The number of certified financial planner (CFP) professionals worldwide increased by 5.5 per cent in 2021 to 203,312.
But while the number of CFP professionals grew globally, in Australia numbers fell by four per cent in 2021.
This, however, compares to an 11 per cent drop in financial planners broadly across the profession.
Commenting on the new data, Sarah Abood, CEO of the FPA, said CFP professionals now make up 55 per cent of our practitioner members.
“CFP certification reflects a commitment to excellence in financial planning,” Ms Abood said.
“It is particularly pleasing to see that financial planners continue to recognise the value of the CFP certification and dedicate themselves to education excellence, despite the challenges they have been facing over the past few years.”
The FPA welcomed 164 new CFP professionals in 2021, making a total of 4,966 CFP professionals in Australia.
The CFP Certification Program globally is managed by the Financial Planning Standard Board (FPSB) and currently runs in 27 countries.
“Last year, the number of CFP professionals reached the highest ever, with growth from emerging, developing and mature markets demonstrating the broad appeal of financial planning and CFP certification worldwide,” said FPSB CEO Noel Maye.
“Doubling the number of CFP professionals globally since FPSB’s creation in 2004 and increasing the number of CFP professionals tenfold since CFP certification first went international in 1990 is a tremendous accomplishment.”
The CFP is just a waste of time and money. It also seems to be a way of locking advisers into a higher fee arrangement for nothing in return. The FPA has done nothing to promote CFP awareness to clients but they still charge us the “marketing fee” every year (I have never had a client referral for this). Clients recognize degrees and master’s qualifications, not the CFP designation. My advice is to spend your time and money on a recognized degree/master’s that you can keep forever without having to pay exorbitant fees for FPA membership and CFP “marketing” levies.
How appalling that only 55% of FPA’s members are CFPs. Even more appalling when you consider about 20% of those so called CFPs were grandfathered, and have never completed the CFP Course. So less than half the FPA membership have completed the CFP Course.
You would think a genuine professional association would have at least 90% of its membership completed its professionals course.
I’ve looked at it but it ties you to the FPA which is not something that anyone would think is a good idea. In addition it doesn’t count towards the education standards so it means nothing in the real world.
All the additional providers of intra-fund advice ?
One would hope that the FPA equivalent in the emerging, developing and mature markets has the CFP pegged at degree or equivalent so that they don’t get stuck in the same mess as we are …..
The main reason we are stuck in the mess of insufficient CFP recognition is due to a government agency (FASEA) being controlled by people with conflicting commercial interests and a lack of professional integrity.
Australians love to lecture the developing world on issues of governance and ethics, but in the case of CFP recognition developing countries are likely to prove themselves far superior in these areas than the shameful FASEA.
Biggest waste of money. $1,0000 a year for a webinar and three little letters. I was fooled in thinking they represented Advisers and Australians but they just look after the needs of firms like AwareSuper. I was a Member for over 25 years and I never received any benefit, not a single inquiry of the CFP brand. What I wanted was Profession and all I got was useless three letters and bad legislation. The CFP Brand is now a symbol that you associate with criminals, firms that lie to ASIC and charge fees for no Service. The firms named at the Royal Commission were members of the FPA via the Professional Partner Program, so doesn’t remaining a member of the FPA mean you’re essentially complicit of that behavior by your silence too.
It’s a symbol that your highest level of education is DFP 1-8 and you have no formal education. When the FPA was singled out at the Royal Commission and they lost us the opportunity of self regulation. I didn’t renew. Being a Professional isn’t associated with the FPA . When the board resigns, they amend their charter to put the needs of Adviser and Australians first as opposed to AwareSuper I will reconsider.