Satisfied, Confident, Knowledgeable and Successful at Sticking to Strategies
CERTIFIED FINANCIAL PLANNER professionals are trusted financial professionals who work with individuals and families to review all aspects of their financial affairs and recommend practical, easy-to-understand solutions for every life stage. FPSB’s research with more than 19,000 consumers worldwide showed:
- Those who work with a CERTIFIED FINANCIAL PLANNER professional feel more strongly confident about their financial situation than those managing their own finances or working with a different type of financial adviser.
- Consumers who have a written, comprehensive plan are nearly three times more likely to feel strongly confident about achieving their life goals.
Life’s Better with a CERTIFIED FINANCIAL PLANNER Professional
When seeking objective, expert and trusted financial planning advice, consumers can look to the CFP certification marks – CERTIFIED FINANCIAL PLANNER professionals have agreed to adhere to a rigorous Code of Ethics and Professional Responsibility that requires them to place clients’ interests ahead of their own. Moreover, FPSB’s global consumer research showed that life’s better with a CERTIFIED FINANCIAL PLANNER professional. Clients of CFP professionals tend to be more satisfied, more confident they will reach their financial and life goals, and feel they are better at sticking to their financial strategies. Consumers gave CFP professionals high marks on:
- Honesty and integrity
- Placing client’s interests first
- Understanding client’s needs and goals
- Explaining financial matters in simple terms
Career Advancement and Satisfaction, Income Growth, Better Able to Keep Clients
FPSB partnered with Cerulli Associates to survey more than 3,500 CERTIFIED FINANCIAL PLANNER professionals, representing private and retail banking, independent financial advisory and financial planning firms in six territories around the world, about the benefit of pursuing CFP certification. The CERTIFIED FINANCIAL PLANNER professionals told us, that after receiving their CFP certification:
- Among those seeking to advance their careers, 37 percent earned a promotion, got a new job or started their own practice.
- 57 percent reported growing their client base in the 12 months following their certification.
- 63 percent saw their income grow in the 12 months following their certification.
- 72 percent reported increased satisfaction with their careers.
- 87 percent expected to be able to keep clients longer.
More Revenue, Fewer Complaints, Satisfied Clients
FPSB’s international study conducted with 92 financial services firms in 12 territories representing over 120,000 financial advisors showed why the majority of firms plan to grow their number of CERTIFIED FINANCIAL PLANNER professionals:
- 59 percent of firms reported that employing CFP professionals led to fewer client complaints.
- 69 percent of firms reported that employing CFP professionals lowered corporate risk.
- 69 percent of firms reported that CFP professionals have a higher rate of growth of assets under management.
- 76 percent of firms found that employing CFP professionals led to increased client retention.
- 79 percent of firms plan to grow the number of CFP professionals.
- 84 percent of firms said employing CFP professionals had a positive impact on client satisfaction within the firm.
For Regulators, Legislators and Governments
The Global Financial Planning Community Supports Good Outcomes For Consumers and the Profession
Competent, ethical financial planners follow a client-centric, process-driven approach to provide comprehensive advice and solutions that consider all aspects of a client’s financial situation and needs – even if those needs are unstated or not fully understood by the client. The advice or recommendations provided by a professional financial planner may include the sale of a product. Regardless, CERTIFIED FINANCIAL PLANNER professionals are expected to provide financial planning advice and recommendations in the client’s best interests.
FPSB welcomes enforcement of appropriate standards for the financial planning profession, and believes that regulators, legislators and government bodies should recognize financial planning as a distinct, professional practice. FPSB also believes that financial planning should be regulated in a manner consistent with established professions, such as medicine, law and accounting.
Governments should recognize that financial planning is still a new and emerging professional practice in many territories around the world. Effective regulation of professional services such as financial planning is best achieved through a collaborative effort among governments and professional bodies, where governments set the regulatory expectations of practice, market integrity and consumer protection, and professional bodies determine professional norms, conduct expectations and education and certification requirements that foster consumer and government confidence in the profession.
Read FPSB’s Position Paper on
Oversight of the Financial Planning Profession (PDF)