CFP Board Center for Financial Planning has launched a campaign to attract younger and more diverse individuals to the industry. Called I am a CFP Pro, the campaign is accessible online and features a diverse group of young people telling their stories about how and why they joined the profession and invites others to do the same.
It was introduced at the National Press Club in Washington on Tuesday, with executives of the CFP Board Center and three young planners, now featured on the website, discussing how they came to be certified financial planners. Aspiring and current CFP professionals as well as college students and professors are encouraged to check out the website, said Marilyn Mohrman-Gillis, executive director of the CFP Board.
“The financial planner workforce needs to better reflect the population it serves, and this campaign is designed to get careers in financial planning on the radar screens of students and millennials who may not have considered it previously,” said CFP Board CEO Kevin R. Keller in a statement.
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There are currently more financial planners over 70 than under 30, and nearly 20% are approaching retirement, according to the CFP. In addition, women account for less than one-quarter of financial planners and minorities even less than that.
(Related on ThinkAdvisor: New Robo-Advisor Targets Minority Communities)
“The profession is not on track to meet the population it serves going forward,” said Blaine Akin, chair of the CFP’s Board of Directors, at the press club event. The profession needs to “create a more diverse and sustainable profession so that every American has access.”
The CFP Board has been trying. In 2013 the CFP Board introduced its Women’s Initiative, called WIN, to address the “feminine famine” in financial planning, and last June it started a WIN-to-WIN program to connect women wanting CFP certification with mentors who can assist them through the process.