The CFP Board registered a significant increase in the number of certified financial planner professionals in 2023, with major financial firms playing a key role in this growth.
According to new figures from Certified Financial Planner Board of Standards Inc., there were 6,089 new CFP certificants last year, with Edward Jones leading the way by adding a record 1,000 new certificants within a single one-year period, marking a 62% yearly increase. The brokerage firm has been providing support for advisors’ efforts toward proficiency, including footing the bill for costs to get certified by the Investments and Wealth Institute.
"American consumers trust CFP certification as the mark of quality financial advice," Kevin R. Keller, CEO of the CFP Board, said in a statement. "As firms look to meet this demand and deliver more value to their clients, they are increasingly turning to CFP professionals."
The expansion wasn't exclusive to Edward Jones. Fidelity Investments, Charles Schwab, and Northwestern Mutual also saw considerable increases in the number of CFP certificants among their employees – of 30%, 111%, and 44%, respectively – indicating a broader industry trend toward certification.
A new report by Kaplan Financial points to the importance of earning professional qualifications, with 80% of professionals reporting they’re more confident in conversations with clients after earning their most recent credential.
The 2023 cohort of new CFPs is also notably diverse, being the most varied in CFP Board history. The group trended younger, with a significant portion under age 35, and saw increases in both female certificants and racially and ethnically diverse professionals.
The CFP Board recently underscored the outsized growth of Black CFP professionals in the industry, which over the past year clocked in at 7.5%, nearly double the overall growth rate for the profession.
Consumer interest in CFP professionals has grown, with awareness and preference for certified planners reaching new heights. According to the CFP Board's 2023 Compensation Survey, a majority of CFP professionals believe the certification provides a competitive advantage, and a high percentage are satisfied with their career choice in financial planning.
"Firms have become more intentional and strategic about the designations their advisors hold," observed Joseph V. Maugeri, managing director of corporate relations at the CFP Board.
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