Affixing the CFP tag to your name has gotten a bit more expensive.

The Certified Financial Planner Board of Standards has announced that starting January 1, 2005, the two-year CFP certification fee will be raised from $300 to $360.

The CFP board said the increase was needed to keep up with inflation.

The board notes that the fee has gone unchanged since 1996, when it was established. In terms of purchasing power, $300 in 1996 is equivalent to about $354 today, says the CFP Board, citing U.S. Bureau of Labor Statistics figures.

"The certification has continued to gain significant momentum in recognition and importance with consumers and within the profession," says David Diesslin, chairman of the CFP Board's Board of Governors. "The adjustment is a fiscally responsible one that will enable CFP Board to maintain its high level of service and benefit to the public and other stakeholders."