CFP® Certificants in the News
CFP® Certification is fast becoming a “must-have” designation for at least three reasons:
- Client awareness,
- Fiduciary Ethical Standard, and
- Doing well by doing good.
An impressive 83% of consumers are aware of the CFP® Mark,1 far outstripping consumer awareness of other financial planning designations. CFP Board played a key role in this success using strategies such as TV ads, radio ads, and social media campaigns.
Fiduciary Ethical Standard
In an era increasingly characterized by diminishing trust in institutions such as government and media, the CFP® mark is among the most trusted financial certifications. Why? Because of CFP Board’s ethical imperatives. CFP Board expects the highest ethical behavior and quickly sanctions certificants who fail that expectation. For example, a CFP® Certificant is held to a fiduciary standard. What does that mean, exactly? Simply put, a CFP® Professional must always put their client’s financial interests above their own—not just sometimes and not subject to loopholes. As just one example, a CFP® Professional may not begin a financial planning or advisory engagement until:
- The client is advised of any conflict of interest,
- The client approves the conflict of interest, and
- Even if the client approves the conflict of interest, the conflict of interest must be monitored by the CFP® Certificant.
It’s been said that the litmus test of a fiduciary standard is compensation disclosure. A CFP® Practitioner must disclose all sales-related compensation, including non-cash compensation, from any planning or advisory engagement before the engagement can begin.
Doing Well by Doing Good
According to an article published by Michael Kitces:2
- Solo financial planners may generate up to 40% more revenue,
- Well-experienced CFP® certificants may generate as much as 80% more revenue, and
- The average CFP® Professional generates as much as 33% more revenue than advisors lacking the CFP® Certification.
Client awareness, the trust in the fiduciary standard, and the opportunity to increase compensation are just three reasons to consider adding this increasingly vital Certification to your business card. Click this link to start your path to CFP® Certification https://www.financialplannerprogram.com/