Vancouver-based credential Financial Inc. is taking steps to provide its credit union advisors with the opportunity to gain expertise in family wealth management. Since June, 165 advisors have completed the training program and have acquired the Credential wealth management designation.

“Most programs can be very theoretical, and one thing that differentiates this program from others out there is that it is very practical for the advisor,” says Perry Ceholski, vice president of practice management with Credential. “We want the advisor to be able to hit the ground running with the information we provide in this course.”

The CWM training program is designed to help advisors gain a broader understanding of their clients’ needs by utilizing financial planning concepts and tools. The course uses a collection of best practices from the industry, along with financial planning tools and concepts, to establish credit union advisors as experts in family wealth management.

“These resources will enable advisors to uncover all of the members’ assets and identify their current network of trusted professionals,” says Kim Thompson, senior vice president of advisory services with Credential. “Many clients in other institutions are only receiving services at a transactional level, and we want to go beyond that and take care of a client’s entire holistic wealth-management needs.”

Advisors have the choice of two CWM courses: the core training course is a four-day classroom program that gives an overall understanding of each element of wealth management, including tax planning, wills and estate planning, and retirement services. Advisors are coached on how to manage their books of business to maximize profitability and be consistent with every client’s business.

The family wealth management course is a five-day course that covers the same elements as the core training, but advisors also learn how to combine the elements into their own practices.

Credential has partnered with industry experts for the training program, including mutual fund companies, insurance companies, the Winnipeg-based Knowledge Bureau and Vancouver-based Novalliance.

The training program was launched in January 2010. Thus far, 12 sessions have been scheduled across the country, with 165 advisors having completed the program.

Course participants are able to earn the CWM designation upon completion of the coursework, a two-hour examination and three classroom assignments. The cost per advisor ranges from $500 to $700.

Credential is seeing a high demand from both advisors and the credit unions so far, says Thompson: “The courses are getting fully booked, and the demand in the credit union system is significant. So far, it has been a huge success for the evolution of the wealth-management business within the credit union industry.”

The courses are available to all Credential Financial partners in the credit union sector. But, Ceholski says, if an unaffiliated credit union is interested in setting up the CWM courses for its advisors, that is something that could be open for discussion.

“We certainly don’t want to shut down the wall when it comes to who can take the course,” agrees Thompson. “And we would be more than happy to sit down with the interested credit union and discuss becoming a partner of ours and having access to the training.” IE