The CFP Board of Standards' 2014 plans include continuing to educate the public about CFPs, completing the computerization of CFP exams and increasing membership, CFP Board Chairman V. Raymond Ferrara said today.
“It is important to have more CFP professionals to serve the baby boomers as they ready themselves to retire,” Ferrara, who became chairman on Jan. 1, said in an interview with Financial Advisor.
The organization finished last year with 69,000 CFP certificants, up about 25 percent from five years ago. “We would like to raise that to 81,000 CFP certificants by the end of the five-year campaign,” he said.
The $10 million public awareness campaign is in its third year. It includes a new TV commercial scheduled to air on national cable networks, including MSNBC, CNBC, FOX, and Bloomberg, that is intended to raise public awareness of the CFP designation and its value when selecting an advisor.
“The campaign allows us to move into a new dimension and not be your grandfather's CFP Board,” said Ferrara.
Regarding the CFP Board's change to a computer-based test in November, Ferrara said the certification exam remains challenging despite the fact that it will contain fewer questions. “The CFP Board has no interest in lowering the difficulty of the exam,” he said. By going to computer-based testing, the board will give people more access to the exam at more convenient times than the three times a year that is now offered, Ferrara said.