why a degree in financial planning?
Ten Reasons Women Should Become CFP® Professionals
(From Remarks by Nancy A. Kistner, CFP® at the Women Advisors Forum)
1. CFP® certification offers greater recognition.
2. CFP® certification affords more opportunities for advancement.
3. CFP® certification represents the high ethical standards clients are looking for.
4. Financial planners are looked to as coaches, mentors and educators.
5. The financial planning profession is rapidly growing. The Bureau of Labor Statistics anticipates the number of financial advisors will grow by 32 percent over 20 years.
6. A career in financial planning provides a more flexible schedule for family and personal time.
7. Women increasingly look to other women for financial advice.
8. Financial planners are better at multi-tasking and being able to put together the pieces of a client’s financial puzzle.
9. The more women there are in the profession, the more leaders and mentors there will be for the next generation of women to look up to.
10. Financial planners make a difference in others’ lives.
1. According to CFP Board, professionals who have already earned their CFP® certification have enjoyed an average income increase of 30%.
2. According to Money Magazine and Payscale.com, demand for personal financial advisors is expected to grow 41% by 2016.
3. Findings of a recent Aite Group study commissioned by the Certified Financial Planner Board of Standards, Inc. show:
• While 20 percent of all financial advisors hold the CFP® certification, more than 70 percent of all team practices have at least one CFP® professional, providing a holistic view of clients’ finances;
• 87 percent of clients who work with a financial advisor who has CFP® certification are satisfied or very satisfied compared with 72 percent of those who work with an advisor without certification;
• Sole CFP® professionals generate between 40 and 100 percent more revenue than those financial professionals who do not hold the certification; team practices with a CFP® professional on staff generate 30 percent more in revenue;
• Financial professionals with CFP® certification “work with more of their clients on a long-term, recurring basis, managing 45 (percent) of client assets for an AUM-based fee;” and
• CFP® professionals with less than ten years of industry experience are twice as likely to earn more than $215,000 annually (17 percent to 8 percent); and 35 percent of CFP® professionals with more than ten years of experience earn $215,000 annually compared to 23 percent of those advisors without the certification.
CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. (CFP Board). These marks are awarded to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements. The University of Alabama does not certify individuals to use the CFP® and CERTIFIED FINANCIAL PLANNER™ marks. CFP® certification is granted solely by the CFP Board to individuals who, in addition to completing an educational requirement such as this CFP Board-Registered Program, have met ethics, experience and examination requirements.