Certifications and licensing

Certified financial planners will pay an additional $120 a year for the CFP designation, starting in October. The CFP board said the fee hike will help fund expanded advertising efforts.

Kevin Keller prides himself on the growing public awareness of the CFP mark while warning that his successor is likely to face increased competition from other groups.

Atop the standard-setting organization since 2007, Kevin Keller has seen its ranks of certification holders nearly double and has overseen work to bring more diversity to the profession.

The many technical skills and professional requirements get most of the attention. But experts say a transition also requires a great deal of time and other capabilities.

The "model rule" for state regulators is meant to help clients distinguish between advisors who earn management fees and brokers who collect transaction-based commissions.

The standard-setting group is mulling increasing continuing education requirements and requiring that CFP aspirants have certain types of financial planning-related experiences, among other changes.

The regulators' organization is also seeking to let state regulators enforce the same Reg BI conduct standard that federal watchdogs now apply to broker-dealers.

While the process of preparing for the 170 multiple-choice-question test can be expensive, time-consuming and nerve-racking, there are ways to make it less unpleasant and more successful.

The giant universities that have their own investment arms are likely out of reach, but they represent only a small portion of the rapidly growing channel.

The program allows candidates to complete the certification program online, asynchronously and in half the time it takes to complete the standard program.