Economic Perspectives: Federal Debt: A Fiscal Year End Update
Benefits of the CPWA Certification
One of the key ways a partnership with City National Rochdale (CNR) adds value to advisor teams is having direct access to experienced investment professionals. CNR investment consultants and portfolio managers are highly trained and deeply knowledgeable, as many possess graduate degrees and professional certifications. For example, numerous CNR team members have earned the Certified Private Wealth Advisor (CPWA) designation. According to the Investments and Wealth Institute, 85% of clients say that their advisor should meet a rigorous set of requirements to be certified1 , and 30% of practices with at least one CPWA® professional realized revenue growth over 10% over 5 years2. The CPWA certification is highly beneficial to financial advisors, and at CNR, we stay top of the line with our certifications so you don’t have to. By partnering with CNR, advisors can tap into this unique area of expertise.
The video interview below with the Investments & Wealth Institute (IWI) discusses the benefits of the CPWA designation with CNR investment professionals, Senior Investment Consultant Julz Schwingler and Portfolio Management Team Lead Nicholas Cavallaro.
EXPERTISE AND EDUCATION
The courses included in the CPWA certification are designed to educate and provide you with tools and techniques to serve HNW investors. In fact, 76% of investors agree it is important or critical that their advisor provide cutting-edge investment strategies1. The programs are offered through prestigious, top-ranked business schools, taught by experts in curriculum fields, which involve extensive studies, combining theories with real-world application and providing you with access to premier industry research. Additionally, the CPWA designation coursework includes categories such as trust, gifting, executive compensation and estate planning, which are ultimately valuable pieces of a client’s overall net worth. Having this knowledge through the CPWA certification enables an advisor to be comfortable and confident when consulting in these areas. The education received from the CPWA certification tends to be applicable, working knowledge. As an example, our investment professionals at CNR work with clients who range from having highly appreciated concentrated stock positions, to business owners, to clients with stock options at privately held companies. The CPWA certification prepares you to competently discuss these topics.
WORKING WITH High Net Worth (HNW) INVESTORS
The CPWA certification is specifically for advisors who want to work with high-net-worth clients. As the HNW segment is growing more and more competitive, this designation prepares you to manage challenges HNW clients face by tailoring strategies based on the investor’s goals.
“If you want to compete in this space, having that certification or having someone on your team who has a CPWA designation, is really a prerequisite.” — Nicholas Cavallaro
DIFFERENTIATED SKILL SET
Those who achieve the CPWA certification gain a unique skill set to work with the high net worth. Through the program, you can anticipate a versatile education on advanced wealth management, including planning strategies for high net worth individuals, asset protection, tax and estate planning, legacy planning and family dynamics. This allows you to provide a higher value of service to your clients, as “CPWA® certified practices focus a greater percentage of their offerings on services such as charitable, intergenerational, and estate planning.”3 Along with this academic knowledge, CPWA designation holders are held to a high ethical standard and code of responsibility and must maintain their credentials through Continuing Education post-secondary learning options.
As financial advisors' clients' assets are growing, their needs become increasingly sophisticated, as their problems become more complicated. Staying with those current clients is important, rather than avoiding these conversations due to a lack of knowledge. As a financial advisor, you’ll likely bring in estate planning attorneys, CPAs or mergers and acquisition specialists.
“While you do not need to be a deep diving expert in these fields, having knowledge in those areas through the CPWA certification coursework provides you with that multidisciplinary approach where you can understand and contribute to these types of discussions.” — Julz Schwingler
What you can expect when working with a CPWA designation holder:
- Advanced knowledge of wealth planning and preservation, including sophisticated tax management and wealth transfer tools.
- Ethical and responsible investment professionals.
- Higher level education program (Yale School of Management, University of Chicago Booth School of Business), including rigorous examination.
1 Investments and Wealth Institute, Absolute Engagement, Investments and Wealth Institute Research, Issue 2, 2023.
2 Investments and Wealth Institute, February 2018.
3 Investments and Wealth Institute CPWA Candidate Handbook, 2022.
Important Information
This document is for general information and education only. It is not meant to provide specific tax guidance. The information in this document was compiled by the staff of City National Rochdale (CNR) from data and sources believed to be reliable, but CNR makes no representation as to the accuracy or completeness of the information. The opinions expressed, together with any estimates or projections given, constitute the judgment of the author as of the date of the presentation. CNR has no obligation to update, modify, or amend this document or otherwise notify you in the event any information stated, opinion expressed, matter discussed, estimate, or projection changes or is determined to be inaccurate.
City National Bank, its managed affiliates and subsidiaries, as a matter of policy, do not give tax, accounting, regulatory, or legal advice. Rules in the areas of law, tax, and accounting are subject to change and open to varying interpretations. Any strategies discussed in this document were not intended to be used, and cannot be used for the purpose of avoiding any tax penalties that may be imposed. You should consult with your other advisors on the tax, accounting and legal implications of actions you may take based on any strategies or information presented taking into account your own particular circumstances.
This presentation (or any portion thereof) may not be reproduced, distributed, or further published by any person without the written consent of CNR.
City National Rochdale, LLC, is a SEC-registered investment adviser and wholly owned subsidiary of City National Bank. Registration as an investment adviser does not imply any level of skill or expertise. City National Bank and City National Rochdale are subsidiaries of Royal Bank of Canada.
© 2024 City National Rochdale. All rights reserved.
CITY NATIONAL ROCHDALE, LLC NON- DEPOSIT INVESTMENT PRODUCTS ARE: • NOT FDIC INSURED • NOT BANK GUARANTEED • MAY LOSE VALUE
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