Financial advisors viewed continuing education as a chore. Now they are talking about the importance of lifelong learning as the industry becomes more complex.
Today’s financial advisors can’t stop learning.
Barely a decade ago, most wealth managers considered continuing education an afterthought or a nuisance. Maybe if the venue was near the beach, they attended a conference, took a few classes if the commitment was relatively low, or tried designation If it wasn’t too much trouble or money.
However, this is changing, now that client needs have become more complex, involving retirement income decisions, taxes, asset and family dynamics, and portfolio construction tailored for a less predictable market. Many advisors are responding by creating year-long learning plans that blend formats depending on what they need to improve. They are also coming up with ways to maximize their conference and class time while keeping costs down.
Shawn Walters, CEO Investment and Wealth Institute which offers CIMA (Certified Investment Management Analyst), CPWA (Certified Private Wealth Advisor), and RMA (Retirement Management Advisor) certifications, says lifelong learning today is much broader than simply checking a continuing education box. At its core, it is about maintaining qualifications over time so that advisers remain current, reliable and able to serve clients as the profession grows.
“Demonstrating knowledge once is not enough. Consultants need to show that they have remained sharp with changes in the market, regulations, products and client expectations. There is also a practical business reality here. In the manufacturing sector, companies invest in new machinery and software to improve what they produce. In a knowledge business, the investment must be in people,” said Walters.
Walters warns that advisors should be cautious when content is presented as free, but is actually designed to sell a product or push a narrow viewpoint. In his view, the best educational experiences are those built around substance, applicability, and peer exchange.
“The strongest events are the ones that send you back to the office with useful ideas, a sharper perspective, and conversations that improve the way you work,” Walters said.
Elsewhere, David Nanigian, Founder and CEO of Mount Ararat Financial Services, believes that lifelong learning for financial advisors is about continuous education that will maximize the advisor’s ability to provide an excellent service experience to their clients. According to Nanigian, lifelong learning has become more important for financial advisors in recent years due to some major changes in federal law governing taxation, estate planning and retirement planning, as well as innovations in financial products.
“My main continuing education and professional development goals for this year are to get better at marketing my firm’s overall private wealth advisory services and more effectively communicating with high net worth individuals and families,” Nanigian said.
Nanigian decides which continuing education opportunities are worth pursuing based on the quality of the written program description and his previous experiences with the provider.
“A typical indicator that something will be practical and usable is a program or course description that clearly states learning objectives that will enhance my ability to provide excellent service experiences to my customers,” Nanigian said.
Finally, Genevieve George, senior wealth advisor and principal at Pelican Financial Planning & Wealth, says lifelong learning means staying curious and continually deepening both technical knowledge and practical judgment. Furthermore, he believes that it is necessary to be selective given the number of learning opportunities available today.
“Like many consultants, I have expectations of CE DesignationSo efficiency matters. But I’m also intentional about choosing education that aligns with the type of planning conversations my clients are having. A sign that something will be valuable is when it focuses on practical application rather than just theory,” George said.
To make sure she’s not wasting her time or money, she looks for programs that walk through real customer scenarios, case studies or plan strategies that can be implemented immediately. Another indication is the quality of the professionals involved. If a program includes experienced businessmen, lawyers, tax professionals, or consultants who are actively working there, it becomes more practical in their opinion.
“One area I continue to prioritize is estate and legacy planning. Many clients today are thinking about not only accumulating wealth, but also how assets will be transferred, how to protect family members and how to make thoughtful decisions across generations. I believe a solid estate plan can provide clarity for remaining family members after a loved one passes away,” said George.