Driven by consumers’ rising demand for financial planning advice, the number of CFP certificants recently crossed 75,000 — more than doubling since 2000 — even as the total number of financial advisers has declined over that time period. Indeed, the desire for advisers who can provide financial advice beyond just picking products or portfolios is so strong, that getting the CFP mark is starting to pay real dividends.
According to a recent study by Aite Group, the average solo CFP certificant is generating 40% more revenue than a financial adviser without; the average experienced solo CFP certificant generating 80% more revenue; and adviser teams are generating 44% more revenue when they include at least one CFP professional. Overall, even after controlling for years of experience, the average CFP professional generates 14% to 33% more income than non-CFP advisers.
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