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Life Health > Running Your Business > Certification

CFPs Happy With Career Choice, Say Mark Gives Them Competitive Boost

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Certified financial planners continue to be satisfied with their career choice, are OK with the increased dues they’ve been charged to boost awareness of the CFP mark, and believe that their designation gives them in a competitive nudge, according to a newly released report by the Certified Financial Planner Board of Standards.

The just-released telephone survey of 808 CFP professionals, conducted in December and January using a random sample of CFP professionals, found that 90% are “strongly satisfied” with their career choice in financial planning, while 91% are strongly satisfied with their decision to pursue CFP certification.

The survey also found that 90% of CFPs would tell others planners to earn the mark while 83% agree that CFPs have a “competitive edge” over financial planners who do not hold the credential — a 2% increase from the 2013 in-depth study of CFPs’ perceptions of the value of their certification and its impact on their careers.

The study was conducted by Fondulas Strategic Research.

“We are pleased to see that CFP professionals continue to be overwhelmingly satisfied with their career choice as well as the certification itself,” said Kevin Keller, CFP Board’s CEO, in releasing the report’s findings. “CFP professionals are once again affirming initiatives that help fulfill our mission of upholding CFP certification as the recognized standard of excellence in personal financial planning.”

The survey also found big jumps in CFPs’ satisfaction wiht the CFP Board’s Public Awareness Campaign, which cost $10 million and is in its sixth year of advertising, featuring the “Let’s Make a Plan” website for consumers.

Results showed a 14 percentage point increase from 2013 in the number of CFPs that are “very satisfied” with the campaign (21% vs 7%), and a 12 percentage point increase in the percentage who say the campaign is worth the additional annual fee CFPs pay (69% vs 57%).

The survey also found that 82% of CFPs agree that a “fiduciary standard of care is appropriate for all financial service providers who deliver personalized investment advice to retail investors.”

Eighty-two percent of CFPs also agreed that the CFP Board’s Standards of Professional Conduct provides them with “necessary guidance for delivering financial planning services to my clients with the highest ethical conduct.”

— Check out It’s Time to Fix the CFP Mark’s Continuing Education System on ThinkAdvisor.


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