CFP Board lauds progress among Black financial planning professionals

Professional body for financial planners reflects on achievements and pledges continued support.

In recognition of Black History Month, the CFP Board is spotlighting the strides and achievements of Black certified financial planner professionals, emphasizing its dedication to fostering diversity and inclusiveness in the financial planning sector.

Data from the Certified Financial Planner Board of Standards Inc. highlight a notable retention rate among Black certified financial planner professionals, showing a 98% annual recertification rate, which slightly exceeds the average of 97% among certificants in general.

The past year saw a 7.5% increase in the number of Black certified financial planner professionals, nearly doubling the overall growth rate of 3.9% in the profession. Currently, there are 1,899 Black professionals with CFPs, making up 1.9% of all such professionals.

In addition to boosting the visibility of Black professionals in the industry, that growth enhances the pool of skilled and ethical financial planners available to the public.

“As more Black advisors earn certified financial planner certification every year, their positive impact serving families and communities continues to grow,” CFP Board CEO Kevin R. Keller said in a statement. “Our vision is a financial planning profession that shares the diversity of our country,” he added, underlining the idea that diversity and inclusion improve the quality of financial advice and contribute to a more just society.

In support of that vision, the CFP Board has intensified its initiatives to promote diversity within the profession, offering scholarships and resources aimed at helping Black certified financial planner professionals and aspirants.

In 2022, it unveiled the LeCount R. Davis CFP Endowed Scholarship, with over $600,000 pledged to support students showing merit and financial need who are pursuing an undergraduate-level or certificate-level CFP Board-registered program. To date, the board has distributed more than $794,000 in scholarships to Black students and exam candidates for certified financial planner certification.

The CFP Board also established the Diversity Advisory Group within its Center for Financial Planning, which advises on DEI-related research and the annual Diversity Summit. Initiated in 2017, the summit gathers certified financial planner professionals, researchers, and students to share best practices for enhancing diversity within the financial planning profession.

The board also provides mentorship programs, candidate forums, and webinars designed to assist candidates in navigating the certification process. In 2023, the CFP Board conducted 14 webinars on a gamut of topics, from exam preparation to career advice.

“With myriad opportunities, financial planning offers a rewarding career for Black professionals and students seeking to make a positive impact in their communities,” said Dawn Harris, the CFP Board’s director of diversity and inclusion.

“CFP Board remains steadfast in its support of Black CFP professionals, providing resources, guidance and advocacy to ensure their continued success and advancement within the profession,” Harris pledged.