Financial Focus

Trends In The Financial Planning Industry

A snapshot of the financial planning industry through the lens of working professionals

The College for Financial Planning®—a Kaplan Company releases 2024 survey of financial planning professionals’ views on issues ranging from job satisfaction to DEI to AI. Access the complete report here.

CENTENNIAL, Colo.–(BUSINESS WIRE)–The College for Financial Planning—a Kaplan Company has released its 2024 Survey of Trends, which explores the diverse experiences, interests, and viewpoints of professionals in the financial services industry*.

Among the highlights of the survey, which included responses from nearly 1,000 CFP® certificants and graduates of the College’s professional designation and graduate degree programs:

 

  • Top Reasons for Pursuing a Financial Services Career: 33% joined their financial services profession due to a desire to help others manage their finances and take control of their retirement; 14% joined due to their interest in investing, wealth management, and finances; 12% were referred to the industry by others, including friends, family, and colleagues; 9% joined due to its opportunity for advancement and earning potential, or because the opportunity arose; and 7% previously worked in a career adjacent to financial services that naturally led them to the profession.
  • Diversity: 54% of financial planners believe that the industry is doing the right amount to support Diversity, Equity and Inclusion (DEI) efforts; 23% say it’s doing too little; 22% say it’s doing too much. Those who believe the industry is doing too little say it is mainly because they still see a lack of representation within the industry.
  • Advent of Artificial Intelligence: According to respondents, the rise of artificial intelligence/robo-advisors is the biggest single challenge facing the financial planning industry in the next five years. Respondents believe that AI/robo-advisors will lead to misinformation and a decline in the demand for financial planners as the robo-advisors will be able to provide their services at little to no cost.
  • Career Satisfaction: Approximately 8 in 10 of those surveyed believe their company’s financial education and training programs are critical to helping employees feel career satisfaction and for retaining and engaging employees.
  • Confidence: On average, 80% of surveyed respondents report becoming more confident in speaking with clients after earning their most recent financial credential, with CFP® certificants the highest among the graduates at 91%.

“The College for Financial Planning is committed to providing professionals with the most up-to-date insights and knowledge and supporting their career growth at every stage. It is through initiatives like our Trend Survey that we continue to build a strong and informed financial planner community,” said Dirk Pantone, president of the College, which is accredited by the Higher Learning Commission. “The financial planning sector undergoes constant change, yet a consistent factor persists: Success for those who are a part of it, whether they are just starting off in a career or a tenured professional, hinges on financial education. As these survey results demonstrate, financial education can lead to increases in confidence, technical knowledge, and soft skills — all of which are necessary for better serving clients and helping them attain their goals.”

The full report with additional results and analysis can be found on the College’s website.

To schedule an interview about the survey results, contact Russell Schaffer at russell.schaffer@kaplan.com.

 

 

 

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
*The survey was sent to recent graduates of the CFFP’s own CFP® Certification Professional Education Program, each of its 11 professional designation programs, and its Master of Science degree programs. From June through August 2023, 951 respondents completed the survey, although not all of them answered every question.
About the College for Financial Planning®—a Kaplan Company
Founded in 1972, the College for Financial Planning®—A Kaplan Company provides accessible and flexible degree, non-degree, and continuing professional education programs to students nationwide. Shortly after its founding, the College introduced the CERTIFIED FINANCIAL PLANNER™ certification, which is now the world’s most recognized and respected financial planning credential with more than 95,000 certified professionals. The College for Financial Planning is accredited by the Higher Learning Commission and is a member of the North Central Association. More than 200,000 students have graduated from the College’s programs. For more information, visit www.cffp.edu.