About the Financial Planning Industry Survey
This exclusive report offers comprehensive insights into current trends within the financial planning and advising industry, as perceived by CFP® certificants and graduates of the College for Financial Planning®—a Kaplan Company's professional designation and graduate degree programs.
Given the ever-changing landscape of the financial planning sector, remaining up-to-date on industry shifts is essential. As a result, the College for Financial Planning® publishes an annual Survey of Trends to keep professionals updated.
Beyond the demographics of CFP® designation holders, this report serves as a valuable resource for understanding prevalent trends among financial practitioners, their clients, and their perspectives, enabling you to remain well-informed and adaptable in this evolving landscape.
Financial Planning Industry Survey Topics
Within this report you’ll get access to the latest insights and trends around:
- Client Concerns and Interests
- Client Demographics
- Career Satisfaction
- Diversity, Equity and Inclusion
- Earning Potentials
- Job Responsibilities
- Work Environments
- Workforce Challenges
Additionally, the survey includes helpful information about getting started in a financial planning career and some of the major reasons why we see people deciding to pursue this career.
Survey Highlights
Financial Professional Profile
- Demographic information (age, gender, education/educational backgrounds, and industry experience)
- The reasons for pursuing a financial services career
- Financial credentials earned
- Effects of financial credentials
- Summary of financial practices
About Their Clients
- A view into the typical client
- Client concerns and interests
Financial Professional Viewpoints
- Financial education and training programs
- Financial planning workforce
- Diversity, equity, and inclusion
- Biggest challenges for the future
80%
The biggest challenges facing the financial planning industry in the next 5 years:
- Rise of artificial intelligence and robo-advisors.
- Succession planning as senior financial advisors retire.
54%
Impact of Financial Credentials on Careers
Below are some specific stats from the Survey of Trends that demonstrate the impact financial credentials have on the careers of finance professionals.
Career Satisfaction in the Financial Planning Industry
Since earning their most recent financial credential, 69% of College for Financial Planning graduates report being more satisfied with their financial planning career. Here is the breakdown of career satisfaction, based on designation:
Financial Professionals Increased their Client Base
In general, 72% of our graduates saw an increase in their client base after earning their most recent financial credential. Here is the breakdown by designation:
Financial Practitioner Viewpoints
As they are developing their careers in financial planning, respondents identify three areas of importance.
Survey Methodology
A series of questions was developed to inquire about planner demographics including age, gender, experience, and earnings. We sent the survey to recent graduates of our own CFP® Certification Professional Education Program, each of our professional designation programs, and our Master of Science degree programs. From June through August 2023, 951 respondents completed the survey, although not all of them answered every question.
Survey Demographics
Respondents tended to be male financial services professionals employed in financial planning or investment planning with long-stand clients:
Gender
60% of respondents are male.
Age
A variety of age groups responded, with 49% being 34 years old or younger, 41% being between the ages of 35 and 54, and 10% being at least 55 years of age.
Education
62% of financial services professionals hold a bachelor’s degree and 26% have earned a master’s degree, while 4% hold another higher education degree and 8% do not hold a higher education degree.
Educational Backgrounds
Financial services professionals come from a variety of backgrounds, with the most common undergraduate degrees being in finance (24%), business (19%), social science (13%), and economics (10%).
Industry Experience
88% of respondents are currently a practicing financial services professional. Of these respondents, 84% report being currently employed in financial planning, 49% in investment planning, 28% in securities, and 19% in insurance.
