Amidst a sea of pessimistic news – zero growth anyone?
The number of Certified Financial Planner (CFP) professionals has grown 5% over the past 12 months, surpassing a record 213,000.
Some of the emerging and developing economies are seeing particularly rapid growth, including Thailand (up 21%), Brazil (up nearly 17%), and Israel (up over 16%). The People’s Republic of China and the United States also show continued growth.
Domestically, after years of stagnation, CISI reports that the number of CFP professionals has increased by more than 6%, rising to 957 in the UK with 200 studying for the CFP certification. . Improvements in CFP testing and training are helping reverse years of decline.
There is no doubt that financial planning has great potential for growth around the world. While numbers remain relatively low in some key regions, growth is rapid. Moreover, CFP certification has yet to reach more than a dozen countries around the world.
A highly qualified, dynamic and robust financial planning profession is growing around the world and the future looks promising.
One of the most promising aspects of the growth of the chartered and accredited financial planning communities in the UK, and the broader growth of financial planning around the world, is the widespread adoption of holistic financial planning as a model of excellence by most companies. is being done. .
Financial planning firms understand that professional compensation-based advice is not only good for their clients, it’s good for their balance sheets. Moving away from the model of selling financial advice, and any potential damage it may bring, is a very positive development. Given the choice, it is suggested that clients prefer holistic, long-term and professional financial planning to help them achieve their life goals. They want innovative financial advice, not quick product sales. The evidence is strong.
The growth of professional financial planning is very welcome, but of course challenges remain. Financial planning is too expensive for most people. There are clear advice gaps and there is still a way to go in terms of raising the bar in some areas.
Despite all this, this growth is causing a celebration of the marching profession, making waves worldwide in established locations.
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Kevin O’Donnell is the editor of Financial Planning Today and has worked as a journalist and editor for over 30 years.
