CFP numbers grow globally in 2021
The number of Certified Financial Planner (CFP) professionals worldwide has grown to 203,312 as at the end of 2021, an increase of 5.5% on the previous year, while Australian CFP professionals have declined by 4%.
Surpassing the 200,000-member milestone, the global rate of growth was double that of 2020.
Australia was the first country outside the USA to offer the CFP designation, and the Financial Planning Association of Australia (FPA) was the only certification body for the CFP mark in Australia. During 2021, the FPA welcomed 164 new CFP professionals, making a total of 4,966 CFP professionals in Australia.
While this was a 4% decline on the previous year, the FPA said it was smaller than the 11% drop in the number of advisers across the broader industry.
FPA chief executive, Sarah Abood, said: “It is particularly pleasing to see that financial planners continue to recognise the value of the CFP certification and dedicate themselves to education excellence, despite the challenges they have been facing over the past few years.
“We have proudly welcomed 164 new CFP professionals in 2021 which is a very positive sign for our profession.
“CFP professionals have been growing proportionally and now make up 55% of our practitioner members.”
The CFP certification program was now embedded into the Master of Financial Planning courses offered by four universities across Australia, allowing students to complete both a qualification and a designation simultaneously.
“We have also welcomed a number of new students as part of the Professional Year (PY) program where entrants are using the CFP Certification Program to meet their compulsory education requirements for the PY,” said Abood.
“It is encouraging to see a growing number of members undertaking the CFP certification program, as it highlights the ongoing professionalism of financial planning in Australia as well as a commitment to education standards.”
The global CFP Certification Program was managed by the Financial Planning Standard Board (FPSB) and currently ran in 27 countries.
FPSB CEO, Noel Maye, said: “We’re pleased to report that, despite the COVID-19 pandemic, momentum in the global growth of CFP professionals remains strong, and is increasing.
“Last year, the number of CFP professionals reached the highest ever, with growth from emerging, developing and mature markets demonstrating the broad appeal of financial planning and CFP certification worldwide.”
AUTHOR
Liam Cormican
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
