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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 2005 through 2007.

CFP® Practitioner Profile

Forty-one percent of planners responding to the survey were between 50 and 59 years of age, which is similar to previous years. Again, the majority of respondents (59%) who attended a CFP® Professional Education Program chose the College for Financial Planning.

CFP® Practitioner Earnings

	2005	2006	2007
Gross earnings in year prior to earning CFP® certification	$87,700	$75,326	$80,533
Gross earnings in year after earning CFP® certification	$107,400	$90,827	$97,753
Change in gross earnings	22%	21%	21%

	2005	2006	2007
Current annual gross earnings	$277,800	$232,995	$283,079

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 as both the 2005 and 2006 profile.

In 2007, notably more respondents prepared single focus and comprehensive plans as compared to previous years. This jumped from approximately 10% in 2006 to 22% in 2007.

Typical fees charged for both single focus and comprehensive plans were not compared to previous years because the response categories were altered in this year’s survey. Forty-seven percent of respondents charge between $300 and $699 for single focus plans, and fifty percent of respondents charge between $1,000 and $2,999 for comprehensive plans.

CFP® Practitioner Satisfaction and Success

Virtually all CFP® certificant respondents (99%) remain either satisfied or very satisfied with financial planning as their career choice. Other aspects of career satisfaction are consistent with previous years’ surveys. Again, people/communication skills and referrals from clients are rated as the most important aspects in regard to career success.

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, and securities. 

Professional Designations Earnings

All respondents reported an increase in earnings after receiving their designation.

	AAMS®	AWMASM	CMFC®	CRPC®	CRPS®	RPSM
Current annual gross earnings	$125k	$188k	$109k	$140k	$154k	$52k
Change in gross earnings	29%	18%	25%	15%	12%	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

Survey of Trends in the Financial Planning Industry