The Certified Financial Planner Board of Standards has appointed financial services executive Kate Healy to the position of managing director for the CFP Board Center for Financial Planning.
The Center for Financial Planning is an initiative of the board focused on creating a more diverse and sustainable financial planning profession.
Based in the CFP Board's headquarters in Washington, D.C., Healy will report to CEO Kevin R. Keller. She joins the organization on September 1.
"Kate is a respected leader in the financial planning profession and has been a valuable contributor of her time and talent to the Center since its inception in 2015," Keller said in a prepared statement. "Her decades of experience in financial services and nonprofit organizations will facilitate the excellent work of the center in creating a more diverse and sustainable financial planning profession."
The organization said Healy will lead the center's strategic direction and its fundraising efforts.
A graduate of Rutgers University, where she earned a bachelor's degree in economics, Healy joins CFP Board after 13 years at TD Ameritrade Institutional, where she most recently served as managing director for Generation Next, leading advocacy efforts to expand the number of diverse advisors in critical market segments. Prior to TD Ameritrade, Healy spent two decades in financial services marketing and program development roles in a variety of business models, the board said.
Healy recently served as board chair for the Foundation for Financial Planning, the nation's leading charity devoted to expanding access to pro bono financial planning for people in crisis or need. She serves on the executive committee of the Invest in Others Charitable Foundation, which recognizes advisors and firms making a difference by donating time and money to charitable causes.
“This opportunity seemed like a natural career progression to build upon my passion for workforce and diversity issues,” Healy said in the news release. “I am excited to join CFP Board and work closely with the Center's many volunteers, dedicated staff, firm partners and other stakeholders to build the 21st century financial planner workforce."
In an email response for comment, Healy discussed the evolution of the movement to diversify an industry that is still predominently white and male.
“For many reasons, the financial services industry has mostly consisted of a very narrow demographic,” she said. “This has prevented many from either entering the field and taking a seat at the table or from being best served by financial services. Education and awareness efforts were the first steps taken toward changing this dynamic.”
Healy said that with each successive generation, the industry became more responsive toward the goal of reshaping those demographics.
“While these efforts are always slower than we would like, this is a long-term problem that requires enduring efforts,” she said. “I am encouraged by the progress I’m seeing, and by the energy and resources being allocated by many financial services institutions to support the Center for Financial Planning in changing the industry for the better. I’m thrilled to work with the center team and many volunteers to play a role in that shift as the center continues its impactful work.”
Healy pointed to the 2021 class of CFP certificants—the most diverse in the CFP Board’s history—as a measure of the center’s success.
“Since joining its advisory board, I have been continuously impressed by the center’s focus and dedication to diversifying the financial planning profession,” she said. “The team has made measurable progress toward its goals and the demographics of our industry are changing slowing, but steadily. The number of female CFP professionals increased by 4.2% over 2020, and they now comprise 23.4% of all CFP professionals. The number of Black and Hispanic CFP professionals rose by 13.8%—nearly four times the growth rate of all CFP professionals! That means more Americans will be able to find financial advisors who may look like and relate to them.”
Healy said she was excited to continue driving the important initiatives already in motion, particularly those focused on attracting younger aspiring financial planners.
“Financial planning is one of the best careers for anyone who wants to help people take control of their financial future,” she said in the email. “I see many opportunities to engage high school students and college freshmen who are still deciding on a major. Continuing to establish deep relationships with HBCUs (Historically Black Colleges and Universities), for example, is just one of the many ways I plan to support the center’s work to make the financial planning profession more representative of the diverse clients we serve.”
Founded in 1985, the Certified Financial Planner Board of Standards sets standards for personal financial planning and administers the CFP certification, held by nearly 93,000 financial services professionals nationwide.