OPENING STATEMENT Meeting Time
CFP Board’s inaugural 2024 Connections Conference set the stage for thought- provoking conversations on the future of financial planning. In a mainstage session, 2024 Board Chair-Elect Liz Miller, CFP ® , CFA ® and renowned journalist Fareed Zakaria delved into the expanding role of CFP ® professionals amid the accelerating pace of economic, technological and demographic shifts.
nancial planning profession. In 2024, a record 10,437 candidates sat for the CFP® exam. More women and racially and ethnically diverse people achieved CFP® certification than ever before. Nearly 18,000 CFP® professionals re- ported almost 390,000 hours of pro bono financial planning. We launched new programs highlighting financial planning as an attractive career, con- nected aspiring professionals with valuable resources and awarded nearly $670,000 in scholarships. Awareness and preference for CFP® certification among consumers reached all-time highs. And our 2024 Connections Con- ference convened the entire financial advice ecosystem for the first time. CFP Board is a unique organization. Beyond certifying and upholding stan- dards for CFP® professionals, we serve as a conduit for progress. We touch more than 103,000 CFP® professionals, thou- sands of candidates pursuing certifica- tion, firms of all sizes and business mod- els, hundreds of college and university programs, nearly 900 continuing edu- cation sponsors, and the membership organizations and trade associations supporting the profession. Each of these communities is influential on its own. But when united, we create the spark that fuels progress, eliminates barriers, develops talent and shapes the future of financial planning. Our success rests on the dedication of our volunteers, whose passion brings our mission to life; the talented CFP Board sta ff who execute our programs and initiatives; the firms that support CFP® certification; and our generous sponsors and donors. We are grateful to the Board of Directors for their excep- tional leadership and to the members of our councils, committees, commissions, advisory groups and panels for their in- valuable expertise and insights. Special thanks go to CFP Board Ambassadors who give local voice to our consumer advocacy, to the thousands of CFP® pro- fessionals providing pro bono service, to the Student Liaisons who spread en- thusiasm and awareness of the profes- sion among their peers, and to the hun- dreds of mentors supporting the next generation of certificants. We are truly grateful for your support. Your unwav- ering commitment is our foundation. And together, we continue to raise the bar for the profession.
THE STANDARD
CONTENTS
The Growth Issue
CFP® certification is the standard for competent, ethical financial planning.
Vision
4 8
Who We Are
The public values financial planning and benefits from professionals adhering to a fiduciary standard. Mission
A profession on the ascent
Serving the public and advancing the profession
Planning Ahead
14 30 48
CFP BOARD OF STANDARDS 501(C)(6)
Real Results
Our impact this year
Credential competent and ethical financial planners, uphold CFP ® certification as the recognized standard and advance the financial planning profession. CFP BOARD CENTER FOR FINANCIAL PLANNING 501(C)(3) Advance competent and ethical financial planning and expand CFP ® professional diversity for the benefit of the public.
Data Dive
A look at the numbers
Recognition
Strength in community
FEATURES
22 36 42
clanging crescendo when Simone Lee, CFP®, our 100,000th CFP® profes- sional, rang the Closing Bell at the New York Stock Exchange on December 13. Reaching 100,000 CFP® profession- als has been a goal for CFP Board, not for the milestone itself, but for what it signifies. It means more Americans now have access to competent, ethical finan- cial advice. It also reflects that advisors, firms and — most importantly — con- sumers recognize the value of the CFP® marks. Expanding our ranks and raising awareness have made CFP® certification more relevant than ever before. The pages of The Standard capture the story of a landmark year for the fi-
2024 Board Chair Matt Boersen, CFP ® , CFA ® (left) and CFP Board CEO Kevin R. Keller, CAE in front of the Nasdaq billboard celebrating 100,000 CFP ® professionals on Dec. 13, 2024.
LEADERSHIP MESSAGE Growth Drives Relevance
Living Better Lives Proving the power of CFP ® certification
Follow, engage and be part of the CFP ® professional community!
Journey to 100,000 As the value of CFP ® certification has grown so has the number of advisors pursuing it. The Connect Effect CFP Board’s Connections Conference convened the entire financial advice ecosystem for the first time in our history.
ON APRIL 13, 2024 , the question, “Is Your Financial Advisor A CFP® Pro- fessional?” blazed across the front page of The Wall Street Journal in CFP Board’s signature big, bold, black and gold. Just four days later, we reached a monumental milestone: 100,000 CFP® professionals in the U.S. This marked the beginning of a period of tremendous pride for our community that came to a
LinkedIn CFP Board YouTube @CFPBoardOfStandards X (Twitter) @CFPBoard Facebook @CertifiedFinancialPlanner BoardofStandards @CFPLetsMakeAPlan Instagram @cfpboardofstandards TikTok @cfpboard
Cover Illustration by Peter Arkle
Photo by Gus Aronson
A LOOK AT 2024
3
Distribution of Age Across CFP® Professionals
Who We Are
22% 5 0–59 years old
The 2024 Class
In 2024, the number of CFP® professionals in the U.S. crossed 100,000 for the first time in our history.
A record number of candidates took the CFP ® exam this year. In 2024, 57% of new CFP ® certificants were under age 35. In addition to trending younger this new class represents the most diverse class in CFP Board’s history. Six firms each minted more than 200 CFP ® professionals (Edward Jones, Bank of America, Charles Schwab, Fidelity Investments, LPL Financial and Northwestern Mutual). 6 x 200 10,437
26% 4 0–49 years old
+ 6,541
4.5 %
8.8 %
57 %
New CFP® professionals
Increase in women CFP® professionals
Increase in the number of racially and ethnically diverse CFP® professionals
Of new CFP® professionals are under age 35
16% 6 0–69 years old
Race + Ethnicity
Gender
1% 80+ years old
5% 70–79 years old
6% 20–29 years old
81.8
76 24 <1
White
% % % % % % % %
Male
% % %
8
Not Given
Female
3.8 2.7 1.9 1.5
Asian
Non-Binary
Hispanic or Latino
Black or African American
<1% Not Given
Multiracial and/or Multiethnic Native Hawaiian or Pacific Islander American Indian or Alaska Native
23% 30–39 years old
<1 <1
THE STANDARD
4
Who We Are ® → ™ CFP Board strengthens the value and protection of the CFP® marks Protecting and strengthening the value of the marks has been a CFP Board priority for nearly 20 years.
A Cut Above
and pursue it, but also for the ben- efit of the public. The commission underscored that the Competency Standards should warrant public trust, while also enhancing recog- nition and respect for the financial planning profession. Seeking Stakeholder Input Recognizing the significant impact any changes to the standards may have on the profession, as part of the review process CFP Board actively sought in- put from a wide range of stakeholders, including practitioners, candidates, firms, membership organizations and the public. On December 17, 2024, the Board of Directors released proposed changes to the Competency Standards for public comment. In announcing the public comment period, CFP Board said, “Regular eval- uation of the Competency Standards reflects our commitment to leader- ship, innovation and effectively serv- ing the American public. This ongo- ing process ensures CFP® certification remains relevant and valuable as the financial planning profession contin- ues to evolve.” What’s Next? CFP Board received comments from more than 2,000 people on the nine proposals it released for public com- ment, including one education rec- ommendation, three experience rec- ommendations, one examination recommendation and four continu- ing education recommendations. The Board of Directors also requested feed- back on allowing CFP® professionals to fulfill part of the CE requirements through community service. The Board of Directors will review public comments and other relevant data into 2025. A final decision on the proposed changes is anticipated by November 2025.
IN 2023, CFP Board took a significant step in the evolution of the financial planning profession by convening the Competency Standards Commission. This commission was tasked with con- ducting the first comprehensive review of the competency standards, which in- clude the education, experience, exam and continuing education require- ments for CFP® certification. “Because the marks are so mean- ingful to certificants, to firms and to consumers, CFP Board is committed to ensuring that the requirements not only remain valid, reliable and legally defensible, but — most importantly — relevant,” said CFP Board CEO Kevin R. Keller, CAE. Taking a Holistic Approach Over the years, there have been piece- meal changes to the Competency Stan- dards, including the addition of the col- lege degree requirement in 2007 and the Capstone course requirement in 2012. However, this was the first time CFP Board has taken a holistic review of all the competency standards. Led by 2020 CFP Board Chair Jack Brod, CFP®, the 15-member commission met over a period of 18 months, reviewing best practices in testing and certification, soliciting input from CFP® professionals and candidates for CFP® certification, and consulting with representatives who over- see well-regarded designations for orga- nizations including the CFA Institute, the American Speech-Language-Hearing As- sociation and the Society for Human Re- source Management. Guiding Principles Key principles shaped the commis- sion’s discussions and recommenda- tions, which the group delivered to the Board of Directors in 2024. These principles emphasize that CFP® certi- fication must demonstrate value and relevance, not just to those who earn
CFP® Certification Competency Standards: Modern, Relevant and Practical
BY LYNN MCNUTT
ON JUNE 25, 2024, the U.S. Patent and Trademark Office registered the CERTIFIED FINANCIAL PLANNER ® mark. At first glance, you may not notice the new ® rather than a TM after the phrase. But this small symbol change marks a significant achievement for CFP Board, CFP ® professionals and the American public. It means the CERTIFIED FINANCIAL PLANNER ® mark has earned a level of recognition broadly associated with CFP Board, CFP ® certification and CFP ® professionals. It means our efforts to elevate awareness of the brand associated with competent, ethical financial planning have been successful. And it means we have stronger standing to protect the commitment that more than 103,000 CFP ® professionals have made to the CERTIFIED FINANCIAL PLANNER ® mark. TheTMsymbolstandsforatrademark that has not acquired registration with the USPTO. The ® symbol stands for “registered trademark” and indicates the USPTO’s recognition of trademark ownership. The ® provides a much higher level of legal protection for our brand and recognizes CFP Board’s right to exclusive ownership and use of the CERTIFIED FINANCIAL PLANNER ® mark. When CFP Board first applied to register CERTIFIED FINANCIAL PLANNER ™ in 2005, the USPTO examiner denied registration. In the years since, the stature of the marks has risen dramatically. The number of CFP ® professionals in the U.S. has more
COMPETENCY STANDARDS COMMISSION
Jack Brod, CFP ® (Chair) Savant Wealth Management Khiara Cureton Appollo MD Nandita Das, Ph.D., CFP ® Das Financial Health Kamila Elliott, CFP ® Collective Wealth Partners H. Amos Goodall, JD Steinbacher, Goodall, Yurchak Jake Greenberg, CFP ® Pure Financial Advisors, LLC Archie Hoxton, CFP ® Hoxton Planning & Management Susan John, CFP ® F.L. Putnam Investment Company Sonya Lutter, Ph.D., CFP ® Texa Tech University/Enlite Peter Richardson, JD, CFP ® Northwestern Mutual Josh Schneider, CFP ® The Bethesday Group at Morgan Stanley Joyce Schnur, CFP ® Kaplan Neal Solomon, CFP ® WealthPro, LLC Roy Swift, Ph.D. WorkCred Grace Yung, CFP ® Midtown Financial Group, LLC
than doubled. CFP Board has earned broad recognition among consumers, across financial services firms, in the courts, with regulators, consumeradvocates,investorprotection organizations, financial associations, and colleges and universities nationwide. This recognition has been vital in establishing CERTIFIED FINANCIAL PLANNER ® as a regis- tered trademark. Growing awareness means more consumers understand that CERTIFIED FINANCIAL PLANNER ® certification is the standard for competent, ethical financial planning and that those who have earned the marks have completed rigorous training, have knowledge and skills that have been tested in a high-stakes exam and have committed to CFP Board to uphold standards that warrant public trust. Since 2011, CFP Board has spent more than $160 million to
raise consumer awareness of and preference for CFP ® professionals. This year, our brand tracking survey measured “total awareness” among our target audience at 91%, the highest ever recorded. “Preference for” CFP ® certification came in at 89%, and ”intent to use” a CFP ® professional was 90%, both also record numbers. Strengthening the value and protecting the marks has been a CFP Board priority for nearly 20 years. This achievement came as a result of an effort championed by CFP Board General Counsel Leo Rydzewski, JD, CAE, with legal support from both Webster, Chamberlain & Bean LLP, and ArentFox Schiff LLP. We are proud of our work to raise awarenessofthevalueofCFP ® certification, expand access to competent, ethical financial planning and advance the financial planning profession for the benefit of the public.
THE STANDARD
A LOOK AT 2024
6
7
Planning Ahead
It’s Gotta Be A CFP ® CFP Board’s Public Awareness Campaign
drives home that expertise matters, especially when it comes to finances.
BY LYNN MCNUTT
AN UPBEAT SURGEON greets his smiling patient, “Hey there, Brenda.” Her smile fades as she corrects him, “It’s Carol.” Un- fazed, the doctor asks, “So, which leg are we operating on?” Her face sinks further as she responds, “You mean arm.” The surgeon brushes o ff her mounting panic with, “It’s all connected.” Terrified, the patient finally asks, “Are you sure you’re an orthopedist?” He casually responds, “Actually, I’m a Sagittarius.” The punch- line lands as a voiceover delivers the takeaway: “Asking the right question can greatly impact your future, espe- cially when it comes to your finances.” So begins CFP Board’s 2024 commercial in the Public Awareness Campaign, “It’s Gotta Be A CFP® CFP Board’s Public Awareness Cam- paign educates consumers about the value of working with a CERTIFIED FINANCIAL
PLANNER ® professional. This bold cam- paign featured television, radio and digital advertising and airport and train station takeovers during the inaugural CFP Board Connections Conference. The campaign helped generate the highest numbers ever tracked in awareness of CFP® certification and preference for CFP® professionals among the target audience. In its second year, “It’s Gotta Be A CFP®” achieved record results in ad- dressing what CFP® professionals tell us should be a priority for CFP Board: raising awareness about the value of CFP® certification among consumers. Groundswell of Support In 2008, CFP Board had a new CEO: Kevin R. Keller, CAE. The organization had moved from Denver to Washington, D.C., to strengthen its voice with policymakers.
Keller was hiring sta ff for the new head- quarters and traveling the country meet- ing certificants to hear their perspective about CFP Board’s priorities. “Everywhere we went, we kept hear- ing from people, ‘I’m really proud of hav- ing my CFP® certification,’” said Keller. “I just wish more of my prospective clients — and even current clients — knew what it meant.” During these meetings (See Certifi- cant Connections Townhall Meetings , page 35 ) , certificants told Keller that raising awareness should be a priority for CFP Board. When Keller asked if certificants would be willing to pay more to fund the direct expense of an ad campaign, their response was a resounding “yes.” And so, in 2011, CFP Board launched its first Public Awareness Campaign. Since its inception, CFP Board has
spent $160 million on the Public Aware- ness Campaign. Driving results Before the campaign began, Un- aided Awareness of CFP® certifica- tion among the target audience was 17%. Unaided Awareness measures whether the audience can call to mind a brand without prompting. That means that only 17% of the most rele- vant prospects for financial planning could call to mind CFP® certification without prompting. There was a clear need to generate awareness for the profession among consumers. In CFP Board’s most recent brand tracking research, Unaided Awareness has grown from 17% to 44%. In 2024, To- tal Awareness, the measure of Unaided Awareness and Aided Awareness, reached
The Public Awareness Campaign includes advertising on broadcast television, streaming
The television commercials emphasize the feeling of confidence and security that come from working with
TAKE ACTION Update Your Find a CFP® Professional Profile With the 2025 public awareness campaign’s media strategy guaranteed to generate at least 1.3 billion impressions, now is a great time for CFP ® professionals to create or update your “Find a CFP ® Professional” profile on LetsMakeAPlan. org. Our recent consumer research found that it is important to include a photo in your profile . Consumers viewed profiles with a photo as more trustworthy, and they were more likely to contact CFP ® professionals who provided a photo. If you are not currently featured on the tool, log into your CFP Board account today at cfp.net to review how to be included. If you are already featured and want to review your information, log into your directory profile in your CFP Board account to review and make any updates.
platforms, print, digital, radio and social media.
a qualified profession.
THE STANDARD
A LOOK AT 2024
8
9
Planning Ahead
LetsMake APlan.org Enhances Awareness, Connects Consumers With CFP® Professionals
an all-time high of 91% among the target audience. Preference to work with a CFP® professional now stands at a record 89%. A Call to Action Through the Public Awareness Campaign, CFPBoardhasestablishedanationalmind- set around the value of financial planning and the importance of working with a competent, ethical CFP® professional. The messaging emphasizes the CFP® mark and drives consumers to ask the question, “Are you a C ERTIFIED FINANCIAL PLANNER ® profession?” The campaign’s call to action drives consumers to the LetsMakeAPlan. org website, where they can search for a CFP® professional. Omni-channel advertising through television, radio, digital platforms and social media meets the audience where they are. The target audience’s media hab- its inform placements in news, sports, life- style and financial programming. The 2024 campaign analysis showed that 30% of the target audience tunes into sports programming, so this year’s cam- paign included 10% more sports program- ming. Technology continues to evolve, allowing us to track audience response in real time to gauge the campaign’s ef- fectiveness in driving consumers to the LetsMakeAPlan.org website. In Local News This year, we also expanded our CFP Board Ambassador program, which en- gages CFP® professional volunteers to give local voice to our consumer advo- cacy and mission to benefit the public. In addition to writing articles for Lets- MakeAPlan.org, Ambassadors respond to media requests for subject matter ex- perts. Outlets including The Wall Street Journal,MarketWatch , CBS News and CNBC quoted CFP Board Ambassadors this year. The current cohort represents 28 states and includes military veterans, career changers, first-generation immigrants and even professional athletes. CFP® certification is the standard for competent, ethical financial plan- ning advice. Certification represents rigorous training and skills tested through a high-stakes exam and a com- mitment to high ethical standards. But it’s all for naught if consumers don’t rec- ognize what the letters C-F-P stand for. Because of the “It’s Gotta Be A CFP®” campaign, millions not only understand but actively seek out the designation.
networking event with firms and a ded- icated lounge for informal student net- working. Generous firm support spon- sored registration for 100 students. CFP Board also expanded its part- nership with The Externship, a well-regarded, eight-week financial planning training program. Externs gain hands-on experience, build pro- fessional networks and gain valuable insights into the day-to-day respon- sibilities of financial planners. Par- ticipants who complete the program earn 500 CFP Board standard pathway experience hours. Perhaps the most compelling evidence of the program’s e ff ectiveness is that 83% of Extern- ship participants said the experience increased their commitment to pursu- ing a career in financial planning. CFP Board continues to deepen our engagement and relationships on col- lege campuses. In collaboration with baccalaureate programs, CFP Board held several campus events to increase awareness of financial planning pro- grams and facilitate student engage- ment with firms. New Student Financial Planning Liaisons at several CFP Board Registered Programs helped promote fi- nancial planning education and careers through campus events and social me- dia, drawing hundreds of student at- tendees and highlighting scholarships, virtual career fairs and success stories. Over the past two years, the num- ber of CFP® exam candidates who com- pleted their educational coursework at degree-level Registered Programs has grown by 29%. In total, 1,410 candidates have completed the required education through these programs. This increase indicates that more individuals are pur- suing formal educational pathways to become CFP® professionals. April 2024 marked the launch of CFP Board’s Student Newsletter, a first-of- its-kind communication channel. The newsletter informs college students about the latest developments in the profession, including scholarship op- portunities, stories from CFP® profes- sionals about why they pursued the career, career fairs and news. With an impressive open rate of 46%, the newsletter keeps students engaged and motivated as they navigate their academic journeys. To further support the programs train- ing the next generation of financial plan-
STATS
First Impression
44 % UNAIDED AWARENESS of CFP ® certification among target audience (up from 17% before the Public Awareness Campaign began in 2011) 91 % TOTAL AWARENESS of CFP ® certification among target audience (highest ever tracked) 89 % PREFERENCE for CFP ® certification among target audience (highest ever tracked, up 5% from 2023) 2.5M+ USERS on LetsMakeAPlan.org 587,000+ SEARCHES to Find A CFP ® professional on LetsMakeAPlan.org (up 51% from 2023) 1.36B TOTAL AWARENESS IMPRESSIONS from paid advertising aimed at mass-affluent target audience 175,880
Expanding the Talent Pipeline Innovative new programs connect those pursuing CFP® certification with resources and guidance.
BY CYNTHIA KURTZ
CFP BOARD’S PUBLIC Awareness Cam- paign drives consumers to ask the ques- tion “Are You a C ERTIFIED FINANCIAL PLANNER ®?” with a call to action to visit the LetsMakeAPlan.org website. On LetsMakeAPlan.org, consumers can explore financial planning topics, learn how a CFP® professional can help im- prove their financial well-being and use the “Find A CFP® Professional” tool. In 2024, more than 2.5 million people visited LetsMakeAPlan.org and com- pleted more than 587,000 searches for CFP® professionals. LetsMakeAPlan.org blends ever- green content with timely articles on financial planning topics authored by CFP Board Ambassadors. Con- sumers can find the answers to com- mon questions, such as “How can a planner help me reach my goals?” and “How will I pay for financial planning services?” and read about tailored topics, including “Enter- ing Midlife.” A common thread in the content is the unique benefits CFP® professionals bring to the ad- visor-client relationship. The site emphasizes the ethical and compe- tency requirements for CFP® certi- fication, and the home page details the process to become certified. LetsMakeAPlan.org also includes a digital toolkit for CFP® professionals, featuring graphics, social media posts and other promotional materials to share with prospects, clients and oth- ers. Certificants can opt-in to share their public profile through the site’s “Find A CFP® Professional” tool. CFP® pro- fessionals can also share the content to help explain the di ff erence CFP® certi- fication can make and what to expect from the financial planning process.
BY LYNN MCNUTT
IN 2024, CFP BOARD welcomed 6,541 new CFP® professionals. Of these new certificants, 57% are under age 35, re- flecting a trend toward younger pro- fessionals achieving CFP® certifica- tion. Despite this trend, there are still significantly more CFP® professionals over age 65 than under age 30. This gen- erational divide underscores the evolv- ing landscape of the profession. According to financial market intel- ligence firm Cerulli Associates, Baby Boomers and the Silent Generation will pass down $84.4 trillion in assets during the next two decades. This wealth trans- fer will usher in a new wave of younger consumers who will benefit from com- petent, ethical financial advice to man- age these assets. As demand for financial planning continues to grow and firms of all sizes and business models adopt financial planning as a core service, the pro- fession faces a looming advisor short- age. CFP Board is uniquely positioned to address this gap, bringing together stakeholders in the financial advice
ecosystem to build a sustainable tal- ent pipeline for the profession’s future.
Where Money Meets Purpose
In 2024, CFP Board launched new dig- ital campaigns to raise awareness of fi- nancial planning as an attractive career choice among career changers and stu- dents. Several innovative programs also connected people pursuing financial planning careers with resources and guidance, helping them navigate the path to CFP® certification. In the fall, 275 attendees participated in new CFP® Pro Career Studios. These sessions provided education, engagement with CFP® professionals, interactive mock client scenarios, employer perspectives and resume workshops. The CFP Board Connections Confer- ence, held from September 29 to Octo- ber 1 at the Washington (D.C.) Hilton, also connected students with the pro- fession. A special track for student at- tendees featured recruiter and early ca- reer planner panel discussions, a speed
SOCIAL MEDIA ENGAGEMENT up 105% from 2023
THE STANDARD
A LOOK AT 2024
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11
A September 2024 campus event at Arizona State University featured speed networking between students and firm representatives.
EDUCATION
FIVE BLOCKS CFP Board’s strategic priorities
Seeking Knowledge
CFP Board Registered Programs are financial planning education programs at regionally accredited colleges or universities. These programs have been approved by CFP Board to deliver curriculum covering the 70 Principal Knowledge Topics that students must learn to fulfill the coursework requirement and sit for the CFP ® exam. As we work to advance the financial planning profession, CFP Board is committed to expanding and strengthening programs offering the coursework that prepares financial planners for a career in the profession.
Access CFP Board expands Access to competent and ethical financial planners by increasing the number and diversity of CFP ® professionals. Workforce CFP Board develops a sustainable and diverse financial planner workforce. Community/Regulatory Engagement CFP Board engages the financial advice ecosystem to advance the financial planner profession and influences policy for the benefit of the public. Awareness CFP Board increases Awareness of CFP ® certification as the must-have financial planner credential for consumers and advisors. Standards and Certification CFP Board sets, administers and enforces Certification Standards that warrant public trust.
352 TOTAL CFP BOARD REGISTERED PROGRAMS
180 Baccalaureate Programs 4 9 Master’s Degree Programs 3 Ph.D. Programs 120 Non-Degree Programs
NEW REGISTERED PROGRAMS IN 2024
Baccalaureate Degree Programs Bellevue University California Polytechnic State University California State University – Chico Cedarville University Elon University Grace College Middle Tennessee State University Mount Mercy University Roanoke College Texas A&M University – College Station The College of New Jersey University of Illinois – Chicago University of Kansas University of Wisconsin – La Crosse Westminster College Master’s Degree Programs Bellevue University Rutgers School of Business – Camden University of Denver University of South Florida Non–Degree Programs Auburn University California State University – Chico Fairleigh Dickinson University
Photos courtesy of Lambert by LLYC
In October, students at Grand Canyon University engaged with early career
Workforce
Access
ners, CFP Board developed customiz- able marketing tools for baccalaureate programs. These resources help univer- sities and colleges promote their financial planning programs, attract more students and e ff ectively showcase the value of be- coming a CFP® professional. Connecting Students With Employers In 2024, more than 650 people attended CFPBoard’stwoannualvirtualcareerfairs, where top financial planning employers connected with qualified job candidates, including CFP® professionals, those pur- suing CFP® certification and students.
The spring event featured a session titled “What’s the Right Financial Planning Ca- reer Path for Me?” and the fall event in- cluded the discussion “Breaking Barriers: Amplifying Women in Financial Planning.” Laying the Foundation for a Dynamic Workforce By focusing on career changers, engag- ing students early and providing criti- cal resources, CFP Board is laying the foundation for a more dynamic and di- verse workforce and fostering a pipe- line of talented professionals equipped to make a lasting impact on individuals and families across the country.
financial planners.
Standards and Certification
13 Awareness
Engagement
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A LOOK AT 2024
12
Real Results
from populations that are underrepresented in the financial planning profession. The scholarship awards up to $5,000 for those attending certificate programs and up to $10,000 for those attending undergraduate programs. Since its inception, the program has awarded 70 scholarships totaling more than $320,000. Schwab Donation Supports the Women’s Initiative Endowed Scholarship Program 2024 Board Chair-Elect Liz Miller, CFP®, CFA® announced a $150,000 donation by Schwab Advisor Services and the Charles Schwab Foundation at the “Journey to 100,000 CFP® Professionals” celebration at the CFP Board Connections Conference in September 2024. “Last year, in recognition of the 10th anniversary of WIN, CFP Board announced the Women’s Initiative Endowed Schol- arship Program. Since then, CFP Board has been raising funds for the program. This significant contribution fulfills the total amount needed for the endowed scholarship to make its first awards in December,” she said. “Thank you, Schwab. Your generosity means more women will have critical financial support to pursue a career in financial planning.” Recipients of the WIN Endowed Scholarship are awarded up to $5,000 to complete undergraduate-level or certifi- cate-level CFP Board Registered Programs. Upon comple- tion of the required coursework, recipients are eligible to sit for the CFP® exam and pursue CFP® certification. Since its inception, WIN has focused on addressing the challenges women in the financial planning profession must overcome. It has encouraged more women to pursue careers as financial planners through a variety of activities, includ- ing events, research initiatives and programs like the WIN Advocate and mentorship program. The scholarship will help open doors for future talent. Jon Beatty, Head of Schwab Advisor Services, said, “This schol- arship perfectly aligns with our commitment to e ff ect posi- tive change by putting pathways in place toward a career in the financial planning profession, but also to expanding and sustaining diversity. CFP Board has long been an advocate in building a financial planning profession that more accurately reflects the world around us.”
Rewarding Work
In addition to the annual scholar- ship awards, the Goldman Scholars program will endeavor over time to provide Goldman Scholars with ad- ditional resources to support their journey to CFP® certification, such as professional development oppor- tunities, job or internship placement assistance, and virtual or in-person connections to foster a lasting com- munity among awardees and alumni. Deena Jo Heide- Diesslin Foundation Expands Commitment 2004 CFP Board Chair David H. Diesslin, CFP® established the DJHD Foundation in 2011 in memory of his late wife, Deena. When CFP Board launched the Center for Financial Planning in late 2015, there was a natural synergy between the two orga- nizations. Building on Deena’s passion for empowering people through education, Dave seized the opportunity to make an impact on the financial planning profes- sion and honor his wife. The Deena Jo Heide-Diesslin Foun- dation Challenge Match Scholarship provides financial support to individ- uals pursuing CFP® certification edu- cation through CFP Board Registered Programs, with a focus on candidates who demonstrate financial need and are
advances sustainability of the financial planning profession in a way that aligns with the donors’ goals. “We have been part of the financial planning community for decades and benefited from this industry in many ways,” said Charles Goldman. “We are excited to create an endowment that will help bring people from underserved com- munities into this wonderful industry.” The Goldman Scholars Program pro- vides financial assistance to college juniors and seniors from underrep- resented populations in the financial planning profession who demonstrate financial need and strong academic per- formance. They must also be enrolled in a CFP Board Registered Program. The scholarship, offered for the first time in the fall of 2024, will grant eight awards annually. Students will be awarded up to $2,812.50 per year in fi- nancial support paid directly to their ac- ademic institution, with college juniors applying for a two-year scholarship.
for Financial Planning will be able to help the financial planning profession address critical challenges, including a widening talent gap and expanding the financial planning workforce so that it reflects the public it serves. Schol- arships are crucial to addressing these challenges and supporting the Center’s mission to advance competent and ethi- cal financial planning and expand CFP® professional diversity for the benefit of the public. Scholarship awards enable students who otherwise don’t have the means to pursue a career in financial planning to enter the profession, earn their degrees or earn CFP® certification. They also help students to accelerate their careers and achieve their career goals faster. The new Goldman Scholars Pro- gram will be awarded annually to eli- gible college juniors and seniors, while the Schwab donation to the Women’s Initiative (WIN) Scholarship fulfills its endowment and enabled the first WIN scholarships to be awarded in Decem- ber 2024. New Goldman Scholars Program Established To o ff er donors more control over how their gi f ts are used, CFP Board Center for Financial Planning enables donors to establish a named scholarship that
Three generous gifts support future financial planners.
Financial Planning endows the new Goldman Scholars Program. “Philanthropy is a cornerstone of our lives, and we are thrilled to support students seeking CFP® certification,” said Judy Goldman. “By helping these students become CFP® professionals, we also expand the public’s access to competent, ethical financial planning.” In December 2024, the Deena Jo Heide-Diesslin Foundation commit- ted $1 million to the CFP Board Cen- ter for Financial Planning. This gi f t includes $500,000 to accelerate ef- forts to grow the financial planning talent pipeline and establish finan- cial planning as a profession as well as $500,000 to fund scholarships. These major gi f ts, along with a gi f t from Schwab Advisor Services and the Charles Schwab Foundation in 2024 to fund WIN scholarships, will advance sustainability and opportunity in the financial planning profession. Thanks to this support, the CFP Board Center
BY LISA O. MONROE AND RACHEL L. SHEEDY, CFP®
A LOOK AT 2024 Paying it Forward 15
BOTH JUDY AND CHARLES GOLDMAN have had notable careers in financial services. Judy worked in finance for 20 years before starting her own busi- nesses, and Charles has served in lead- ership roles at several financial services firms, including President and CEO of AssetMark Inc. He has also held leader- ship positions at Fidelity Investments and Charles Schwab, and is Executive Chair of the Board of Directors of Orion. A f ter decades of success in financial services, the couple announced a major donation in August 2024 to give back to the financial planning profession. Charles and Judy Goldman’s $500,000 donation to the CFP Board Center for
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Scholarship Stories
Ikechukwu “Ike” Egwuonwu, CFP®
and enrolled in a CFP Board Registered ProgramatNorthwesternUniversitythe following month. The scholarship award enabled Rojo to begin the CFP Board Registered Program right away without waiting to save money first. Because of the scholarship, she was able to complete the course and then go on to pass her CFP ® exam in March 2024. “The scholarship also greatly helped me to transition to my new role,” said Rojo, explaining that she was promoted to financial advisor associate at Morgan Stanley in December 2023 while she was enrolled in the CFP Board Registered Program. She negotiated for the new role with her promise to become a CFP ® professional. How has earning CFP ® certification helped Rojo? “It has a lot of weight with my clients. It is very popular. I think CFP Board has done a good job in marketing ‘It’s Gotta Be A CFP ® .’ Those three letters actually mean something to clients,” she said. She said CFP ® certification has also givenhermoreconfidencewhentalkingto herclientsaboutestateplanningandtaxes. Whatdoessheenjoymostaboutbeing a financial planner? “When clients or prospects come to me with too many things, and they feel overwhelmed, I enjoy getting to know the client, getting to know their goals, and helping them to get organized,” she said. “I tell them, ‘It’s going to be OK. We’re going to make a plan.’ Then the client goes home with greater peace of mind.” Rojo is also very passionate about giving back to the Latino community and feels that she can relate to her Latino clients’ challenges through firsthand knowledge of the culture. “It is good to feel that you have someone who is an expert in financial planning but also speaks your language,” she said. “They will be more open, and it will be easier to have that conversation.” There are currently only a handful of Latina CFP ® professionals in Wisconsin, and Rojo said she would like to see that change. She also wants to someday serve on the Board of Directors of CFP Board. “I am a woman, a mom, a wife, an employee and a Latina; I want to represent and speak for all of those like me that cannot have a place in the decision room because of the lack of opportunities.” she said.
He enrolled in a CFP Board Registered Program at Bryant University because he knew he would be more marketable as a CFP ® professional, and he decided to continue working for Deloitte while continuing his education. After learning about the Facet Scholarship , he applied. Facet Scholarship recipients like Egwuonwu also have the opportunity to participate in a mentoring program. Of the scholarship, he said, “I couldn’t pay out of pocket, so I had to ask my mom for money or take a loan, so it just made my life a lot easier and helped me just get the program going.” The scholarship covered his full tuition as well as a CFP ® exam prep course, and he was able to pay his mother back. Egwuonwu worked full time at Deloitte when he first enrolled in the self-paced program. Then, in October 2021, he began working at Goldman Sachs educating clients on financial literacy topics. He said the fact that he was working toward CFP ® certification helped him to get the new role. “It just makes you look more serious about the industry,” he said, and his
position at Goldman Sachs eventually helped him segue into his current role as a financial planner at Beacon Pointe Advisors. “Once you’re kind of greenlit by a company like Goldman, it makes it easier to find another job,” he said. Egwuonwu said he’s glad he started working toward his CFP ® certification when he did. “I was already a personal finance nerd, so I was reading every personal finance book you could think of, but this gave me professional perspective,” he said. He passed the CFP ® exam in November 2022 and obtained CFP ® certification in June 2024 after completing the work experience requirement. At Beacon Pointe, Egwuonwu helps clients develop, execute and maintain a strategic financial plan to achieve their personal and financial goals. In the future, he would like to become a financial advisor.Atsomepoint,hesaidhewould like to work with business owners. “I have a deep interest in business and a deep passion for entrepreneurship and helping entrepreneurs,” he said. He also wants to help immigrant families. “It’s serving people like me, people who are new to the U.S. or the second or third generation in the U.S. Some of them are starting their own businesses or just navigating finances in this country. I would love to target that demographic,” he said. “I’m the first generation of my family, who are all from Nigeria.” Egwuonwusaidsomeofthechallenges newer immigrants face when it comes to financial planning include a general mistrust of financial professionals, as well as high income, but not high assets. “They can be stuck in survival mode where they don’t think to start to accumulate, and sending money back to the home country is another big one,” he explained. When he and his brother were growing up with his mom after his parents divorced, Egwuonwu said he used to think his family was poor. However, when he helped his mother with her financial plan, he discovered that she actually made a lot more money back then than he realized. She was just sending a lot of money back home to help her four siblings and their families, he said. Now, he is helping his mother to make good decisions so she can retire well.
2020 FACET SCHOLARSHIP
Ikechukwu “Ike” Egwuonwu, CFP ® , a financial planner at Beacon Pointe Advisors LLC, in La Puente, Calif., was awarded the Facet Scholarship in the fall of2020,whilehewasworkingatDeloitte. Egwuonwu had recently earned his bachelor’s degree in business administration with a concentration in finance from Pepperdine University, where he was a Posse Foundation Scholar, but he was having trouble landing a financial planning role and the jobmarketwasunpredictableatthetime.
Ike Egwuonwu, CFP ® said the fact that he was working toward CFP ® certification helped him land a job at Goldman Sachs.
Yesica Rojo, CFP® 2022 BALLENTINE PARTNERS SCHOLARSHIP Five years after moving to the U.S. from Colombia,YesicaRojo,CFP ® had earned her MBA with a specialty in finance and had begun working for Morgan Stanley in Brookfield, Wis., as a wealth advisor associate. She had also decided CFP ® certification was necessary to achieve
her career goals, especially since she was new to the country and to the industry. “I wanted to advance my career, so I saw that as something to compensate for my lack of experience in the U.S.,” she said. However, Rojo couldn’t pay for the program at that point nor was she yet eligible for education reimbursement through her employer. SheappliedfortheBallentinePartners Scholarship in the fall of 2022, was awarded the scholarship in December
Yesica Rojo, CFP ® is passionate about giving back to the Latino community. She hopes to serve on the Board of Directors of CFP Board one day.
Portrait Illustrations by Jacqui Oakley
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A LOOK AT 2024
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Real Results
my dedication to their success by earning CFP ® certification. With the support and encouragement of my family, friends and colleagues, I conquered this pursuit three years after graduating from Western Kentucky University.” Wilson’s journey to certification wasn’t without its bumps along the road, though. In fact, she didn’t pass the CFP ® exam the first time she took it, which isn’t uncommon. The pass rate for the exam was 64% in November 2024, for example. “The Fidelity Investments CFP ® Exam Scholarship for Women in Financial Planning specifically supports those retaking the exam,” Wilson said. “I unfortunately didn’t pass the first time, and it would have been really easy to give up on my goal. This scholarship program encouraged me to dust myself off and give myself a second shot.” Launched in partnership between Fidelity and CFP Board Center for Financial Planning in 2024, the Fidelity Investments CFP ® Exam Scholarship for Women in Financial Planning awards $625 to women awardees who need to retake the CFP ® exam. Wilson was one of 17 inaugural recipients of the scholarship in August. After receiving the scholarship, Wilson passed the exam on retaking it and earned her CFP ® certification. “The CFP ® exam is extremely hard, and the commitment to earning the certification is huge,” she said. “There is truly no sugarcoating it. I remember thinking through the whole process, ‘This is so hard. I don’t know if I’m going to see the other side of this.’ But with a whole lot of grit, support from loved ones and countless hours of studying, I made it to the other side. It was a really hard thing to do, and I did it.” When asked what advice she would give others who need to retake the exam, Wilson said, “If you are someone questioning whether you should give yourself another chance or if it is even worth it, just think about all the hard things you have done before this and saw the other side of it. Believe in yourself and your goals. It is worth the sacrifices you have to make along the way.”
those assumptions are appropriate. ● Review the reliability, accuracy and objectivity of the technology’s out- comes against the client’s information and underlying assumptions. In addition to the guide, CFP Board published a checklist for CFP® profes- sionals to use when evaluating their technology platforms, determining whether to add or replace technology or selecting vendors. The guide also in- cludes sample questionnaires that ad- dress core financial planning technolo- gies, common features and capabilities, technology and the vendor relationship, plus assumptions and outcomes. 2024 Compensation Study In September, CFP Board published the 2024 Compensation Study revealing key insights about CFP® professionals’ earnings and career satisfaction. CFP Board commissioned indepen- dent research firm Industry Insights to collect compensation data from finan- cial advisors across the U.S., which gen- erated 1,455 responses. The study found that CFP® profession- als enjoy higher earnings and greater ca- reer satisfaction than financial planners without CFP® certification. The study also showed that CFP® pro- fessionals earn 10% more than other fi- nancial planners a f ter controlling for other factors like job experience, com- pany size and the type of services they o ff er. The median total compensation for all financial planners was $192,000. In addition to higher earnings, the study showed that CFP® professionals had a high level of career satisfaction, with 85% experiencing a high to very high sense of personal fulfillment. Key
job areas rated as good or excellent in- cluded stability (88%), work/life bal- ance (82%), career advancement (79%) and compensation (74%). Additionally, 89% of CFP® professionals plan to stay with their current company for the next two years and, of those considering leav- ing, 67% intend to remain in the finan- cial planning profession. New Ethics CE Course The new Ethics CE program, A Practical Application of CFP Board’s Code and Stan- dards , was released at the 2024 Connec- tions Conference in Washington, D.C. The new program is a complete over- haul of the previous course material and gives instructors a robust founda- tion to deliver fresh, engaging content. CFP® certification’s continuing edu- cation requirement includes two hours of Ethics CE every two years. CFP® cer- tification is the standard for financial planning in large part due to the ethi- cal commitment of CFP® professionals. The new Ethics CE course is more inter- active, covers new and emerging ethical issues, and encourages thoughtful partic- ipation on ethical issues through real-life scenarios exploring how CFP® profession- als fulfill their fiduciary duties. There are two new topics in the pro- gram. One covers the responsibility of CFP® professionals in the use of tech- nology, based on the new Guide to CFP Board’s Technology Standard , and the other focuses on how to apply fiduciary duty when providing clients advice con- cerning rollovers. The CFP Board Professional Stan- dards and Legal teams developed the new course, with guidance from the Standards Resource Commission. 2024 COMPENSATION STUDY CFP Board is committed to providing this annual research study as a powerful benchmarking resource for firms and CFP® professionals to demonstrate the value of CFP ® certification. ETHICS CE COURSE A new program is a complete overhaul of the previous course material and gives instructors a robust foundation to deliver fresh, engaging content.
CFP Board o ff ers a variety of resources to enhance the value of CFP® certification and help advisors serve their clients’ best interests. New this year: New Tools for Success
Guide to CFP Board’s Technology Standard
In early 2024, CFP Board published a new guide to clarify the responsibilities of CFP® professionals when they are se- lecting, using and recommending tech- nology, including advanced artificial in- telligence (AI) tools, for client service. The Guide to CFP Board’s Technology Standard was developed in close collabora- tion with CFP Board’s Standards Resource Commission to assist all CFP® profession- als as they leverage technology, whether they run their own independent business or are employed by a firm. The guide is designed to educate CFP® professionals so they can: ● Reasonably understand the technol- ogy platform and how each component is used to provide professional services. ● Monitor and assess the technology platform for any issues or gaps that would prevent the CFP® professional from acting in the client’s best interests. ● Know which assumptions are em- bedded in the technology and whether
Claire Wilson, CFP® 2024 FIDELITY INVESTMENTS CFP ® EXAM SCHOLARSHIP FOR WOMEN IN FINANCIAL PLANNING Claire Wilson, CFP ® is a senior financial advisor assistant at Frost Investment Services in Austin, Texas, where she works alongside other financial planners to create the best plans for their clients. The profession suits her. “Naturally, I am a planner in all aspects of life, whether it’s trips, grocery store runs or retirement down the road,” she said. “Once I discovered this career path, it
felt like a no-brainer. I enjoy building relationships, problem-solving, coaching and planning to reach a desired goal.” After earning her bachelor’s degree in economics, Wilson decided to pursue CFP ® certification at Northwestern University to show her dedication to the profession and because of what it represents. “CFP ® certification demonstrates credibility, expertise and integrity in the industry,” she said. “While I may naturally be a planner and deeply care about helping individuals achieve their goals, it was extremely important for me to show my peers and clients
Claire Wilson, CFP ® credits grit, study and support with helping her earn certification.
How to Find and Use Them
GUIDE TO CFP BOARD’S TECHNOLOGY STANDARD A new guide to clarify the responsibilities of CFP ® professionals when they are selecting, using and recommending technology, including advanced artificial intelligence (AI) tools, for client service.
Download the Guide to CFP Board’s Technology Standard at cfp.net/TechGuide and the 2024 Compensation Study at cfp.net/salary
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A LOOK AT 2024
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