Financial advisors are making more money, putting more emphasis on education, and shifting their compensation schemes toward fees, says the 2009 Survey of Trends in Financial Planning from the College for Financial Planning and Boston-based Cerulli Associates. The report surveyed 391 financial planners, a mixture of employees and principals of advisory firms.

Earnings rebounded after a marked decline in 2008-primarily among those who took the time to become better educated about financial planning, according to the report, which was released in July. Average earnings among those with the Certified Financial Planner (CFP) certification were $215,345, up from $195,394 in 2008. Average earnings reached their peak in 2007 when they hit $283,000.

Successful financial planners credit their ability to communicate as well as their strong interpersonal skills. But a financial planner's educational background and continuing education were both accorded more importance as drivers for a successful career. Forty-nine percent of respondents say a planner's educational background is important for success, compared with 38% in 2008.

The survey also revealed that more than half of participants now receive their compensation from fees, and are relying less on commissions. Thirty percent of the respondents gleaned 50% to 90% of their income from fees, and 26% were fee-only. "Our industry continues to mature and adapt to people's needs," says John Sears, president of the College for Financial Planning. "Advisors are getting away from a sales-based model and adopting a broader approach ... and they are recognizing the value of education in making that transition."

In addition, a significant portion of advisors charge separately for financial planning services and wealth management. As a result, professionals are adopting alternative fee structures. Thirty-five percent of respondents charge planning fees based on a plan's complexity, and 22% charge a flat fee.