The number of CFP professionals in the U.S. increased by 11.5%, which means a total of 10,000 were accepted into the industry over the past three years, according to a new report by SmartAsset.
But the gains were more pronounced in some states, notably Mountain states. New Mexico was the only loser, having lost a net four professionals, bringing the state’s CFP population to a total of 227, the lowest of all states.
SmartAsset based its data on individuals licensed as a certified financial planner through the CFP Board. It compared demographic data from February 2024 to that of January 2021.
The CFP Board reported earlier this year that the number of certificate holders last year reached 98,875, a gain of 3.9% over 2022.
One noteworthy item is that the list of growers on SmartAsset's list does not include California, which boasts the highest number of CFP professionals at 10,200, more than 10% of the U.S. population of CFPs. Despite that figure, the number of advisors the Golden State has added since 2021—6%, or 581 advisors—was far less than that of many other states. The state ranked 46th in growth.
The report also noted that Florida, which has 6,901 advisors, the third highest number behind California and Texas, saw its share of CFP professionals grow more than any other state. In 2021, the state represented 6.7% of SmartAsset's advisor count, but that rose to 7%. While the Sunshine State's advisor count grew only 15.4% over the three-year period, (ranking it 16th in growth), that growth in advisor head count share, a 0.3% increase, is the highest nationally.
Here are the top 10 states that saw the most growth in CFP professionals, according to SmartAsset:
10. Missouri
Missouri gained 303 CFP professionals, an 18.5% increase since 2021. That brings the state's figure to 1,945 individuals.
9. Alaska
Alaska gained just 15 CFP professionals since 2021, but that represented 18.8% growth and brought the state’s total to 95.
8. Nebraska
Nebraska increased its number of CFP professionals by 98, a 19.9% jump to reach a total of 591 state advisors in 2024. SmartAsset noted that Nebraska ranked second behind Wyoming for having the highest average net worth for ultra-wealthy residents during the same period.
7. South Carolina
South Carolina added 232 CFP professionals, an increase of 21.6%, over the past three years, bringing the state's total to 1,305.
6. Nevada
Nevada is among the five Mountain states that saw sizable gains in the number of CFP professionals over the past three years. The state added 94 advisors, a 23.6% increase, to reach a total of 493 advisors.
5. Montana
Montana, another Mountain state, has added 57 CFP professionals since 2021, a 27.1% increase, for a total of 267.
4. South Dakota
The number of CFP professionals in South Dakota rose by 28.5% in the last three years, a gain of 49 individuals for a total of 221.
3. Utah
Utah was one of the five Mountain states that had big gains in CFP professionals. The state added 258 individuals, a 31.4% increase, bringing the total number to 1,079.
2. Idaho
Another Mountain state, Idaho, saw a 32.9% increase in CFP professionals since 2021, bringing its total to 339.
1. Wyoming
Wyoming, a Mountain state, had a 45.1% increase in its CFP population. The state went from 71 to 103 over the last three years. SmartAsset also pointed out that the state had the nation’s highest average net worth for ultra-wealthy residents during the same period. The state’s ultra-wealthy residents are worth nearly $300 million, which on average is three times richer than their counterparts in second-ranked Nebraska, the report noted.
States That Added the Most CFP® Professionals – 2024 Study - SmartReads by SmartAsset | SmartAsset