The news that the number of CFP® professionals worldwide is approaching 150,000 was reported by the FPSB, the owner of the international CFP® Certification Program, as enrolment opened for the first 2013 intake of the FPA’s CFP® Certification Program.
“The year 2013 is already shaping as a turning point for our combined professional journey in financial planning. We expect the strong enthusiasm for a resurgent profession to convert to high demand for planners seeking to align with the leading professional designation, the CFP® mark,” said Mark Rantall, CEO of the FPA.
The internationally recognised CFP® accreditation is the highest level of qualification that a financial planner can achieve, and is comprised of four modules - Ethics, Education, Experience and Examination, and can be completed over a two year period.
Mr Rantall emphasised the importance of CFP® certification in fostering a positive reputation for financial planners among consumers.
"The CFP® Certification Program is part of the FPA's commitment to enhancing the professional standards of financial planners in order to build consumer respect and trust. The FPA's work to have our Code of Professional Practice approved by ASIC, in addition to our vigorous effort to enshrine the term 'financial planner' has all been part of the strategy to elevate the financial planning profession. CFP® certification is also an important aspect of this strategy.
"Becoming a CFP® professional is the best way for planners to demonstrate their commitment to professional development and best practice as well as improve their value proposition with clients."
Research has showed many benefits of holding the CFP® designation, including:
For consumers, the CFP® designation is the most commonly cited credential when looking for a financial planner1
67% of financial planners surveyed believe that the CFP® designation would have a positive impact on their reputation2
On average, CFP® professionals earn $35,000 per annum more than other financial planners3
65% of licensees claim that client relationships are strengthened by having a greater number of CFP® practitioners4
Mark Rantall concluded: "The CFP® mark in financial planning is synonymous with professionalism, excellence and expertise. While the number of practicing CFP® professionals in the country dropped slightly last year we actually saw a record number of enrolments with a 20% increase. We hope to see enrolment numbers grow again this year.”
Globally, there are just under 150,000 professional financial planners who hold the CFP® designation. This includes the almost 5,500 strong community of CFP® professionals in Australia, which holds the fifth largest CFP® population globally (representing 3.7% of the total CFP® population).
CFP® enrolments close on 22 February 2013.
1 Investment Trends August 2012 Advice and Limited Advice Report
2 Investment Trends April 2012 Planner Business Model Report
3 Investment Trends FPA Professional Dividend Report September 2012 4 Comparator Business Benchmarking September 2012 Market Pulse Report