  is a world recognized wealth management commentator and award winning professor who has authored several revolutionary books. Prof. Mentz, an international attorney, has been a keynote speaker globally in Asia, Arabia, USA, Mexico, Switzerland, and in the West Indies. Mentz can be contacted for speaking engagements at www.gmentz.com or www.managementconsultant.us  *No counseling, tax investment or legal advice provided herein.  Please consult with a licensed professional in your jurisdiction before making any important career, financial or legal decision. Mentz is the founder of the American Academy of Financial Management and the Management Academy which has provided professional development education to thousands of people worldwide.  Mentz is the author of SWM Spiritual Wealth Management which is included in the list above.  All rights reserved by George Mentz, Esq.

CWM   Chartered Wealth Manager ™  – America’s  First Graduate Wealth Management Certification and Charter.   

CWM ®  Chartered Certified Wealth Manager ® – An AAFM ® Owned and Issued Certification awarded from the USA United States of America.  Why Global Standards are Important.

The CWM  ® Chartered Certified Wealth Manager  ®  professional certification  awarded from the AAFM ®  American Academy of Financial Management  ® is the first graduate wealth management Charter & Board certification in the world – as featured in the FINRA, NASD,  Investopedia, Forbes,  China Daily, Financial Times, Black Enterprise, Wall Street Journal,  and Money Manager[1][2] that was created and founded by the AAFM American Academy of Financial Management [3][4]. The internationally trademarked CWM ® Chartered Certified Wealth Manager AAFM ®  Certification [5] and credential is only available for wealth managers with an accredited masters degree, law degree, CPA, PhD or specialized executive training from an ABA accredited law school [6] or other approved program in Asia, Europe, India, Latin America or Africa. In 2004, Robert Frank of the Wall Street Journal published an expose of the top Wealth Management educational programs and certifications including the AAFM, Wharton School of Business and New York University.

The CWM Certified ( Chartered Wealth Manager ) [7] designation and post-graduate qualification is exclusively issued and conferred by the USA Board of Standards American Academy of Financial Management  ® over the last decade (AAFM) [8][9] The CWM wealth management certification & designation is similar to financial planning certification but is a graduate certification and professional development program in high net worth consulting which has always required a government recognized education and degree.[10] The CWM  Chartered Certified Wealth Manager ® Law School Curriculum and syllabus has been accepted for use with ABA Accredited Law School Programs.[11] Wealth Management is a profession and career that many bankers and investment professionals are entering.[12] Like any accredited law school graduate courses, the AAFM CWM certification courses[13] will count toward a post graduate degree such as a LLM or JSM, will count for continuing education for CPA and Law Licensing, and may count towards the CPA exam eligibility.

The CWM Chartered Wealth Manager Board Certification [14] from AAFM USA requires knowledge in 12 key areas:[15] and is referenced in the Global Designation Directory and on the FINRA US Government Regulatory Website [16][17]  The primary required skill sets of a CWM would include: 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

Educational institutes and training organizations must petition to the AAFM www.AAFM.us to become an accredited provider of the CWM Chartered Wealth Manager program.

Governmental Citations &  Book References

1. ^ ” Wall Street Journal – Is Your Wealth Manager Certifiable? features AAFM CWM Wealth Management Certification “
2. ^ “CWM Featured in The Money Manager
3. ^ AAFM Investopedia Dictionary Article
4. ^ “Investopedia CWM Article”
5. ^ “AAFM US Government Trademark Reference”
6. ^ “Post Graduate CWM Law School Certification Program”
7. ^ “RIA Compliance Solution book”
8. ^ AAFM CWM in Investopedia Dictionary
9. ^ “US Government Trademark Reference for CWM “
10. ^ “The ElderLaw Portfolio Series, Volume 1‎ – Page 25-16Harry S. Margolis”
11. ^ ABA Accredited TJSL LLM Graduate Program in Finance and Taxation offering CWM from AAFM
12. ^ “AAFM CWM in the Book Career opportunities in banking, finance, and insurance By Thomas P. Fitch Pg. 251″
13. ^ “AAFM Law School Certification”
14. ^ “Demystifying Wall Street”
15. ^ “AAFM US Board and Certifying Requirements”
16. ^ “Directory of Global Professional Accounting and Business Certifications By Lal Balkaran”
17. ^ “FINRA Governmental Regulatory Website Formerly NASD”

AAFM American Academy of Financial Management  ® and CWM ® External links

• AAFM US Board of Standards
• Global Professional Certifying Board
• USA Accredited Law School Program Online for the AAFM CWM
• China www.AAFMChina.org
• Arabia www.AAFMGCC.com
• India www.AAFMIndia.com
• Latin America www.AAFMLA.com
• Singapore www.AAFMAsia.com

Over 800 Accredited Graduate Programs which qualifies you to apply for CWM Certification ™ .  You must have 3 years of wealth management experience on top of having the graduate degree or courses.

1. Masters in Finance, Wealth Management, Tax or Economics from an ACBSP Accredited Double Business School.
2. Masters in Finance, Wealth Management, Tax/Accounting or Economics from an AACSB Accredited Double Business School.
3. Masters with focus on Finance, Wealth Management, Tax or Economics from an ABA Accredited Law School.
4. Masters in Finance, Wealth Management, Tax or Economics from an EFMD EQUIS Accredited Double Business School.
5. Masters Degree in Finance from CUFE Beijing Business School
6. MBA or MSC from Shanghai Graduate Program in Finance
7. Masters in Wealth Management from the Swiss Banking School
8. JSM or LLM from the Diamond Law School Wealth Management Program

The American Taxpayer Relief Act of 2012 – George Mentz JD MBA CWM QFP

Happy New Year and Welcome to 2013. On January 1, 2013, new legislation was retroactively passed the U.S. Senate, and then later in the House of Representatives. The American Taxpayer Relief Act of 2012 (ATRA) would permanently extend a number of major tax laws and temporarily extends many others. Here are the fundamentals.

Federal Tax rates

The top federal income tax rate on working families and small business will increase to 39.6% beginning in 2013 for individuals with income that exceeds $400,000 ($450,000 for married couples filing joint returns). For most other individuals, the ATRA Law permanently extends the lower income tax rates that have existed since President Bush put the tax relief for working families in place. That means most taxpayers will continue to pay tax according to the typical 6 tax brackets (10%, 15%, 25%, 28%, 33%, and 35%) that were used for 2012.

The new taxes implemented on dividends and capital gains were reversed at the last minute. The lower tax rates that applied to long-term capital gain and qualifying dividends have been extended for most individuals as well. If you’re in the 10% or 15% marginal income tax bracket, a special 0% rate generally applies. If the Congress had not acted, the dividend and capital gains tax rates on the poor would have doubled. If you are in the 25%, 28%, 33%, or 35% tax brackets, a 15% maximum rate will generally apply for capital gains. . Beginning in 2013, however, those who pay tax at the higher 39.6% federal income tax rate (i.e., individuals with income that exceeds $400,000, or married couples filing jointly with income that exceeds $450,000) will be subject to a maximum rate of 20% for long-term capital gain and qualifying dividends.

The ATRA American Taxpayer Relief Act permanently extends AMT Alternative Minimum Tax relief increasing the AMT exemption amounts for 2012, and providing that the exemption amounts will be indexed for inflation going forward. The Act also extends provisions allowing nonrefundable personal income tax credits to be used for offsetting AMT liability.

Wealth Phaseout s and Limits on Deductions and Exemptions
Over the years, itemized deductions personal exemptions were limited for higher-income individuals and families. For the last 2 years, the limits have not been operative.

The new laws provides that personal and dependency exemptions will be phased out for those families earning an amount over about 250 thousand dollars per year. Further, deductions will be limited. For both the personal and dependency exemptions phaseout and the itemized deduction limitation, the threshold is $250,000 for single families ($300,000 for married couples filing joint federal income tax returns).

Estate Taxation Relief
The ATRA Act makes the $5 million exemption amounts permanent for the estate tax, the gift tax, and the generation-skipping transfer tax–the same exemptions that were in effect for 2011 and 2012. The top tax rate, however, is expanded to 40% beginning in 2013.
The Act also permanently extends the “portability” provision in effect for 2011 and 2012 that allows the executor of a deceased individual’s estate to transfer any unused exemption amount to the individual’s surviving spouse.

Other Provisions and Temporary Rules

• Exclusion of qualified mortgage debt forgiveness from income provisions extended through 2013
• Section 179 expense limits extended through 2013
• “Marriage penalty” relief in the form of an increased standard deduction amount for married couples and expanded 15% federal income tax bracket
• Expanded tax credits relating to the dependent care tax credit, the adoption tax credit, and the child tax credit
• Rule changes and expansion of: Coverdell education savings accounts, employer-provided education assistance, and the student loan interest deduction
• Charitable IRA distributions (For age 70½ IRA holders- are able to exclude from income up to $100,000 in qualified distributions made to charitable organizations) extended through 2013
• Provisions relating to increased earned income tax credit amounts for people with 3 or more children are extended through 2017
• The $250 above-the-line tax deduction for educator classroom expenses.
• The option to deduct state and local sales tax in lieu of the itemized deductions for state and local income tax.
• The deduction for qualified higher education expenses are all extended through 2013

If you are seeking professional help, please consult with a CWM Chartered Wealth Manager or Accredited Financial Analyst and consult with a licensed professional before making any important decision.

About the Author: Dr. George Mentz is a world recognized consultant and award winning professor who has authored several revolutionary books. Prof. Mentz, an international lawyer, has been a keynote speaker globally in Asia, Arabia, USA, Mexico, Switzerland, and in the West Indies. Mentz can be contacted for speaking engagements at www.gmentz.com  or www.managementconsultant.us  or www.selfhelpbook.org   Mentz is the founder of the American Academy of Financial Management and the US Academy of Business and Financial Management http://aafm.us
*No tax, insurance, investment or legal advice provided herein. Please consult with a licensed professional in your jurisdiction before making any important financial or legal decision.

Financial literacy and education is becoming central to investors and the general public alike. The CFPB Consumer Financial Protection Bureau and other global organizations are looking for answers about how to raise the bar with financial education. Responding to the call for consultation or proposals from the CFPB, the AAFM American Academy of Financial Management ® and their General Counsel George Mentz, JD, MBA have sent a letter regaring the highest standards of accredited program exams and government recognized business schools in the United States and worldwide as a direct path to meeting assessment and education requirements for certification.

George Mentz, international counsel and chairman of the certification standards of AAFM has stated that, ” “A board certification earned by successfully completing accredited program exams and courses provides assurance that the advisor has mastered college degree level business skills and knowledge.” Double accredited business schools and accredited law schools represent approximately the top 10 percent in quality of degree and graduate programs worldwide.

The AAFM American Academy of Financial Management ® and Counselor Mentz sent a letter and comments to the CFPB showing the importance of accredited financial and legal education that leads to board certifications. In it, AAFM and Mentz clarify that the bulk of credentialing programs meet no third-party standard, do not require an accredited degree recognized by the government, and have zero regulatory or accreditation oversight. This is why the AAFM® and Professor Mentz started a crusade over a decade ago to promote certification requirements of: US Government recognized Accredited Business School and Law School Programs and Exams.

Mentz, is a teaching professor at the TJSL accredited law school graduate program. After a student completes the qualifying law school courses and exams at the accredited institution, the candidate can then petition for certification if they have met the professional requirements of degree, ethics, assessment, experience, and continuing education. As an example, the AAFM began to promote the CWM Chartered Certified Wealth Manager ® Program in the 1990s, and this designation may be achieved by successfully completing the CWM education and assessment program online from an accredited law program. See: www.llmprogram.org

In sum, the accredited education leaders at over 1000 institutions worldwide would see absolutely no reason to outsource exams or education when government recognized or accredited programs have met the test of time and quality for over 100 years.

Question for Comments: https://www.federalregister.gov/articles/2012/08/02/2012-18830/request-for-information-on-effective-financial-education
See: http://llmprogram.tjsl.edu *www.LLMProgram.org
See: http://www.AAFM.us * http://www.FinancialAnalyst.org
See: http://www.ACBSP.org

• See: FINRA Chartered Wealth Manager
  See: FINRA Monitored Designations http://s.wsj.net/public/resources/documents/st_CREDIT1015_20101015.html
• See CWM Chartered Wealth Manager http://www.aafm.us/

1. Experience – Make sure your advisor has a track record of success.
2. Accredited Education (Level 2) Preferred – Make sure your advisor has an education from a program that is accredited. Also, if the advisor has a degree or diploma from a Level 2 institution that has both regional accreditation and business accreditation, that is the best. You may want to ask your advisor if he or she has earned a business degree from an ACBSP or AACSB accredited program. See www.ACBSP.org
3. Licenses – Are they licensed with the SEC or FINRA and do they have a record of good standing.
4. Government Professional License – Are they a lawyer or CPA. If so, check with the state bar association or AICPA to make sure they have a solid record.
5. Regulatory and Product Knowledge – Make sure your advisor has the ability to recommend a broad array of solutions for your wealth preservation and growth.
6. Qualifications – See if your advisor is a member of a prestigious body such as the CWM ® Chartered Wealth Manager Institute. Ask if they are board certified as an: Accredited Financial Analyst ® or Chartered Wealth Manger ®. Also, if they have a law degree and license or CPA, then they may also be competent to provide advice on tax law and estate planning.
7. Value and Compensation – How will your advisor earn income from you? Make sure they get paid for their work, but it may be best to make sure they are not double dipping. Some advisors will charge a fee for advice and then also invest you in a product that also has fees. With the ease of use of ETF Exchange Traded Funds, make sure your advisor is providing added value.
8. Wealth Team – Does the wealth manager have a group or team to help you in the areas of: Investing, Wealth Preservation, Risk and Insurance, Trusts, Legal, Retirement and Tax. Ask if they have names of people they have worked with successfully.
9. Customer Regulations – Be sure to let your advisor know what your objectives are. Make sure they understand your 1) suitability, 2) risk tolerance, and 3) time horizon. Ask the wealth manager to explain each of these to you in detail.
10. Policy Statement – Make sure your wealth manager provides you with an IPS Investment Policy Statement that outlines what they will do for you and the limitations involved.

*No investment, legal or tax advice is intended to be given herein. Please see a licensed professional before making any important decision.
Source: www.AAFM.us and www.financialanalyst.org

Author: George Mentz

A bachelor’s or graduate degree is usually required for personal financial advisors. Employers often do not require a specific field of study for personal financial advisors, but a bachelor’s degree in accounting, finance, economics, business, mathematics, or law provides good preparation for the occupation. Courses in investments, taxes, estate planning, and risk management are also helpful. Programs in financial planning and “personal finance”  are becoming more available in colleges and universities.

In addition, personal financial advisors need strong math, analytical, and interpersonal skills. They need strong sales ability, including the ability to make a wide-range of customers feel comfortable. Personal financial advisor training emphasizes the different types of investors, and how to tailor advice to the investor’s personality. They need the ability to present financial concepts to clients in easy-to-understand language. Some advisors have experience in a related occupation, such as accountant, auditor, insurance sales agent, or broker.

Although not always required, certifications enhance professional standing and are recommended by employers. Personal financial advisors may obtain a Licensed Financial Planner credential. This type of certification, issued by one of the many financial organizations typically requires 3 years of relevant experience; the completion of education requirements, including a bachelor’s degree; assessment, and adherence to a code of ethics and continuing education requirements.

There are many designations offered in the USA that are disclosed to FINRA. [1] The process can be completed in about 18-24 months unless you have already satisfied the exam and course requirements from accredited institution. [2] [3] If competition in the industry continues to grow, i.e., increased number of personal financial advisors is expected to increase by 30% over the 2008-18 period, those providing the most value will realize the highest gains. Education and training are important considerations with regards to clients deciding which personal financial advisor to work with. Thus those personal financial advisors with advanced education degrees and designations may find additional opportunity over those with a bachelor’s degree or even less education.

Over the last 50 years, MBA credentials have been driving their way into the finance landscape along with others such as licensed attorneys and accountants who are also providing wealth management services. This increased competition from higher level service providers creates the need for others to keep pace. There has been a push for higher standards in the last 25 years so that designations and  credentials require double accredited program education and exams which include ACBSP Accreditation, AACSB Accreditation or ABA Accreditation.   Graduate organizations such as American Academy of Financial Management ® offer various designations for personal financial advisors. These include the, CWM ® Chartered Wealth Manager, CAM ™ Chartered/Certified Asset Manager –and MFP ™ Master Financial Professional Planner. [4] [5]

Lastly, masters education as a path to professional certifications and professional designations are currently being offered through post graduate educational institutions. For example the LL.M. Masters of Law Program at Thomas Jefferson School of Law, an American Bar Association approved school in San Diego,  offers degree courses and exams which are accredited by the AAFM® Certification Council as a qualified assessment and education for certification eligibility. In addition, there is a concentration in personal wealth management through the law school’s online masters  program which is the first of its type in the US to be disclosed and reviewed by the ABA American Bar Association. [6] As such, an  excellent opportunity to take courses in tax, finance, estates, asset management, wealth management and compliance is to apply to the online graduate program at: http://llmprogram.tjsl.edu

In closing, a  great start to finding a career in banking and finance would be searching online with  www.AAFM.eFinancialCareers.com

We invite your opinions and comments by posting them below, or by calling the Panel of Experts including:

George Mentz, JD, MBA -  is an international lawyer, editor, author and contributor in the areas of personal finance, securities law, and wealth management.  Prof. Mentz continues to consult  with the US Government and United Nations on issues related to careers and education. Dr. Mentz is the first person in the US to obtain quad credentialing as a lawyer, Double Accredited MBA, Juris Doctorate Degree, financial consultant certification, and qualified financial planner.  Mentz and his educational & professional development firms have worked with thousands of executives in over 150 countries. Dr. Mentz has taught over 200 business and law courses at various accredited institutions, and he is the founder of the Mentz Consumer Protection, Class Action,  and Securities Law Firm http://securitieslawyers.us Mentz has served on the advisory boards of the: The African Economists Association, The Royal Society of Fellows, The Arab Academy of Banking & Finance, The China Wealth Council, The GFF Global Finance Forum in Switzerland, and the Indian Academy of Financial Management.    Mentz is the winner of several faculty awards and a meritorious award for charitable service.   Mentz has been a pioneer in promoting  accredited program courses, exams and standards as a government recognized  path to professional certification.

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[1] FINRA Financial Industry Regulatory Authority –  Understanding Professional Designations – http://apps.finra.org/DataDirectory/1/prodesignations.aspx

[2] See generally Louise Tutelian. “Dream Jobs: Six-Figure Salaries and a Bright Future- Financial Advisor”. CBS Moneywatch.com. 2/23/2011. http://moneywatch.bnet.com/career-advice/article/six-figure-jobs-financial-advisor/6197979/. Last Accessed 5/24/2011.

[3] American College Program CHFC – http://www.theamericancollege.edu/financial-planning/chfc-advanced-financial-planning

[4] United States Government  Department of Labor, Bureau of Labor and Statistics, Financial Analysts and Personal Financial Advisors. Occupational Outlook Handbook, 2010-11 Edition.”  http://www.bls.gov/oco/ocos301.htm

And also Wall Street Globe References . http://www.wallstreetglobe.com/news.html

[5] FINRA Financial Industry Regulatory Authority –  Understanding Professional Designations – http://apps.finra.org/DataDirectory/1/prodesignations.aspx

[6] See Thomas Jefferson School of Law, LL.M. Program. http://llmprogram.org/curriculum.html.

Author: George Mentz

Today’s article discusses the similarities of the personal financial advisor position with that of financial analysts. We draw comparisons in light of market data and trends.

As presented in a previous article, it was reported by 2016 jobs for personal financial advisors will have grown over 40% over 2006 levels, while financial analyst jobs—think FAD Financial Analyst Designates or  AFA Accredited Financial Analysts  types—will have grown over 30%. [1] The financial analysts job market is thus in slightly slower growth pattern than personal financial advisors.

As commentators have noted, there has traditionally been very little overlap between the securities analyst and financial planning communities.  [2] This conclusion is based on the “number of financial analysts who are also financial planners.  It thus “appears that relatively few analyst professionals have pursued personal financial planning.” Generally speaking, financial planners and financial analysts  are not required to hold double accredited program degree or diplomas; thus, there has been a recent transition toward accredited business school program exams and education that leads to degree and certification eligibility.

Interestingly it is convenient that the financial planning and analysis jobs would start to merge as somebody who has completed a financial analyst designation  will already have learned much of the material related to financial planning or private banking  [3] However, graduate professional designations such as the CWM ® certification [4] which is awarded from the American Academy of Financial Management ®  [5] require further graduate education in extra areas beyond investments, finance or planning including:  economics, trusts, estates, global tax, macro forces, private banking, wealth strategy, money and banking, hedge funds, global risk management, and other. [6]

For example, financial analysts may provide guidance to businesses and individuals making financial decisions. The financial analyst role or profession began with a focus on financial bookkeeping and reporting skills, but has morphed over the recent years into a financial research job with a focus on fundamentals.  These skills are similar to those that financial advisors use when consulting with clients, but advisors and planners by default have been trained more on the issues of FINRA rules, retirement planning, tax, estates, personal finance, insurance sales, and education planning.  Moreover, financial analysts now tend to focus on assessing the performance of stocks, bonds, commodities, sectors, and other types of securities.  These skills also are generally employed by the personal financial advisor. [7]

What’s more, some experienced managers, generally portfolio managers, supervise a team of analysts and select the mix of products, industries, and regions for their company’s investment portfolio. These managers or directors are not only responsible for the overall portfolio, but are also expected to explain investment decisions and strategies in meetings with investors.

An accredited bachelor’s or graduate degree is normally required for entry level or higher financial related positions. Most employers require a bachelor’s degree in a related field, such as finance, business, accounting, statistics, or economics. The business schools that are ACBSP or AACSB accredited represent the top business programs that have met the requirements of double accreditation. [8] An understanding of statistics, economics, and business may be essential, and knowledge of accounting policies and procedures, corporate budgeting, and financial analysis methods is recommended.   A excellent opportunity to take courses in tax, finance, estates, asset management, wealth management and compliance is to apply to the online graduate program at: http://llmprogram.tjsl.edu

Since both financial advisors, planners and analysts require similar qualifications, those individuals who have the proper accredited education can easily transition between the two functions providing more value to clients.  All entry level persons should be prepared to study for and take relevant regulatory licensing exams such as: Insurance License, Series 6, Series 7, Series 65, 66 or  other state exams that are offered or regulated by the Insurance Commissioner [9] or  FINRA [10].

A great start to finding a career in banking and finance would be searching online with  www.AAFM.eFinancialCareers.com This career portal shows available jobs around the world in finance, banking, investments, hedge funds, risk management, insurance, compliance and more.  [11]

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[1] United States Government  Department of Labor, Bureau of Labor and Statistics, Financial Analysts and Personal Financial Advisors. Occupational Outlook Handbook, 2010-11 Edition.”  http://www.bls.gov/oco/ocos301.htm

[2] Ibid.

[3] Dan Olsen. “Personal Financial Planning: Making the Transition”. The Finance Professionals Post. New York Society of Security Analysts.”

[4] FINRA Financial Industry Regulatory Authority –  Understanding Professional Designations – http://apps.finra.org/DataDirectory/1/prodesignations.aspx

[5] United States Government  Department of Labor, Bureau of Labor and Statistics, Financial Analysts and Personal Financial Advisors. Occupational Outlook Handbook, 2010-11 Edition.”  http://www.bls.gov/oco/ocos301.htm

[6] AAFM ® CWM Curriculum Facts: www.aafm.us or http://www.financialcertified.com/certified_chartered_wealth_manager_cwm_wiki.html

[7] Financial Advisors http://financecareers.about.com/od/financialadvisor/a/finadvisor.htm

[8] List of Double Accredited Business Schools http://financialanalyst.org/accreditededucation.html CHEA Council for Higher Education Accreditation http://www.chea.org/Directories/special.asp

[9] National Association of Insurance Commissioners http://www.naic.org/state_web_map.htm

[10] FINRA Financial Industry Regulatory Authority http://www.finra.org/

[11] eFinancialCareers.com www.AAFM.eFinancialCareers.com

Author: George Mentz

Today we explore additional factors which will likely contribute the job growth of personal financial advisors.

Economy

First, the question arises concerning the current financial environment with regards to financial planning. In other words, what negative effect has the financial crisis had on the financial planning market? Some commentators believe the impact is great. [1] The marketplace for private investors has changed significantly since 2008. Many investors are becoming more personally responsible for retirement savings and are seeking advice from professionals.

On the other hand, increased regulation regarding personal financial advisory services has grown over the last 5 years.[2] If this pattern continues personal financial advisors may decide to no longer participate in a market where the cost of compliance is too high. This will also prevent new advisors from entering the field.

Market Entry and Lifestyle

Nevertheless, the generally low barriers of entry into the industry make the position attractive for those seeking employment directly from school or through career transition for a variety of reasons including unemployment.

One report notes that about 30% of personal financial advisors are self-employed, most often operating small firms in urban areas.[3] Moreover, the flexibility in terms of lifestyle that the personal financial advisor enjoys is preferable to some over traditional office employment. Because most personal financial advisors are not traditional employees, work and lifestyle flexibility may attract a new generation of workers.

One global organization, The AAFM American Academy of Financial Management ® says about 20% of their  members are independent or registered investment advisors who provide ‘fee based management” services as compared to commissions on the purchase or sale of stocks, securities, or insurance products.   These wealth managers simply earn a percent of the total assets under management.   The trend for high net worth clients over the last 10 years has been to work with wealth management professionals who can assist with investment management services for the super rich.  The AAFM ® Certification Board of Standards works with an accredited law school in the USA which offers the first graduate law program in wealth management that can lead to a masters degree while similar professional development programs are offered by NYU and Wharton [4]

“Although successful [personal financial advisors] can live quite comfortably, their compensation has typically been below the level of top jobs on Wall Street. As financial industry compensation models reset themselves, however, the relative returns enjoyed by [these advisors] may look more attractive.” [5]

The San Diego Business Journal reported in 2009 that wealth management salaries held steady in the midst of the crisis, ranging from $150,000 to $ 400,000.[6] What’s more, “bidding wars among firms for top advisors are not uncommon” and packages will include “bonuses equaling two or three times the payouts from just a few years ago”. [7]

A great start to finding a career in banking and finance would be searching online with  www.AAFM.eFinancialCareers.com This career portal shows available jobs around the world in finance, banking, investments, hedge funds, risk management, insurance, compliance and more.  [8] Further, an  excellent opportunity to take courses in tax, finance, estates, asset management, wealth management and compliance is to apply to the online graduate program at: http://llmprogram.tjsl.edu

Median annual wages, excluding bonuses, of wage and salary financial analysts were $73,150 in May 2008, which is more than double the national median wage. The middle 50 percent earned between $54,930 and $99,100. The lowest 10 percent earned less than $43,440, and the highest 10 percent earned more than $141,070. Annual performance bonuses are quite common and can be a significant part of their total earnings. [9]

In light of the recent scandals with Bernie Madoff etc., clients and customers should be aware of who their advisor or planner uses as a custodian for  their funds.  Generally speaking, independent advisors should have  a 3^rd party administrator and custodian who protects and holds the assets, provides online account access, and sends the clients statements along with having SIPC insurance protection. Further, your  advisor should be registered with the state or federal government where you can review or check their records. [10]

We invite your opinions and comments by posting them below, or by calling the Panel of Experts including:

George Mentz, JD, MBA -  is an international lawyer, editor, author and contributor in the areas of personal finance, securities law, and wealth management.  Prof. Mentz continues to consult  with the US Government and United Nations on issues related to careers and education. Dr. Mentz is the first person in the US to obtain quad credentialing as a lawyer, Double Accredited MBA, Juris Doctorate Degree, financial consultant certification, and qualified financial planner.  Mentz and his educational & professional development firms have worked with thousands of executives in over 150 countries. Dr. Mentz has taught over 200 business and law courses at various accredited institutions, and he is the founder of the Mentz Consumer Protection, Class Action,  and Securities Law Firm http://securitieslawyers.us Mentz has served on the advisory boards of the: The African Economists Association, The Royal Society of Fellows, The Arab Academy of Banking & Finance, The China Wealth Council, The GFF Global Finance Forum in Switzerland, and the Indian Academy of Financial Management.    Mentz is the winner of several faculty awards and a meritorious award for charitable service.   Mentz has been a pioneer in promoting  accredited program courses, exams and standards as a government recognized  path to professional certification.

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[1] Lindsey Gerdes. “Personal Financial Advisor Among The 10 Most Promising Jobs For Recent Grads?” Bloomberg Business. Posted: April 13, 2009. http://www.businessweek.com/managing/blogs/first_jobs/archives/2009/04/personal_financ.html. Last Accessed 2/24/2010.

[2] E.G., Provisions of the “The Dodd-Frank Wall Street Reform and Consumer Protection Act”.

[3] Financial Analysts and Personal Financial Advisors. Occupational Outlook Handbook, 2010-11 Edition.”  http://www.bls.gov/oco/ocos301.htm

[4] TJSL Graduate Law School Program with AAFM Accredited Certification Program http://llmprogram.tjsl.edu

[5] Ibid.

[6] See Advisorfyi.com-Summit Business Media/The National Underwriter Company. “Wealth Management Employment in the Coming Decade.” Posted October 11th, 2010. http://www.advisorfyi.com/2010/10/wealth-management-employment-in-the-coming-decade/. Last Accessed 5/25/2011.

[7] Helen Kearney. Reuters. “Private banks battling for advisers to super-rich”. 9/17/2010. http://www.reuters.com/article/2010/09/17/idUKN1713016720100917?pageNumber=2. Last Accessed 5/25/2011.

[8] eFinancialCareers.com www.AAFM.eFinancialCareers.com

[9] United States Government  Department of Labor, Bureau of Labor and Statistics, Financial Analysts and Personal Financial Advisors. Occupational Outlook Handbook, 2010-11 Edition.”  http://www.bls.gov/oco/ocos301.htm

[10] SEC Investment Advisor Registration http://www.sec.gov/divisions/investment/iaregulation/regia.htm