The CFP Board is launching a national public awareness campaign that it says is designed to raise awareness of the CFP certification. The campaign, CFP Board says, will cost $9 million annually, and will be funded from CFP Board reserves along with an increase CFP certification fees.
In a release detailing the new campaign, CFP Board says it is contributing $9.3 million over two years to jump-start the campaign–$7 million in 2011 and $2.3 million in 2012. Certification fee increases of $12 a month or about $145 a year will be introduced in July of 2011.
With the increase in fees, CFP certificants will now pay annually but still renew their certification every two years. The total annual certification fee will rise to $325 a year. The certification fee increase will go into effect starting with July 1, 2011, renewals. Currently, CFP certificants pay certification fees every two years.
The campaign is expected to start in early second quarter, and include a mix of online, TV, and print. “By raising awareness of the certification to the public we will indeed be fulfilling our mission and calling attention to the importance of financial planning and the CFP certification,” said CFP Board Chair Robert Glovsky, in a statement.
The Board initially has approved a four-year run for the campaign, with a review of its success to take place at the end of two years. CFP Board that in order for the campaign to continue, “it must be successful based on established metrics that demonstrate an increased awareness of CFP certification.” All “funds stemming from the fee increase and allocation of reserves,” the Board says, “must be dedicated to the direct expenses of the campaign.”