Financial planners holding Certified Financial Planner (CFP) certification earn more and report stronger career satisfaction than their non-certified peers, according to ThinkAdvisor, as published in the Certified Financial Planner Board of Standards' latest compensation study.
The study found that the median 2024 total compensation for all financial planners is $185,000. CFP professionals, however, earn 13 percent more than those without certification, even when controlling for factors such as years of experience, company size, and role.
As reported by ThinkAdvisor, Michael Kitces, publisher of the Nerd's Eye View blog, noted that the results confirm the CFP marks deliver a strong return on investment: "Consumers really are collectively 'rewarding' advisors with CFP marks over those who don't when it comes to who they choose to do business with," Kitces added that the benefits accrue over time rather than creating immediate new business.
The study also highlighted broad career satisfaction among CFP professionals:
- Stability – 86%
- Career Satisfaction – 84%
- Work-life balance – 83%
- Career advancement – 79%
- Professional development – 76%
- Compensation – 73%
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
