To maintain its "competitive edge in a crowded field of designations," the Certified Financial Planner Board of Standards announced Tuesday that, effective Oct. 1, the annual renewal fee for using the CFP mark will be increased to $575 from $455 — a 26% increase.
"Since launching the first Public Awareness Campaign in 2011, CFP Board has made major strides in showing people why trustworthy, skilled financial planning matters," CFP Board said in a statement. "The campaign strikes a chord. And you’ve told us loud and clear that promoting the CFP brand should remain a top priority. The campaign has raised awareness in a big way, and now is the time to expand."
The fee increase "will generate one-fourth of the $12.5 million needed to add a fall 2025 broadcast window. CFP Board’s investment reserve will fund the remaining $9.4 million for 2025," CFP Board said. "By 2026, the certification fee will fully support the expanded campaign."
As Jeff Levine, chief planning officer of Focus Partners Wealth highlighted in a LinkedIn post, the entire fee increase is earmarked for advertising, meaning that "going forward, nearly 50% of the annual fee ($280) is dedicated towards this initiative."
Some commenters to Levine's post remarked that the new fee is "getting pricey" and is "steep." Others said they would reconsider the mark after the hike announcement.
Another planner commented: "As long as the ads are honorable and effective, I'll gladly give this the thumbs up. The CFP is not as well known as we would like to believe."
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