The Investment Management Consultants Association (IMCA), which awards the CIMA designation, has released its Standards of Practice that include guidelines regarding responsibilities to clients, the public, the profession and employers.
The IMCA standards cover such issues as soft-dollar payment disclosures, the provision and payment of services to and from vendors, methodologies for calculating and presenting investment performance, among other issues, the industry group said.
IMCA said the rules emphasize the importance of client disclosure, the public and employers, especially on compensation. Consultants are advised to annually review all compensation received for services rendered and report that information to the client.
Other provisions cover issues of client confidentiality, advertising, using professional designations, continuing education and compliance with regulations and principals from other government agencies and self-regulating organizations, the group said.
A consultant or financial advisor not complying risks losing the CIMA designation, the group said.
For more information, go to the IMCA Web site .