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
THE STANDARD
A LOOK AT 2024
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