This time, they hope to get it right. The boards of the Investment Management Consultants Association (IMCA) and the Institute for Certified Investment Management Consultants (ICIMC) have agreed to a "consolidation." If approved by the respective memberships, the combination of the two organizations that serve the separately managed account business will operate more like a confederation than one central organization, at least at first.
After merger efforts that fizzled in recent years, largely over differences in the value of their designations, the groups which represent about 3,000 consultants in total decided to retain both IMCAs Certified Investment Management Analyst (CIMA) designation and the ICIMCs Certified Investment Management Consultant (CIMC) title. Current thinking is to maintain the IMCA headquarters in Denver and the ICIMC headquarters in Washington for the present as well. A name change could come later, one source close to the negotiations said.
Among the benefits for members, says ICIMC President Jeffery Barefoot, would be "greater conferences and meetings, increased efficiencies and an increased use of technology."
The two groups, now more than a decade old, were started by Arizona broker Dan Bott.