Alumni Statistics
Survey of Trends in the Financial Planning Industry
The College for Financial Planning is proud to present these important trends in today's Financial Planning environment again this year, comparing information from surveys conducted from 2007 through 2009. One major change in the 2009 edition was the addition of Cerulli and Associates' expertise in conducting and compiling the survey.
CFP® Practitioner Profile
36 percent of planners responding to the survey were between 50 and 59 years of age, which is nearly 15% lower than previous years. 66% of respondents had been in the financial services industry for more than 10 years, which was 21% lower than in 2008. Much of this can be explained by the recent changes in the financial services industry. Again, the majority of respondents (58%) who attended a CFP Professional Education Program chose the College for Financial Planning. This number is nearly identical to previous years.
CFP® Practitioner Earnings
| 2007 | 2008 | 2009 | |
|---|---|---|---|
| Gross earnings in year prior to earning CFP® certification | $80,533 | $103,709 | $94,183 |
| Gross earnings in year after earning CFP® certification | $97,753 | $141,831 | $113,429 |
| Change in gross earnings | 21% | 37% | 20% |
| 2007 | 2008 | 2009 | |
|---|---|---|---|
| Current annual gross earnings | $283,079 | $195,394 | $215,345 |
CFP® Practitioner Practice and Typical Client
The typical client (50-59 years, two-income couple, gross annual income between $100,000 and $149,999, working with planner 5-9 years) has been almost exactly the same for the last 3 surveys. However there has been a rise in advisors who address investors with greater than $1 million in net worth.
In 2009, nearly every advisor is using some form of fee-based compensation, a trend that has seen a steady rise over recent years.
CFP® Practitioner Satisfaction and Success
Advisors are largely satisfied with their financial planning careers. Nearly 2/3 of respondents reported satisfaction with their career choice.
Professional Designations Profile
At least 50% of respondents from each designation were between 30 and 49 years of age. The most reported industry affiliations among the designations are financial planning, investment planning, securities, and insurance.
Professional Designations Earnings
All respondents reported an increase in earnings after receiving their designation.
| AAMS® | AWMASM | CMFC® | CRPC® | CRPS® | RP® | |
|---|---|---|---|---|---|---|
| Current annual gross earnings | $110k | $203k | $62k | $88k | $126k | $82k |
| Change in gross earnings | 50% | 12% | 7% | 13% | 16% | 21% |
Professional Designations Satisfaction
Respondents from all designations chose 'helping clients improve their lives' followed by 'challenge of solving client problems' as the most important factors involved with career satisfaction.
The full 2009 Survey of Trends in the Financial Planning Industry can be found at: 2009 Survey of Trends
The College for Financial Planning does not certify individuals to use the
CFP®, CERTIFIED FINANCIAL PLANNERTM and
marks.
CFP® certification is granted solely by Certified Financial Planner Board of Standards Inc. to individuals who, in addition to completing an educational requirement such as this CFP Board-Registered Program, have met ethics, experience and examination requirements.