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Wealth Management Essentials (WME)®

Tackle More Complex Client Demands

Give your clients more comprehensive, integrated investment advice. The WME® provides a holistic look at wealth management and covers two key pillars: financial planning and investment management. 

Meet IIROC's 30-month Requirement

Fulfill IIROC's 30-month post-registration proficiency requirement for investment advisors

FAST TRACK THE WME

If you have completed educational programs in financial planning and/or investment management you may qualify to complete a shortened version of the WME.

Take a Step Toward Writing the PFP® or CFP® Examinations

The WME is on the approved educational path to the PFP®  and CFP® designations.

Become a Wealth Manager or Portfolio Manager

Completion of WME puts you on the path to earning Certified International Wealth Manager (CIWM) and/or Chartered Investment Manager CIM® designations.

Who Should Enrol

Enrol in the WME if you're:

  • Required to meet IIROC's 30 month proficiency requirement
  • Seeking to attract wealthier and more sophisticated clients
  • A graduate of the CSC and want to focus on financial planning and investment management

Course leads to the following credentials:

CIM CIM   CIWM CSWP

MTI CETS CETS   CRS CRS   CRS CAIA

A Holistic Approach to Wealth Management

The WME provides knowledge to help advisors deal with the increasingly complex demands of clients in a highly competitive environment. It will also help you move your career towards wealth advisory services.

Learn About:

  • Wealth management as a distinct practice in today’s financial services environment
  • Ethics and a framework for ethical decision-making
  • Getting to know your clients when creating comprehensive budget and savings plans
  • Steps advisors take to evaluate a client’s creditworthiness
  • Issues that arise from relationship breakdown
  • Personal risk management as part of a fully integrated wealth management plan
  • Taxation issues, tax planning, tax effective investments, and tax minimization strategies
  • Registered accounts that are set up as savings vehicles for retirement
  • Government programs and annuity-based products that provide pension income and other retirement benefits
  • Estate planning under Canadian laws
  • Applying a systematic approach to investment management
  • Asset allocation strategies that best suit your clients’ goals and objectives
  • Debt and equity securities and managed products
  • Steps involved in monitoring and evaluating portfolio performance
  • Calculating time value of money for various purposes

Learning Experience

CSI’s online learning system helps you meet your study goals. You'll benefit from

  • Textbook readings available in PDF and printed format
  • Learning objectives that keep you focused
  • Annual course updates to ensure you’re learning the most current and up-to-date practical material in your studies
  • Chapter reflective scenarios to help guide your studies through each chapter
  • Online activities including review questions for each chapter, section quizzes and integrated case studies so that you can assess your progress
  • Online interactive discussion forums including access to assistance from CSI's academic support specialists

What you'll learn

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This chapter provides an introduction to wealth management as a distinct practice in today’s financial services environment. You will learn about the key trends in the industry and the skills and traits you need to be a successful wealth advisor. We also explain how changes in the regulatory environment are likely to affect advisors in the wealth management industry. Furthermore, we provide a process with which you can create a financial plan and manage the diverse wealth management needs of your clients. Finally, we explain the importance of assembling a team of specialists you can rely on to help provide holistic wealth management services to your clients.

Topics covered in this chapter are:

  • Wealth Management in Canada

  • Wealth Management Services in Canada

  • Key Trends Shaping the Future of Wealth Management

  • Regulatory Environment

  • Competencies of Successful Wealth Advisors

  • The Wealth Management Process

  • Building a Team of Specialists

In the previous chapter, we provided an overview of the shifting dynamics in the wealth management industry. In this chapter, we discuss ethics in the context of that industry. We explain the concept of ethics and describe the different types of ethical dilemmas. We also provide a framework for ethical decision-making in an industry where unethical behaviour can destroy careers and harm the reputation of financial institutions and the industry as a whole.

Topics covered in this chapter are:

  • Ethics in the Financial Services Industry

  • Types of Ethical Dilemmas

  • Resolving Ethical Dilemmas

  • Code of Ethics

  • Trust, Agency, and Fiduciary Duty

In this chapter, we provide a process for getting to know everything necessary about your clients to create a comprehensive and integrated budget and savings plan. You will learn the federal legal requirements regarding business conduct and the collection and sharing of client information. We also discuss the account-opening requirements of the Investment Industry Regulatory Organization of Canada. Furthermore, we explain how to engage in a probing dialogue with clients to collect and document information beyond the minimum required by law. Finally, you will learn how to calculate your clients' net worth and cash flow to create a budget and savings plan. The plans you create with your clients will incorporate savings strategies to help them meet their goals.

Topics covered in this chapter are:

  • Information Required by Regulation and Law

  • Going Beyond the Regulatory and Legal Minimum

  • The Client Discovery Process

  • Creating a Budget and Savings Plan

In this chapter, you will learn about various forms of credits and the steps advisors take to evaluate a client's creditworthiness. We discuss the two different mortgage markets-the primary and secondary markets-and we explain the legal considerations related to residential mortgages. We also explain the financial factors used to qualify a client for a residential mortgage. We provide various examples and a case study on the mortgage qualification process to help you understand how the concepts we discuss apply in real work situations. To further help you work with clients seeking credit, we explain the methods used to reduce interest costs and penalties. We also provide some general strategies they can use to manage their credit. Finally, we discuss several mortgagerelated topics, including real estate investing, reverse mortgages, self-directed mortgages, and the use of registered retirement savings plans to purchase a home.

Topics covered in this chapter are:

  • Credit Planning

  • Residential Mortgages

  • Key Financial Factors to Consider When Purchasing a Home

  • The Mortgage Qualification Process — A Case Study

  • Methods of Reducing Interest Costs and Penalties

  • General Strategies to Manage Credit

  • Related Mortgage Topics and Financial Planning Issues

In this chapter, you will learn about aspects of family law in Canada relating to rights arising from cohabitation, marriage, separation, and divorce. The purpose of this chapter is to acquaint you with family law rights and obligations arising from relationship breakdown. We focus on both federally and provincially governed aspects of family law. Federal areas of the law for married spouses include divorce, child custody and access, spousal support, and child support. The provinces and territories govern issues around marital property division in their separate jurisdictions. For unmarried spouses, issues relating to child custody, access, and support also fall under provincial and territorial property legislation.

Topics covered in this chapter are:

  • Fundamental Aspects of Family Law

  • Domestic Contracts

  • Impact of Divorce on a Client’s Financial Plan

In this chapter, we explain the concept of personal risk management as part of a fully integrated wealth management plan. We describe the different characterizations of risk and what they mean to both advisors and clients. We also explain the different methods that analysts use to measure risk. Finally, we provide a process for creating a personal risk management plan that can be used throughout the client's life cycle.

Topics covered in this chapter are:

  • Strategic Wealth Preservation: The Big Picture

  • Risk in the Context of Strategic Wealth Management

  • Measuring Risk

  • Identifying Risk within a Client’s Net Worth

  • The Family Life Cycle

  • The Personal Risk Management Process

In this chapter, you will learn about the importance of addressing income tax issues in financial planning. We explain three strategic tax planning strategies: eliminate, reduce, and defer taxes payable by clients. We also explain how income taxes are calculated on personal income tax returns, including the deductions and non-refundable tax credits that can reduce a client's tax bill. We discuss various techniques to minimize taxes and explain why some employee benefits are taxed and others are not. You will learn how the different types of business structures are taxed differently and what the advantages are of certain types of structures. Finally, you will learn about the tax advantages of different types of registered accounts and employee pension plans.

Topics covered in this chapter are:

  • Financial Planning and Taxation

  • Personal Income Tax Returns

  • Techniques to Minimize Taxes

  • Taxable and Non-Taxable Employee Benefits

  • Incorporation

  • Taxation of Investment Income

  • Registered Plans Used for Non-Retirement Goals

In this chapter, we discuss all aspects of registered accounts that are set up as savings vehicles for retirement. Note that we focus specifically on retirement savings plans. Registered accounts for other purposes, such as saving for post-secondary education or for a disabled dependent, are covered in Chapter 7.

Topics covered in this chapter are:

  • Preparing to Fund Retirement

  • An Overview of Registered Retirement Savings Plans

  • Registered Retirement Savings Plan Contribution Rules

  • Management of RRSP Accounts

  • What Clients Should Know About their Registered Retirement Savings Plans

  • Employer-Sponsored Registered Retirement Plans

  • Funding Retirement

In this chapter we discuss the government programs set up to provide pension income and other benefits to Canadians residents during their retirement. We also discuss a holistic approach to the retirement planning process that factors in all sources of retirement income. We explain how to determine a client's retirement income needs and suggest some strategies to manage an income shortfall. Finally, we provide some general strategies clients can use to reduce their taxes and increase their retirement income.

Topics covered in this chapter are:

  • Government Pension Programs

  • Retirement Planning Process

  • Financial Security in Retirement

  • Retirement Income Needs Analysis

  • Tax-Minimization Strategies

  • General Strategies to Consider for Retirement Planning

In this chapter, we discuss several annuity-based products that are designed to provide an income stream for clients in their retirement years. We explain how the various types of annuities work, including products that have annuitytype features and benefits. We also describe some strategies for putting these products to work for suitable clients.

Topics covered in this chapter are:

  • Understanding Annuities

  • Types of Annuities

  • Segregated Funds

  • Guaranteed Minimum Withdrawal Benefit Contracts

In this chapter, you will learn about estate planning under Canadian law, including common law in most of Canada and the Civil Code of Quebec. We explain how probate works and provide some strategies clients can use to reduce the costs associated with the probate process and the probate tax, if payable. We also explain how to reduce the income tax burden on the heirs of an estate. Later in the chapter, you will learn why clients should arrange a power of attorney for personal care (or a living will) and an enduring power of attorney for property as a substitute decision maker in the event of incapacity. You will also learn about the different types of trusts and their specific roles in estate planning. We summarize the chapter by providing a checklist of issues you and your clients should consider when preparing an estate plan.

Topics covered in this chapter are:

  • Passing on the Estate

  • Other Factors to Consider when Making a Will

  • Probate Procedures to Validate a Will

  • Taxation

  • Powers of Attorney and Living Wills (Advance Health Care Directives)

  • Trusts

  • General Issues to Consider for Estate Planning

In this chapter, we explain the three-part process used in a systematic approach to investment management. You will learn about passive and active investment management and the difference between strategic and tactical asset allocation. We also explain the important function of rebalancing, along with the factors you should consider when deciding whether to recommend managed products or individual securities. Furthermore, we provide a primer in modern portfolio theory and explain how it is used to construct portfolios of optimal performance. In this context, you will learn how the capital asset pricing model is used to determine the expected return on an asset or portfolio. Finally, you will learn what you need to know to be successful in the world of international investing.

Topics covered in this chapter are:

  • A Systematic Approach to Investment Management

  • Individual Securities or Managed Products?

  • Portfolio Theory

  • International Investing

In this chapter, you will learn a three-part process for allocating assets in a way that best suits your clients' goals and objectives. You will learn how assets are classified and the benefits of an asset allocation strategy. You will also learn the difference between strategic and tactical asset allocation and the importance of rebalancing.

Topics covered in this chapter are:

  • The Asset Allocation Process

  • Issues in Asset Allocation

  • Strategic Asset Allocation

  • Rebalancing

  • Tactical Asset Allocation

In this chapter, we discuss the different types of equity securities and the markets in which they are bought and sold. We also describe the different roles played by those involved in equity trading. Furthermore, we explain the various types of analysts and the analysis they provide to help advisors make recommendations. Finally, we discuss the two main strategies used in equity trading.

Topics covered in this chapter are:

  • Characteristics of Equity Securities

  • Equity Markets

  • Introduction to Equity Analysis

  • Industry Analysis

  • Company Analysis and Equity Valuation

  • Technical Analysis

  • Equity Strategy

In this chapter, you will learn about the many types of debt securities and their key characteristics. We discuss the risks of debt securities and the basics of credit analysis. We also explain the mechanics of debt trading in Canada. Next, we take a look at the relationship between coupon rate, yield, term-to-maturity, and price volatility. Finally, we explain how debt security strategies work, both active and passive.

Topics covered in this chapter are:

  • Characteristics of Debt Securities

  • Types of Debt Securities

  • Risks of Debt Securities

  • Debt Market Trading Mechanics

  • The Term Structure of Interest Rates

  • Bond Market Pricing

  • Bond Price Volatility

  • Debt Security Strategies

In this chapter, you will learn about several types of managed products and the role they play in an investment portfolio. You will learn the features and uses of mutual funds, wrap products, exchange-traded funds, hedge funds, and principal-protected notes. We discuss the impact of fees, portfolio turnover, and taxes on managed product returns. We also discuss the concept of overlay management, in which a single wealth manager oversees the management of multiple managed accounts. Finally, you will learn about outcome-based investments, which differ from traditional investments in that they are designed to achieve a specific client goal.

Topics covered in this chapter are:

  • The Role of Managed Products in Investment Management

  • Mutual Funds

  • Wrap Products

  • Exchange-Traded Funds

  • Hedge Funds

  • Principal-Protected Notes

  • Fees, Portfolio Turnover, and Taxes

  • Overlay Management

  • Outcome-Based Investments

In this chapter, you will learn the steps involved in monitoring a portfolio's performance. You will also learn to calculate portfolio returns and evaluate the portfolio manager's performance using four classes of benchmarks. Finally, you will learn to use several risk-adjusted return measures to compare the returns generated by a managed product to the level of risk taken to earn those returns.

Topics covered in this chapter are:

  • Portfolio Monitoring

  • Portfolio Performance Evaluation

In this chapter, you will learn to calculate the time value of money for various purposes, such as determining the monthly payment needed to save for a goal. You will also learn about two concepts that are fundamental to an advisory practice: return and risk. In this context, you will learn about the many variables that can affect your calculations and that ultimately determine how much money investors actually earn from their investments.

Topics covered in this chapter are:

  • Time Value of Money

  • Return And Risk

  • Calculating Expected Return and Risk

Approximate Hours of Study**
Hours of Study 110 - 160 hours

** In order to provide some guidance to course participants as to the length of time it will take to be sufficiently prepared to write the final examination, CSI has prepared this estimate of the number of hours an average participant could possibly expect to spend studying for a course. Please note that these are only recommended hours of study developed based on research and our course content, however, this does not mean that some students with exceptional backgrounds would not take less time than recommended or that students with no background at all in finance or economics would not take longer than the maximum.

EXAM WEIGHTINGS
(weightings are approximate)
Exam 1
Wealth Management Today and Ethics 5%
Understanding the Client, Cash Flow and Loans and Mortgages 12%
Personal Risk Management 5%
Family Law and Tax Planning 11%
Retirement Savings Plans and Employer Pensions, Government Pensions and the Retirement Planning Process, and Annuity Based Financial Products 17%
Estate Planning 7%
Investment Management and Asset Allocation 12%
Equity and Debt Securities 11%
Managed Products 11%
Portfolio Monitoring & Performance Evaluation and Financial Math 9%
Exam 2
Wealth Management Today and Ethics 2%
Understanding the Client, Cash Flow and Loans and Mortgages 16%
Personal Risk Management 2%
Family Law and Tax Planning 12%
Retirement Savings Plans and Employer Pensions, Government Pensions and the Retirement Planning Process, and Annuity Based Financial Products 18%
Estate Planning 8%
Investment Management and Asset Allocation 12%
Equity and Debt Securities 12%
Managed Products 10%
Portfolio Monitoring & Performance Evaluation and Financial Math 8%
EXAM INFORMATION
Exams 2
Exam Format Exam 1: Paper or Computer Based
Exam 2: Paper or Computer Based
Exam Duration Exam 1: 3 hours
Exam 2: 3 hours
Question Format Exam 1: Multiple Choice Questions
Exam 2: Multiple Cases with Multiple Choice Questions
Questions Per Exam Exam 1: 120 Questions
Exam 2: 50 Questions
Attempts Allowed Per Exam 3*
Passing Grade 60% (Per Exam)
Assignments None
ENROLMENT PERIOD
Enrolment Period 1 year
COURSE COMPLETION NOTICE AND WALL CERTIFICATE

On successful completion of this course you will be able to download a Notice of Course Completion available through your student profile. This will remain on your profile as formal indication of course completion.

CSI will mail you a wall certificate within 4 - 6 weeks of course completion. If you would like to purchase a frame to display your certificate please click here. Please ensure that your First and Last Name on your profile match your First and Last Name on your Government Issued Photo identification - this will ensure you receive an accurate certificate.

CSI will be pleased to issue an Honors Certificate to all students who obtain a final course mark of 85% or higher.

*There is no charge for your first attempt at a paper-based exam within Canada, as long as it's at a regular exam center and you provide a minimum of 14 days notice before the date that you want to write the exam. If you would like to write a computer-based exam, an additional fee will be required.

Each subsequent paper-based exam attempt at a regular exam centre within Canada will also require an additional fee. This fee is in addition to any special, computer-based or international fees that may apply. You must provide a minimum of 14 days notice within Canada at a regular exam centre and 4 weeks notice for all other centres. Please note that the date of the exam is not part of any notice period.

?Please note: Access to your online materials will close 2 weeks after successful course completion or course expiry (whichever comes first). This course can be extended by 1 year provided you have not exceeded the attempts allowed for each exam. You can view CSI extension fees here. Your enrolment period can only be extended one time.

Important: During a student's enrolment period, CSI may update this course. In that case, details about the update and how it may affect students will be posted online via My CSI. Students are held responsible for and are examinable on the content in the course textbook(s) provided at the time of enrollment unless stated otherwise in My CSI. Students are encouraged to check My CSI regularly throughout their enrolment period.

Continuing Education (CE) Credits

Click the links below or the buttons at the top of the page on the right side to access CE accreditation information. To search for specific course information, press Ctrl + F and then enter the course name to search the document for the information you are interested in.

National/Provincial (Excluding Quebec)
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Quebec (IQPF/CSF)
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Please note: While CSI makes every effort to ensure that the information is up-to-date, we are unfortunately unable to fully guarantee its accuracy. The information listed in the charts above may be subject to change.

For details on the organizations and other information on CE Credits listed in the above charts, please click here.