Comparison Between CWPP™ and CAPP™ Other Certification Courses
The CWPP™ is much different than a CFP, CLU and the other certification courses in several ways:
1) CWPP™ is the only certification program that specifically and extensively deals with the ever-important topic of asset protection, income tax planning and "advanced" estate planning. As an example of how important the topic of asset protection is for advisors to learn, see the following quote from an advisor that added asset protection to the list of topics he deals with.
Your book The Doctor’s Wealth Preservation Guide is great. I have read it twice now in the past couple of weeks. It has helped me with numerous doctor prospects. It has been so much easier to schedule appointments with doctors now that I focus on asset protection instead of trying to sell them something.
Asset protection is the most important aspect for the doctor. Everything sells itself. I may have some questions about some of your ideas.
Brandon H., MBA
NO estate or financial plan can be complete if asset protection is not incorporated into the plan. The most expensive and “best” plan can be rendered meaningless with one negligence verdict. A negligence verdict is not just an issue for doctors, lawyers, CPAs/accountants, architects, financial planners, insurance advisor and other “professionals” that have personal liability. Asset protection is an issue for any client that drives a car, owns a house or rental property, has teenage children or runs a business.
2) The CWPP™ and CAPP™ courses require advisors to pass an essay test. While advisors, if they study hard enough, can figure out a way to pass a multiple question test, there is no way to guess your way through an essay test. By completing and passing the essay portion of the certification test, advisors will truly be certified that they know how to apply the information learned in the course.
3) The term “Wealth Preservation” is a more all encompassing title than the other certification programs. Wealth preservation includes education on life insurance, financial planning, tax planning, asset protection, estate planning, real estate transactions, and running a business in a cost-effective manner.
When reviewing the other certification courses available, ask whether those courses educate on the following topics:
-Asset protection (both domestic and offshore)
-Leverage Bonus Plan (the new “NQDC”)
-Intentionally Defective Grantor Trusts (IDGTs)
-Self Canceling Installment Notes (SCINs)
-Private Annuity Transactions
-Preferred and Non-Preferred LLCs for Estate Discounting
-Accounts Receivable (A/R) Leveraging/Financing
-Section 79 Plans
-Voluntary Employee Benefit Associations (VEBAs)
-Qualified Plan Insurance Partnership (QPIP) ™
-Closely Held Insurance Companies
-Health Insurance (cost reduction strategies)
-International Tax Planning
-The Maximizer (double the return of the S&P 500 while protecting 90% of your money)
-Captive Insurance Companies
-1% CFA Mortgage and Equity Harvesting
The above listed topics are are not a complete list form the course, but they should illustrate that there are topics that can benefit high income/high net worth clients that the vast majority of advisors are not faimilar with. Those advisors that know the above listed topics will have the needed knowledge to put together a “complete” asset protection, financial and estate plan for clients. Without knowing these topics, advisors will only be able to implement the every day solutions that have been around of the last 20+ years. The CWPP™ course and its topics are unlike any other and can help advisors take their consulting practice to the next level by providing unique advice that best can help our most important clients (the ones with a high income or net worth).
4) The CWPP™ course is one that will teach advisors important information, but also practical information that can be immediately applied in practice to help clients. Many of the certification courses in the marketplace fill hours in their course with topics advisors do not need to know to give complete and practical advice to clients. The WPI is confident that when advisors complete a WPI certification course they will be able to pay for the cost of the course in short order by helping existing clients with the topics learned or by being able to cultivate new clients.
5) The CWPP™ is a program that can be obtained at live, in-person seminars over a weekend “crash” course and at a price that is affordable for most advisors. The course is also given in three days during normal 8-5 business hours.
6) The CWPP™ is a program that can be finished completely online (which is a huge benefit to those that do not have the time or money to spend at a two or three day conference).
7) The CWPP™ program has a 640 page textbook advisors receive when signing up for the course. The material is all online in PDF format and is updated regularly to keep up with the law and product changes. This is absolutely unique when it comes to a certification course.
8) The WPI is a terrific continuing education entity that sends out newsletters to advisors when important information arises on the topics covered in WPI courses. When advisors deal with “advanced” topics, they must keep on top of law changes that inevitably take place so that any alterations to a client’s plan can be implemented.
9) Online educational tools. Once an advisor obtains a WPI educational certificate, they will have at their disposal through the WPI website PowerPoint presentations on all the topics that can be used for continued education of the advisors or as a sale’s tool for an advisor when working with clients.
FYI, “Beginning in 2007, candidates for the Certified Financial Planner certification must have a bachelor's degree, in any discipline, in order to obtain CFP certification.”
Those on the educational board of the WPI do not believe a college education is required to be a CWPP™ or CAPP™. There are many people with BS, BA, MBA, JD, and CPA degrees or certifications that know very little about estate, tax or asset protection planning and there are many people without any degree that know a significant amount about those topics.
The only requirement to pass a WPI certification course is that advisors not have a criminal record and have the wherewithal to sit through a certification course and pass the multiple choice and essay exams.