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Industry Spotlight > Advisors

Number of CFPs in U.S. Nears 99,000

By Janet Levaux

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In 2023, the number of certified financial planners hit 98,875 — a rise of nearly 4% from 2022, according to the Certified Financial Planner Board of Standards, which says close to 9,840 individuals took the exam last year.

This was a faster growth rate than in 2022, when the number of CFPs rose 3.4%.

“As we enter the 51st year of CFP certification, the value of the CFP mark is only growing,” said CFP Board CEO Kevin R. Keller, in a statement. “CFP Board is dedicated to building a sustainable, diverse financial planning profession that reflects the communities we serve — it’s one of our strategic priorities.”

Last year, the group welcomed 6,089 new CFP professionals, 56% of whom were under 35 years of age. 

The number of new CFPs who are women grew to 1,692, an 11.5% increase over 2022. The total  number of female CFP professionals now stands at 23,484, representing 23.8% of all CFPs — continuing to inch up from 23.6% in 2022 and 23.4% in 2021. 

According to the 2020 U.S. Census, women accounted for 50.4% of the U.S. population.

The combined number of diverse professionals rose to 9,408, which reflects a year-over-year growth rate of 7.9% and accounts for 9.5% of all CFPs. U.S. Census data from 2020 shows that residents who identify as Hispanic or as members of other ethnic groups accounted for roughly 41% of the population.

The number of Hispanic CFPs, for instance, rose by 11.3% in 2023, and now stands at 3,016 — representing 3.1% of all CFP professionals. Hispanics accounted for 19.1% of the U.S. population in 2020. 

The number of Black CFPs grew by 7.5%, and this group includes 1,899 Black CFPs today, which means they account for 1.9% of all CFPs; U.S. Census data shows Blacks account for 13.6% of the country’s residents in 2020. 

Meanwhile, the number of Asian or Pacific Islander CFPs increased by 5.5% last year and now stands at 4,096 (4.1% of all CFPs). These groups represented 6.6% of the U.S. population in 2020.

American Indian or Alaskan Native CFPs rose in number by 6.6% in 2023 to 241 (0.2% of all CFPs); these ethnic groups accounted for 1.3% of the U.S. population in 2020 . And multi-ethnic CFPs grew by 20.0% to 156 (representing 0.2% of all CFPs); multi-ethnic individuals made up 3% of the U.S. population in 2020. 

CFP Professionals contributed 330,192 hours of pro bono work in 2023, the group says, up 20% from the prior year. Also, the CFP Board awarded $725,055 in scholarships to 176 recipients — a 54% jump from 2022. 

“By helping to provide funding for diverse individuals pursuing CFP certification, we move closer to our goal of meeting the growing demand for competent, ethical financial planning,” according to Keller. 

Image: Shutterstock

Janet Levaux

@Think_JanetL

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