Practice Management

CFP Board announces agenda for new Center for Financial Planning

Initiatives seek to address gender and racial diversity, workforce development, and academic research among financial planners.

The Certified Financial Planner Board of Standards Inc. announced Tuesday the agenda for its new financial planning center, focusing on initiatives to promote racial and gender diversity, workforce development, and academic research.
The CFP Board launched the Center for Financial Planning last year as a way to address challenges in the financial planning community, such as an adviser population that’s aging, shrinking and lacking diversity.
Among its diversity initiatives, the CFP Board plans to establish a diversity advisory group to provide guidance on developing projects related to racial and ethnic diversity, engage in a research study exploring barriers to diversity in the financial planning profession, and launch a mentorship program for women.
The Center is also expanding its career center to include a great number of entry-level positions and internships for graduates of financial planning programs, start scholarship programs for students who’d like to pursue financial planning careers, and launch pilot projects to support re-entry internship programs for those looking to return to the workforce.
Aside from creating an online database of financial planning research, the Center also will launch a forum, starting in February 2017, to share financial planning research.
The agenda for the Center for Financial Planning was crafted following a day-long Design Summit in January attended by 42 parties, including advisers and academics. The summit was meant to help hone the Center’s structure and programs. The CFP Board put together a report based on those proceedings that details its anticipated agenda items.
“Armed with the insightful recommendations of our honored guests, the Center will take its first steps toward creating real, measurable change in the financial planning profession,” Marilyn Mohrman-Gillis, executive director of the Center, said in a statement.
Implementation of these projects will be guided by the Center’s advisory council as well as separate advisory groups dedicated to the specific programs.
A CFP Board spokesman wasn’t immediately able to provide detail on the specific timing of these programs.