| Revision as of 20:29, 30 May 2013 view sourceEnric Naval (talk | contribs)Extended confirmed users, Pending changes reviewers, Rollbackers30,509 editsm Reverted edits by Wealthadvise (talk) to last version by RJC← Previous edit | Revision as of 16:07, 31 May 2013 view source 178.18.250.168 (talk) COI & NPOV issues of Naval and RJC. Please keep this facts and improve. News says that editors have been identified for defamation and fraud lawsuit on the AAFM website www.AAFM.us/press.htmlNext edit → | ||
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| The '''American Academy of Financial Management''' is a ]-based board of standards, certifying body, and accreditation council dedicated to the ] sector and management professionals.<ref name= "WSJ2004">{{Citation | url = http://online.wsj.com/article/SB109883075169856486.html | title = Is Your Wealth Manager Certifiable? | journal = The ] | date = October 27, 2004 | page = D1}}.</ref> Coverage by the mainstream media has focused mainly on the |
The '''American Academy of Financial Management''' is a ]-based board of standards, certifying body, and accreditation council dedicated to the ] sector and management professionals.<ref name= "WSJ2004">{{Citation | url = http://online.wsj.com/article/SB109883075169856486.html | title = Is Your Wealth Manager Certifiable? | journal = The ] | date = October 27, 2004 | page = D1}}.</ref> Coverage by the mainstream media outlets has focused mainly on the standards used by certification bodies and accredited education. While the AAFM offers no degree or diploma, it has awarded board certification and charter designations for over a decade. AAFM has also been criticized for offering certification to those who have completed ""double accredited programs" or accredited program exams and degrees from ] and ] accredited business schools because this method does not require another exam of the candidate. <ref name="WSJ2004" /><ref name="WSJ2010" /> <ref>{{Citation | url = http://apps.finra.org/DataDirectory/1/prodesignations.aspx | title = FINRA Regulatory Body - Education Reference Guide Showing AAFM Certifications and Requirements}}.</ref> <ref>{{Citation | url = http://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm#tab-8 | title = US Department of Labor - U.S. Bureau of Labor Statistics Occupations Guide}}.</ref> <ref>{{Citation | url = http://www.myskillsmyfuture.org/Certifications.aspx?onetcode=41303101&detailonetcode=41303101&keyword=Sales%20Agents%2C%20Securities%20%26%20Commodities&highestmatch=Sales%20Agents%2C%20Securities%20%26%20Commodities&radius=50&zipcode=DC | title = US Department of Labor Certification Guide}}. </ref><ref>{{Citation | url = http://news.efinancialcareers.com/us-en/107469/thinking-of-being-a-wealth-manager-here-are-some-things-clients-want/ | title = AAFM and wealth management accreditation standards explained in media by E-Financial Careers and Dice.com NYSE Traded Company}}.</ref> | ||
| ==History== | ==History== | ||
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| Some of these designations are available to anyone with an accredited degree or license in finance, investments, securities, economics, or accounting upon payment of a fee.<ref name = "WSJ2010" /> The CWM certification normally involves about 80 hours of online study, although holders of certain professional designations, such as a ] or ], need only take a test and pay a fee; although anyone with sufficient professional experience can skip the test and get the designation by only paying fees.<ref name="WSJ2004" /> Those with a degree that has involved at least some business coursework may also take an AAFM certification course, pay a fee, and receive an MFP.<ref name = "WSJ2010" /> | Some of these designations are available to anyone with an accredited degree or license in finance, investments, securities, economics, or accounting upon payment of a fee.<ref name = "WSJ2010" /> The CWM certification normally involves about 80 hours of online study, although holders of certain professional designations, such as a ] or ], need only take a test and pay a fee; although anyone with sufficient professional experience can skip the test and get the designation by only paying fees.<ref name="WSJ2004" /> Those with a degree that has involved at least some business coursework may also take an AAFM certification course, pay a fee, and receive an MFP.<ref name = "WSJ2010" /> | ||
| ==Requirements as Published by FINRA Financial Industry Regulatory Authority== | |||
| The FINRA monitors and publishes a list of financial designations along with their educational requirements and other details. <ref>{{Citation | url = http://apps.finra.org/DataDirectory/1/prodesignations.aspx | title = FINRA Regulatory Body - Education Reference Guide Showing AAFM Certifications and Requirements}}.</ref> The AAFM disclosure of eight professional designations on the FINRA website shows the name of the credential, the acronym, experience required, educational requirements and the qualifying accreditation agency degree programs, the AAFM acceptance of AACSB, ABA, and ACBSP degrees, and the complaint process. | |||
| ==Criticism== | ==Criticism== | ||
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| The AAFM has countered that individuals listed on its board of advisors did consent to be listed, posting emails from two individuals on its website.<ref>{{Citation | url = http://aafm.us/wsj.html | publisher = American Academy of Financial Management | title = Recognized by Wall Street Journal Again}}.</ref> The organization also posted to its website part of the signature page of a document agreeing that the Association for Investment Management Research (the precursor to the CFA Institute) would not contest the AAFM's trademarks, with the signature itself blanked and replaced with the type-written statement, "Signed by Sharon Glover, who must have been Jeannie Andersons Boss at the time" (''sic'').<ref>{{Citation | url = http://aafm.us/CFAlegalagreementgloveranderson.JPG | format = JPEG | title = CFA Contract | publisher = AAFM}}.</ref> | The AAFM has countered that individuals listed on its board of advisors did consent to be listed, posting emails from two individuals on its website.<ref>{{Citation | url = http://aafm.us/wsj.html | publisher = American Academy of Financial Management | title = Recognized by Wall Street Journal Again}}.</ref> The organization also posted to its website part of the signature page of a document agreeing that the Association for Investment Management Research (the precursor to the CFA Institute) would not contest the AAFM's trademarks, with the signature itself blanked and replaced with the type-written statement, "Signed by Sharon Glover, who must have been Jeannie Andersons Boss at the time" (''sic'').<ref>{{Citation | url = http://aafm.us/CFAlegalagreementgloveranderson.JPG | format = JPEG | title = CFA Contract | publisher = AAFM}}.</ref> | ||
| ==Conflicts of Interest== | |||
| Some Misplaced Pages editors have been identified for libel and defamation on the AAFM press pages. <ref>{{Citation | url = http://www.AAFM.us/press.html| format = HTML| title = Wikimedia Legal complaint for defamation and no supervision of editors | publisher = AAFM}}.</ref> Recent editors have been removed from article under legal policies until the fraud dispute is settled. | |||
| ==References== | ==References== | ||
Revision as of 16:07, 31 May 2013
 | |
| Abbreviation | AAFM |
|---|---|
| Formation | 1996 |
| Type | Certifying and accreditation body |
| Purpose | professional certifications |
| Headquarters | 1670-F East Cheyenne Mtn. Blvd.; Box #293; Colorado Springs, CO 80906 USA |
| Region served | United States and overseas |
| Leader | George Mentz |
| Website | AAFM |
The American Academy of Financial Management is a USA-based board of standards, certifying body, and accreditation council dedicated to the finance sector and management professionals. Coverage by the mainstream media outlets has focused mainly on the standards used by certification bodies and accredited education. While the AAFM offers no degree or diploma, it has awarded board certification and charter designations for over a decade. AAFM has also been criticized for offering certification to those who have completed ""double accredited programs" or accredited program exams and degrees from ACBSP and AACSB accredited business schools because this method does not require another exam of the candidate.
History
The AAFM was founded in 1996 through a merger of the American Academy of Financial Management & Analysts (AAFMA) and the Founders Advisory Committee of the Original Tax and Estate Planning Law Review. AAFM is a registered trademark.
Activities
The AAFM offers multiple professional membership, certifications, and designations. Members must either have come through one of the AAFM-recognized university programs or through a government-recognized executive educational program, although the board may waive these requirements in some cases. The AAFM board has never directly provided training, but has recognized hundreds of approved providers.
Certifications/Designations
The AAFM awards a number of designations, including chartered asset manager (CAM), chartered market analyst (CMA), chartered portfolio manager (CPM), chartered trust and estate planner (CTEP), chartered wealth manager (CWM), and master financial professional (MFP).
Some of these designations are available to anyone with an accredited degree or license in finance, investments, securities, economics, or accounting upon payment of a fee. The CWM certification normally involves about 80 hours of online study, although holders of certain professional designations, such as a CFA or CPA, need only take a test and pay a fee; although anyone with sufficient professional experience can skip the test and get the designation by only paying fees. Those with a degree that has involved at least some business coursework may also take an AAFM certification course, pay a fee, and receive an MFP.
Requirements as Published by FINRA Financial Industry Regulatory Authority
The FINRA monitors and publishes a list of financial designations along with their educational requirements and other details. The AAFM disclosure of eight professional designations on the FINRA website shows the name of the credential, the acronym, experience required, educational requirements and the qualifying accreditation agency degree programs, the AAFM acceptance of AACSB, ABA, and ACBSP degrees, and the complaint process.
Criticism
In October 2010, the Wall Street Journal published an article detailing the use of questionable credentials by financial advisors that discussed the AAFM extensively. The article noted that the AAFM included among its Global Board of Academic Advisors & Professors several individuals who had never given their permission to be listed as board members. The article criticized the practice of many standards boards, AAFM included, of awarding credentials without requiring applicants to undergo any sort of assessment or examination, quoting the AAFM's founder, George Mentz, as evidence of this practice. A claim on the AAFM website that it had a special affiliation with both the CFA Institute and the CFP Board, which administer Chartered Financial Analyst and Certified Financial Planner certificate programs, respectively, was rebutted by representatives of both organizations in the article.
The AAFM has countered that individuals listed on its board of advisors did consent to be listed, posting emails from two individuals on its website. The organization also posted to its website part of the signature page of a document agreeing that the Association for Investment Management Research (the precursor to the CFA Institute) would not contest the AAFM's trademarks, with the signature itself blanked and replaced with the type-written statement, "Signed by Sharon Glover, who must have been Jeannie Andersons Boss at the time" (sic).
Conflicts of Interest
Some Misplaced Pages editors have been identified for libel and defamation on the AAFM press pages. Recent editors have been removed from article under legal policies until the fraud dispute is settled.
References
- ^ "Is Your Wealth Manager Certifiable?", The Wall Street Journal: D1, October 27, 2004.
- ^ "Is Your Advisor Pumping Up His Credentials?", The Wall Street Journal, October 16, 2010.
- FINRA Regulatory Body - Education Reference Guide Showing AAFM Certifications and Requirements.
- US Department of Labor - U.S. Bureau of Labor Statistics Occupations Guide.
- US Department of Labor Certification Guide.
- AAFM and wealth management accreditation standards explained in media by E-Financial Careers and Dice.com NYSE Traded Company.
- "American Academy of Financial Management FAQ". Archived from the original on 2 December 2010. Retrieved 6 December 2010.
{{cite web}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - "AAFM US Government Trademark Reference". US: PTO. Retrieved 6 December 2010.
- "Requirements". American Academy of Financial Management. Archived from the original on 2 December 2010. Retrieved 6 December 2010.
{{cite web}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - FINRA Regulatory Body - Education Reference Guide Showing AAFM Certifications and Requirements.
- Recognized by Wall Street Journal Again, American Academy of Financial Management.
- CFA Contract (JPEG), AAFM.
- Wikimedia Legal complaint for defamation and no supervision of editors (HTML), AAFM.
