Against a backdrop of continuing demand for financial planning advice around the world, the global community of certified financial planning professionals set a new record last year, according to the FPSB.
According to the Financial Planning Standards Board Ltd., the CFP professional community ended 2023 on a high note as the number of people with the credential reached a global milestone of 223,770.
That growth, which came with the addition of 10,768 new CFPs, represented a 5.1% annual advance over the previous year.
“We’re pleased to see the number of certified financial planner professionals continues to increase year-over-year to meet the rising demand for professional financial planning advice,” FPSB CEO Dante De Gori said in a statement.
The latest expansion in the ranks of CFP professionals was led by significant growth in four key markets.
China saw the largest increase, as it added 4,565 CFP professionals to bring its total to 34,747, making it the second-largest CFP professional community globally.
The US cemented its status on the leaderboard, registering an increase of 3,738 to reach a total of 98,875 CFP professionals.
Japan and Brazil also saw considerable growth, with Japan adding 994 professionals for a total of 26,092, and Brazil increasing by 749 to reach 9,379. With those numbers, the two countries officially became home to the third and fifth largest CFP communities, respectively.
China also registered 15.1% annual growth last year, lagging only Thailand in terms of percentage growth (27.8%). Aside from being the fastest-growing markets, the two were the only countries to experience double-digit growth rates in 2023, according to FPSB.
In its 2023 research on the value of financial planning, FPSB found clients who received financial planning advice experienced better financial well-being and peace of mind (38%). They also reported being more financially confident (37%), had a better grasp of financial matters (36%), and said they experienced greater wealth growth.
Most significantly, that research revealed an overwhelming degree of consumer trust in financial planners, with 95% of clients – including 98% of those working with a CFP professional – saying they trust their planner to act in their best interest.
“As the global community of CFP professionals grows, more people around the world can access financial planners who have committed to high standards of competency, ethics and practice to build holistic financial plans,” De Gori said.
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