It depends on the services you need your adviser to provide.
If it’s primarily broad-based financial planning (investment,
retirement, tax, estate, risk management through insurance, cash flow &
debt management), then there’d typically be no need to have the CIMA. The CERTIFIED
FINANCIAL PLANNER™ (CFP®), Chartered Financial Consultant (ChFC), and Certified
Public Accountant with Personal Financial Specialist (CPA/PFS), are generally
recognized as the best professional credentials for financial planning.
On the other hand, if you have a high investable net worth and your
advisor primarily manages your investments, then you may want them to have a Certified Investment Management Analyst (CIMA)
or Chartered Financial Analyst (CFA) designation. Generally speaking, a CIMA may tend to focus more on investment
manager selection in the context of portfolio management. By way of contrast, a
CFA may actually be buying and selling individual securities, such as managing
a mutual fund.
Every adviser situation is different and experience should trump
credentials. Having both (credentials and experience) is best, of course.
Here’s the FINRA
Professional Designations page where
you can easily research over 150 designations.
Hope that helps.
SecondHalf Planning & Investment
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.