The public awareness campaign of the Certified Financial Planner Board of Standards Inc., now in its fifth year, is succeeding in educating the public about the value of the CFP certification, the board announced Tuesday.
According to the CFP Board brand tracking survey, unaided recognition of CFP certification has doubled since 2011 from 17 percent to 34 percent today. The survey included 602 mass affluent people, those with $100,000 to $1 million in investable assets. That number included a subset of 180 people who are considered the target audience for financial advisors, the mass affluent initiators, those people who say they are inclined to use a financial planner.
The unaided awareness of the CFP certification rose by 4 percent since 2014, the study says. Unaided awareness measures a person’s knowledge about certifications and designations without prompting.
This year’s study also shows total brand awareness among the mass affluent initiators jumped by 6 percentage points from 79 to 85 percent. This reflects the cumulative impact the campaign is having through paid advertising, social media, its digital presence through LetsMakeaPlan.org and press coverage of CFP certification, the board says. Total brand awareness includes those who recognized the name after receiving a prompt and those who recognized it unaided.
Fifty-two percent of respondents prefer to use a CFP professional, according to the study, an increase of 30 percentage points since 2011. Among the subset of the target audience, 69 percent of respondents would insist their advisor have a CFP certification, according to the survey.
As part of the campaign, CFP certificate holders have access to advertising and other tools to use in their marketing efforts.