What You Need to Know
- The annual certification fee was increased by $100.
- A new CE reporting fee of $1.25 per CE hour will be charged to continuing education providers, according to Michael Kitces.
- The extra certification fee revenue will fund the CFP board's public awareness campaign and research, among other efforts.
The Certified Financial Planner Board of Standards has increased its annual certification fee by $100, the first fee increase in five years, and has introduced a new continuing education reporting fee.
CFP Board said in a statement on its website that “after careful review of the work needed to accomplish CFP Board’s important mission and our new strategic priorities, we explored the investment required to achieve these.”
Separately, the board notified CE sponsors Tuesday of the new “attendance reporting fee” of $1.25 per CE hour, Michael Kitces, head of planning strategy for Buckingham Wealth Partners, who is also a popular blogger and a CE provider, said Wednesday in a Twitter thread.
The fee, charged to CE providers, will likely be passed on to CFPs in the form of higher costs, according to Kitces.
“When CFP certificants need 15 hours of CE per year, that’s another $18.75 in annual cost,” he tweeted.
The increase of the annual CFP certification fee to $455 takes effect for individuals certified Oct. 1 and later, as well as for renewing CFP professionals whose certification periods expire in October or later, according to the CFP Board.