Large wealth management firms played a significant role in the addition of 6,541 new Certified Financial Planner professionals in 2024, according to new data from CFP Board.
The body overseeing the CFP mark confirmed that Edward Jones led the way for the second consecutive year, with 1,084 new certificants bolstering its ranks. The firm now boasts nearly 5,000 CFP professionals, according to CFP Board, highlighting its continued investment in advisor education and credentialing.
In 2023, it added 1,000 new CFP certificants, a record for the firm at the time.
That record, which is part of a firmwide effort to become more competitive, was a particular point of pride for managing partner Penny Pennington at Edward Jones.
“It reflects the investment our colleagues make in themselves, building their professional acumen in service of our firm’s purpose: to improve the lives of our clients, colleagues, and communities,” Pennington said. "This milestone also underscores the investment we make as a firm in professional development, building an environment where the best professionals in our industry can create thriving careers of significance with flexibility, autonomy and choice."
While Edward Jones covers the cost for its advisors to become CFP-certified, not all firms make that investment. Even among those that do, practices may vary.
"Some firms cover the cost upfront for all employees, while other firms offer reimbursement," Michael Donnelly, the CFP Board’s interim manager of corporate growth, told Barron's. "However, reimbursement policies vary by firm and may differ in terms of amount, timing, and whether they cover all materials or just the education."
CFP Board reported other firms with notable increases including Fidelity Investments, which accounted for 414 new certificants, and Northwestern Mutual, which added 265. LPL Financial, Merrill, and Charles Schwab each added over 200 new CFP professionals.
“For consumers, it signals that they are working with an advisor who has met rigorous standards. And for employers, CFP professionals bring unmatched expertise and credibility, elevating the quality of financial advice,” Kevin Keller, chief executive officer of the CFP Board, said in a statement unveiling the numbers.
Edward Jones, Fidelity, and Northwestern Mutual have now each added at least 250 CFP certificants annually over the past two years, CFP Board said.
Keller emphasized the importance of CFP certification in establishing a standard for financial planning that reflects both knowledge and a commitment to ethical practices.
The 2024 cohort of new certificants was the most diverse in CFP Board history, with 57 percent under the age of 35. The number of women CFP professionals increased by 4.5 percent, while the number of racially and ethnically diverse CFP professionals surpassed 10,000 for the first time, reflecting an 8.8 percent growth rate – double that of the overall certificant population.
Retire Through Ownership Act lets ESOP fiduciaries rely on independent appraisals, closing a decades-old valuation gap for private company stock
The breakaway-focused platform's senior hires from Wells Fargo, Bluespring and Hightower deepen its bench for growth and succession planning.
New leadership lines unify succession consulting, acquisitions and capital funding as advisor retirement wave nears.
More than 1,000 employees have signed a union-backed letter opposing the bank's new three-day office mandate.
The release addresses account-level suitability gaps, consolidates trade management, and extends single sign-on to the Addepar client portal.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
