Enrolments in the Certified Financial Planner (CFP) program have skyrocketed this year, and the Financial Planning Association (FPA) claims that CFP-qualified planners are reaping significant business benefits.
FPA CEO Mark Rantall says the near 65% increase in CFP enrolments compared to last year’s figures is a tangible sign that financial planners are taking measures to future-proof their profession through education.
“These are welcome numbers and show increasing support of our mission to uphold the CFP designation as the gold standard in professional financial planning certification,” said Rantall.
“Over 70% of our CFP practitioners are already degree qualified, and these members also enjoy additional benefits including stronger opportunities flowing to their businesses. Research commissioned by Investment Trends showed that over 86% of CFP professionals believe that having the CFP designation has a positive impact on their reputation.”
The economic outlook amongst CFP professionals surveyed is positive, with 58% agreeing that, while current business conditions are challenging, the ban on non-risk commissions under the FoFA reforms is of less concern. Eighty-four per cent reported that their businesses were at least as profitable as last year, said the Investment Trends April 2012 Planner Business Model Report.
Rantall said that these encouraging figures showed that taking up the certification journey was a sure way for financial planners to build their business, to demonstrate to clients a clear point of difference, and to embrace what he believes are the highest standards in the profession recognised globally.
“For those who are not yet members of the FPA, our message is to join us before the degree requirement for FPA practitioner membership kicks in on 1 July 2013. The work we’re doing towards getting our Code of Professional Practice approved by ASIC to obviate the need for opt-in, as well as our ongoing effort to enshrine the term ‘financial planner’ are likely to be tremendously advantageous for financial planners who are part of the FPA community going forward.”
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