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.
New Morgan Stanley research shows retirement planning is a key area where advice is required.
ASA reacts as regulator drops no-deny policy, freeing firms and individuals to publicly dispute allegations after reaching settlements.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors,
The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
A last-minute court filing ends a case against the federal tax-collecting agency that had drawn unprecedented conflict-of-interest questions from Democratic critics.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
