A majority of CFP professionals feel having the CFP designation increases the trust and confidence levels for clients, according to a survey by the CFP Board of Standards Inc. and Aite Group released Thursday.
Seventy percent of CFP professionals feel the designation has a positive impact on clients, according to the survey. The new survey also shows CFP professionals earn 26 percent more than other financial advisors.
The survey, Building a Wealth Management Practice: Measuring CFP Professionals’ Contribution, included 403 financial advisors, 146 of whom hold the CFP designation.
It showed that financial firms with CFP professionals generate 40 percent more revenue and are more productive than other firms. These firms also attract 53 percent more ultra-high-net-worth and high-net-worth clients than other firms.
“This research provides further evidence that CFP certification is the highest standard in financial advice that advisors, firms and investing consumers seek,” says Kevin Keller, CFP Board CEO.
“CFP certification, as this study shows, provides firms and advisors significant value that ultimately benefits those they serve,” he adds.