Financial planning professionals are making more money and keeping a strong sense of career satisfaction, according to a recent survey by the College for Financial Planning and the Financial Planning Association.
The 2005 Survey of Trends in the Financial Planning Industry, conducted among certified financial planners, found median gross planner earnings increased 27% over 2004, from $219,000 to $277,800.
The survey found 56% of certified financial planners report their income is a combination of service fees and commissions, while 34% report their income comes from fee-only services.
Those surveyed reported that they believe their success resulted from their “people” or communication skills, referrals and their certification as a financial planner.
Planners reported their clients’ net worth averaged $1 million, up 33% over last year’s $750,000.