The College for Financial Planning®—a Kaplan Company Releases 2024 Survey of Financial Planning Professionals’ Views on Issues Ranging from Job Satisfaction to DEI to AI

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CENTENNIAL, Colo. ~ In a recent survey conducted by the College for Financial Planning, a Kaplan Company, professionals in the financial services industry shared their experiences, interests, and viewpoints. The 2024 Survey of Trends included responses from nearly 1,000 CFP® certificants and graduates of the College's professional designation and graduate degree programs.

One of the key findings of the survey was the top reasons for pursuing a career in financial services. According to the respondents, 33% joined the industry with a desire to help others manage their finances and plan for retirement. 14% were drawn to the field due to their interest in investing, wealth management, and finances. Additionally, 12% were referred by friends, family, or colleagues while 9% saw it as an opportunity for advancement and earning potential. Another 7% had previously worked in a related field that naturally led them to financial services.

The survey also explored diversity within the industry. While 54% of financial planners believe that the industry is doing enough to support Diversity, Equity and Inclusion (DEI) efforts, 23% feel that more needs to be done. Those who believe that not enough is being done cite a lack of representation within the industry as a major concern.

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Respondents also expressed concerns about the rise of artificial intelligence (AI) and robo-advisors in the next five years. Many believe that this technology will lead to misinformation and a decline in demand for human financial planners as robo-advisors can provide similar services at little to no cost.

When it comes to career satisfaction, approximately 8 out of 10 respondents believe that their company's financial education and training programs are crucial for employee retention and engagement. This highlights the importance of ongoing education in this constantly evolving industry.

The survey also revealed that earning a financial credential can significantly increase confidence when speaking with clients. On average, 80% of respondents reported feeling more confident after earning their most recent financial credential, with CFP® certificants showing the highest increase at 91%.

Dirk Pantone, president of the College for Financial Planning, emphasized the importance of providing professionals with up-to-date insights and knowledge to support their career growth. He stated that financial education is a crucial factor for success in this industry, whether one is just starting out or a seasoned professional. The survey results demonstrate that financial education can lead to increased confidence, technical knowledge, and soft skills, all of which are essential for better serving clients and helping them achieve their goals.

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The full report with additional results and analysis can be found on the College's website. For further information or to schedule an interview about the survey results, contact Russell Schaffer at russell.schaffer@kaplan.com.

It is worth noting that Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use these marks.

The survey was sent to recent graduates of the College for Financial Planning's own CFP® Certification Professional Education Program, as well as its 11 professional designation programs and Master of Science degree programs. From June through August 2023, 951 respondents completed the survey, although not all of them answered every question.

In conclusion, this survey provides valuable insights into the experiences and perspectives of professionals in the financial services industry. It highlights the importance of ongoing education and diversity efforts in this constantly evolving field. With these findings in mind, it is clear that financial education plays a crucial role in achieving success in this industry.
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