The CFP Board Center for Financial Planning has released a new guide, Financial Planning Career Paths: Building More Sustainable and Successful Businesses, which provides comprehensive workforce development best practices in the areas of recruiting, onboarding, training, career development and retention.
“Firms of all sizes and business models will benefit from these best practices to better engage and develop professionals, and prepare the next generation of financial planners,” said Kevin Keller, CFP Board CEO, in a statement. “This guide is an essential step in advancing the transition of financial planning from an ‘industry’ that delivers products and services to a ‘profession’ that is an integral part of society through improving consumers’ lives.”
The guide, developed with BNY Mellon’s Pershing, highlights the importance of clear and transparent career advancement to attract and retain the next generation of financial planners and advisors.
The guide identifies and examines five rungs of the financial planner career ladder — analyst, associate advisor, service advisor, lead advisor and partner — and describes the skills, experience and responsibilities necessary to achieve each.
“Career paths are becoming better understood and more standardized across the profession,” the guide states. “Interviews with 30 leading financial planning firms suggest that there are common steps to career development, each with a distinct set of responsibilities and skills.”