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The financial planning industry is continuously evolving, and financial education is the key to career advancement as a financial professional.
The College for Financial Planning -- a Kaplan Company -- sent a survey to graduates of their four professional designation programs, Master of Science degree programs, and CFP® certificants from other schools from August through November 2021. 86% of respondents were currently a practicing financial services professional. 36% reported being currently employed in financial planning, 24% in investment planning, and 17% in securities. Over one third had been working in the financial planning industry for 10 or more years. 62% were male, 48% between 35 and 54 years old, 61% had a bachelor's degree, and most came from a background of finance, business, or social science.
The findings listed here reflect the highest percentage of responses for items about the financial practitioner profile, their clients, and viewpoints of professionals in the industry.
Reason for Pursuing a Financial Services Career
28% said they were looking to help others
Financial Credentials Earned
Half held securities licenses, followed by the CFP® designation. 79% report having greater confidence in speaking with clients after receiving credentials, and 67% reported greater career satisfaction.
Overall increase in earning potential after obtaining credentials was 17%.
What They Do
Over two-thirds manage assets.
82% report being employed by a financial services firm.
Almost half were paid a fee and commission as their primary form of compensation for the financial planning services they provide.
A little under half report having less than 100 clients. Over had been working with their clients for more than five years.
For the full survey report and analysis, read Survey of Trends in the Financial Planning Industry 2022 at https://www.kaplanfinancial.com/wealth-management/resources/survey-of-trends#report.