Wealth manager
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| Abbreviation | AAFM |
|---|---|
| Formation | 1996 |
| Extinction | 2015 |
| Type | Certifying and accreditation body |
| Purpose | professional certifications |
| Headquarters | Colorado Springs, Colorado |
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Region served
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United States and overseas |
| Leader | George Mentz |
| Website | AAFM |
The American Academy of Financial Management was a US-based board of standards, certifying body, and accreditation council focused on the finance sector and management professionals. It has been criticized in the Wall Street Journal as having low requirements for the credentials it confers and for excessive claims of links to other associations and industry experts.
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.
In January 2015, the AAFM sold its intellectual property to the Global Academy of Finance & Management – the logo for which is the same as that of the AAFM with different letters – and the International Board of Certification Standards, which now awards the AAFM's certifications in the United States. According to the GAFM website, George Mentz, the founder of the AAFM, is also the founder of GAFM/IBS brands. In some other countries, such as India, a rump of the AAFM still operates.
The AAFM offered 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.
The AAFM awarded a number of its own 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. CWM certification normally involves about 80 hours of online study, although holders of certain professional designations, such as a Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA), need only take a test and pay a fee; and 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.
According to the Financial Industry Regulatory Authority (FINRA) eight designations are "offered and recognized by the issuing organization" (i.e., AAFM). FINRA does not state on these pages that they, or anyone else, recognises them. FINRA does state that it does not approve or endorse any professional credential or designation listed on its website.
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