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February 03, 2022 at 11:02 AM
What You Need to Know
- The share of planners who are women has been stuck around 23% for years, the CFP Board reports.
- But the growth rate in the number of female CFPs rose from a year earlier, to 4%.
- Black and Hispanic CFPs made up 1.7% and 2.7% of the total planner population, both up slightly from a year ago.
The Certified Financial Planner Board of Standards recorded increases in the number of female, Black and Hispanic CFP professionals in 2021, according to a recent report from the organization.
As of Dec. 31, the number of CFP professionals reached a record high of 92,055, up 3.8% from 2020.
Of that total, 23.4% of all CFP professionals were women, numbering 21,504 — a year-over-year increase of 4.2%, versus a 3.1% gain in 2020.
But the overall share of CFPs who are women remained nearly flat from 23.3% in 2020.
According to the CFP Board’s Women’s Initiative, launched in 2013, the share of planners who are women has remained around 23% for the last several years. A white paper released after the launch of the program said the growth of women in the business “will be a marathon not a sprint.”
The number of Black and Hispanic CFP professionals grew by 13.8% in 2021 to 4,196.
Specifically, there are now 1,652 Black CFP professionals, or 1.8% of all CFP professionals. Their numbers grew by more than 10% in 2021. Black CFPs comprised 1.7% of the total in 2020.
