First advisor-focused behavioral finance designation from an accredited college or universitySurvey of 507 financial professionals finds that 90% believe behavioral finance training would help build their client base and deepen relationships with existing clients.
CENTENNIAL, Colo.–(BUSINESS WIRE)–With new data showing that 90% of financial professionals believe that behavioral finance training would help them build their client base and deepen relationships with existing clients, the College for Financial Planning®—a Kaplan Company, today announced the launch of the Accredited Behavioral Finance Professional℠ program (ABFP℠), the first advisor-focused behavioral finance designation from an accredited college or university.
“The Accredited Behavioral Finance Professional℠ program serves to enhance advisors’ emotional competencies, client interactions, and financial planning advice by bringing together two important elements of learning,” said David Mannaioni, Dean of Academic Programs at the College for Financial Planning®—a Kaplan Company. “The College brings together comprehensive research and trends from leaders and experts in the area of behavioral finance and hands-on classroom activities that enable advisors to translate theory into practice and start using new skills with clients from day one.”
Behavioral finance is a field of study exploring the influence of psychology on the behavior of investors, positing that investors are not always rational and may make decisions based more on emotion and biases than fact.
Incorporating Behavioral Finance Into Client Relationships
In conjunction with the launch of the new designation, the College for Financial Planning®—a Kaplan Company released results from a survey of 507 financial professionals showing that financial professionals who incorporate behavioral finance into client relationships see benefits in many areas. Of those surveyed who have received behavioral finance training (35%), 79% said it resulted in better client relationships, 75% said it resulted in better client reception of their planning advice, and 22% said it resulted in more clients.
Of those surveyed who have not received behavioral finance training, 70% are now considering training. Additionally, 78% of all survey respondents are interested in behavioral finance training that resulted in accreditation, and 79% feel that accreditation in behavioral finance would positively influence current and potential clients. Lastly, 90% think that behavioral finance training would help them build their client base and deepen relationships with existing clients.
“Our survey results support what we’ve been hearing from many professionals — that there’s an appetite for advisor-focused behavioral finance training,” said Dirk Pantone, President of the College for Financial Planning®—a Kaplan Company. “We’re excited to provide professionals with a specialized program that will enable them to master critical soft skills that can enhance and grow their business.”
ABFP Program Details
The 8-week ABFP℠ program consists of weekly Live Online or OnDemand classes, course eBook, e-publications of articles, HD videos, module quizzes, practice exams and a final exam. Topics covered include foundations and principles of behavioral finance; psychological perspectives on economics; the role of psychological biases, heuristics, and emotions in financial decision making; and applying knowledge of investor psychology into financial advising.
The program is delivered via the College’s exclusive online learning platform, which brings the classroom into your home or office. An Activity Feed—a technological advancement unique to this learning platform—advises the student on what to complete each week, so they have an integrated and efficient learning path to exam day. Instructors are not only accessible in-class, but via email direct from the learning platform.
The ABFP℠ professional designation builds on the College for Financial Planning®—a Kaplan Company’s ability to offer stackable credentials. As the only financial education provider with stackable credentials across ten accredited professional designations, CFP® certification and a Master of Science degree in Personal Financial Planning, financial advisors are able to advance current career stages while earning credit toward their next credential.
Financial Professionals Survey Results
(507 financial professionals surveyed by email from October 21 – November 4, 2020)
1. Are you familiar with behavioral finance?
Yes – 88.56%
No – 11.44%
2. Have you received behavioral finance training?
Yes – 34.59%
No – 65.41%
If yes, has resulted in:
- Better client relationships – 78.95%
- Better client reception of your planning advice – 75.44%
- More clients – 21.64%
If no, are you considering training in behavioral finance?
- Yes – 70.16%
- No – 29.84%
3. Would you be interested in behavioral finance training that resulted in accreditation?
Yes – 77.53%
No – 22.47%
4. Do you feel that accreditation in behavioral finance would positively influence current and potential clients?
No – 21.19%
5. Do you think that behavioral finance training would help you build your client base and deepen relationships with existing clients?
Yes – 90.31%
No – 9.69%
For more information visit: www.kaplanfinancial.com/wealth-management/abfp
Survey Overview & Methodology
A survey of 5 questions was developed to inquire about financial professionals’ views on behavioral finance. The online survey was fielded October 21 to November 4, 2020 to 9,130 graduates and students of the College for Financial Planning®—a Kaplan company’s CFP® certification and professional designation education programs who were students during the time period of October 2018 to October 2020. 507 respondents completed the survey.
About the College for Financial Planning
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 87,000 certified professionals.
In addition to its CFP® Certification Professional Education Program, the College also offers a master’s degree in personal financial planning and professional designation programs that provide more in-depth knowledge of the finance industry, with specializations ranging from asset management and retirement planning to sustainable, responsible and impact (SRI) investments. The College for Financial Planning is accredited by the Higher Learning Commission and is a member of the North Central Association. More than 160,000 students have graduated from the College’s programs. For more information, visit https://www.kaplanfinancial.com/wealth-management