IMCA members tend to be independent advisors and consultants who serve families, according to a survey released Wednesday by the organization.
The Investment Management Consultants Association serves over 10,000 members in 32 countries as of Dec. 31, 2015. The survey is based on responses from 421 members and was conducted in January and February.
IMCA found that its member base is more likely to be independent, either as an RIA or a broker-dealer, than it has been in the past. Over a third of respondents said they were independent, rather than an employee of a national or regional BD. Almost two-thirds say they are in an advisor or consultant role and most have a CIMA certification.
By comparison, the Certified Financial Planner Board of Standards reported that as of Feb. 29, it had almost 74,000 certificants. IMCA found 21% of respondents also hold a CFP certification, by far the most popular non-IMCA designation. Six percent of respondents said they had an accredited investment fiduciary (AIF) credential from fi360 or a CFA charter.
Considering the trend toward independence, it's not surprising to see a trend toward online education. Although respondents reported high levels of satisfaction with in-person conferences, the survey found over half of respondents have used online opportunities for continuing education in the last year, up from 37%.
