Investment Consultant Groups Consolidate

February 12, 2002 ( - Plan sponsors may be encouraged to know that even consultants have to undergo consolidation.

Last week members of the Investment Management Consultants Association (IMCA) and the Institute for Certified Investment Management Consultants (ICIMC) approved a plan to consolidate their organizations. IMCA members voted in favor of the move last week, while ICIMC members voted overwhelmingly for consolidation in January.

Both groups focus on standards for the investment consulting profession, which provides consulting, advisory and evaluation services to retirement plan sponsors, endowments, foundations, family offices and individuals. The new group, which will be known as the Investment Management Consultants Association, will have a combined membership of about 4,000 in the US and abroad, according to the organizations.

For the next year, Richard Joyner and Peter Cieszko – currently heads of the individual groups – will head up the organization. The consolidated organization will be based in Denver, Colorado, where IMCA has its administrative offices.

Both organizations have certification programs: IMCA’s Certified Investment Management Analyst (CIMA) designation, and ICIMC’s Certified Investment Management Consultant (CIMC) designation. For at least two years, the organization will continue to offer both certification programs. After two years, the governing board will determine what changes, if any, will be made in the respective programs.

IMCA sponsors five regional and two national conferences each year, monitors legislation of importance to the investment consulting profession and publishes the Monitor newsletter and the Journal of Investment Consulting, according to the IMCA.