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Kenton Shirk, vice president, practice management, at Commonwealth.

Practice Management > Building Your Business

Commonwealth Rolls Out Private Wealth Designation Program

By Jeff Berman

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Commonwealth Financial Network has created a “custom” Certified Private Wealth Advisor designation program for its network of affiliated advisors, it said Wednesday.

The program “equips advisors with the tools and strategies to strengthen their expertise and support more high-net-worth” clients, the RIA and broker-dealer said.

Commonwealth has partnered with Investments & Wealth Institute and Executive Education at the University of Chicago Booth School of Business on the new program.

The CPWA program will run as an IWI-guided self-study curriculum for six months and was developed for advisors who are seeking to grow their practices by better serving HNW clients with complex needs, Commonwealth said.

There were more than 1,400 CPWAs in the industry overall as of the end of last year. Investments & Wealth Institute is the CPWA designation’s  governing organization. The advanced professional certification is for advisors who serve HNW clients.

The “capstone” of Commonwealth’s custom CPWA program is an in-person, week-long course taught by faculty and industry experts at Chicago Booth, Commonwealth said.

After advisors successfully complete the program and exam, Commonwealth says, it will continue supporting credentialed advisors as they put their new expertise into practice via a one-year HNW Business Development Extension.

The program will help participating advisors “position themselves for success in the HNW marketplace through ongoing education, coaching, and networking to share best practices,” Commonwealth said.

“We developed our program and selected our partners to ensure the quality of content and value for our advisors,” Kenton Shirk, vice president, practice management, at Commonwealth and one of the lead architects of the new program, said in a statement. “Our collaborative, community-based approach is designed to provide advisors with the follow-up, reinforcement, and additional insight to transform their businesses.”

The first Commonwealth 2023 CPWA program is fully enrolled now with 50 participants, according to the firm.

Commonwealth’s more than 2,100 affiliated independent advisors oversaw some $243 billion in assets across the U.S. as of  Dec. 31, according to the company.

(IPictured: Kenton Shirk)

Jeff Berman

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