As a result, 97% of CFPs receive defined contributions, including a 401(k), while 46% receive employer profit sharing, 12% have access to stock options and 9% receive a defined benefit plan or pension, according to the research.
The study also found that the field has more employees than business owners. Some 56% of CFPs work for an employer, while 41% are self-employed business owners or equity partners in their firm.
While 51% of planners who are employees work for a firm with more than 100 employees, 87% of planners who own their firm have fewer than 20 employees and 59% of owners have fewer than 5 employees, the board reported.
The study also looked at the work/life balance CFPs achieve. A quarter of CFPs work away from the office one day a week on average, with 20% work remotely four days or more. CFPs have a median of 21 days of paid time off (PTO) per year, while 36% report having unlimited time off. The median hours CFPs clock per week is 42.
About 89% of the 980 CFPs the board surveyed plan to stay with their current firm, 75% of those planning to the leave their firms plan to stay in the industry and 18% say they plan to retire or sell their business, the study found.