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CFA Institute and Wharton School Launch Wealth Management in Practice Executive Education Program

Philadelphia, Pa., and Charlottesville, Va., March 28, 2008 − Market volatility and the complex needs of global high-net-worth investors are just two of the reasons why a Wharton/CFA Institute partnership now emerges on the scene of wealth management.

A new Wharton Executive Education program − Wealth Management in Practice − focuses on preparing investment professionals to manage portfolios throughout the client’s lifetime. The program gives participants the business acumen needed to develop a successful practice.  The inaugural session will be held June 8-13, 2008, on the Wharton School campus in Philadelphia.  

“Advising high-net-worth families is a great challenge to even the most sophisticated consultants, including those used to dealing with institutional investors,” says Richard C. Marston, Wharton’s James R.F. Guy Professor of Finance, director of the George Weiss Center for International Financial Research, and academic co-director of Wealth Management in Practice.  “High-net-worth families seek advice about investment strategy much as would a foundation or pension plan, but they also confront issues of tax efficiency, estate planning, and family dynamics. These families also range widely in their tolerance for risk, with many families making large investments in alternative assets such as private equity and hedge funds.”

Designed specifically for the experienced investment professional with a firm grounding in traditional portfolio management, the five-day residential program will equip participants with the tools and techniques necessary for building a successful wealth management practice.  Using a curriculum co-developed by the Wharton School and CFA Institute, Wharton faculty will guide participants through interactive case studies in a discussion and analysis of how to meet the specific needs of the high-net-worth client.  A one-day optional review of modern portfolio theory and its applications will also be offered.

“Because much of the private wealth is spread out internationally and advisers are often faced with cross-border issues that add complexity, Wealth Management in Practice will provide a global perspective on private wealth management,” says Stephen Horan, CFA, head of private wealth at CFA Institute.  “A Merrill Lynch Cap Gemini World Wealth Report estimates that there are approximately 9.5 million high-net-worth investors, a figure that grew by about 8.3 percent in 2006. The Americas and Europe are the largest markets, but the demand for advisors has increased particularly in India and Asia-Pacific, regions that are experiencing the highest growth rates.”

Horan adds that “many of these regions do not have qualified experienced personnel to meet this demand, and education programs and institutions that support training in private wealth management are scarce.  This program helps to fill that void.”

CFA Institute has developed the Private Wealth Management Body of Knowledge (PDF), which is part of the CFA Institute Global Body of Investment Knowledge, the comprehensive outline of mainstream knowledge for the profession that sets a technical benchmark for all CFA Institute professional development programs. 

“This program will help participants succeed in an industry that is rapidly moving to the private wealth management model, in response to substantial changes in the market from both the supply and demand sides of the industry,” says the program’s co-academic director Christopher C. Geczy, assistant professor in the Wharton Finance Department and a fellow of the Wharton Financial Institutions Center.  "Customers are demanding critical skills, services, and products, without which wealth managers will be left behind.”

To better address complex issues faced by high-net-worth clients, participants will review global trends in wealth management, learn how to apply behavioral finance theory in their interaction with clients, and refine their communication skills for assessing client needs and translating those needs into wealth management plans. Sessions will review techniques for managing a client’s tax burden, global asset allocation, and estate planning issues.

Participation in the June 8-13 Wealth Management in Practice executive education program will be limited to 45 individuals with experience equivalent to those who hold the CFA designation. To register, visit Wharton Executive Education or CFA Institute. 

 

Executive Education at the Wharton School
The Wharton School of the University of Pennsylvania — founded in 1881 as the first collegiate business school — is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. The most comprehensive source of business knowledge in the world, Wharton bridges research and practice through its broad engagement with the global business community. The School has more than 4,600 undergraduate, MBA, executive MBA, and doctoral students; more than 10,000 annual participants in executive education programs; and an alumni network of more than 82,000 graduates.

Informed by in-depth, groundbreaking academic research and extensive industry experience, Wharton Executive Education programs can span anywhere from a few days to six weeks or longer. Each executive education program offers a supportive and challenging context where participants gain the skills necessary for their next level of executive development. Participants who come to Wharton from a diverse range of industries engage with faculty who are the most cited, most published faculty of all top-tier business schools. With a profound influence upon global business, Wharton faculty are the sought-after, trusted advisors of corporations and governments worldwide.

CFA Institute
CFA Institute is the global membership association that administers the Chartered Financial Analyst^® (CFA^®) and Certificate in Investment Performance Measurement (CIPM) curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 94,000 members, who include the world’s 82,000 CFA charterholders, in 133 countries and territories, as well as 135 affiliated professional societies in 56 countries and territories. More information may be found at www.cfainstitute.org. (Bloomberg users can find CFA Institute at 497458Z.)