CFP Board doubles down on women's focus with new program

CFP Board is officially redoubling its commitment to advancing gender representation in the wealth industry. 

The credential-granting body behind the leading mark for financial planners has introduced Accelerate & WIN, a program aimed at increasing the presence and leadership of women in financial planning.

While firms have made important strides forward over the years, CFP Board highlighted the need to do more. At last count on March 1, it said women represent 24 percent of all 103,206 CFP professionals in the US.

The initiative is structured as a multiyear effort focused on research, industry partnerships, and talent development. It will engage high school and college students, recent graduates, and career changers in an effort to expand the pipeline of women entering the profession.

“Women's moment in financial planning isn't coming – it's now,” CFP Board chair Liz Miller said on Thursday, emphasizing the program's potential to "reshape our profession.”

As part of the program, the CFP Board is launching two research projects in 2025. The first report published in February, titled "Building Wealth: Insights on Women’s Aspirations & Growing Financial Power," found 69 percent serve as the primary investment decision-makers in their households, while another 56 percent agreed financial planners are in the best position to help them achieve their financial priorities.

A second report, scheduled for release at the 2025 Connections Conference in October, will examine strategies that firms use to attract and retain women in financial planning.

Other initiatives planned for this year include a series of webinars and a career-changers studio.

In addition, CFP Board said it will hold the Power Women Design Summit in May, an invite-only gathering in New York City that will bring together CFP professionals, financial services leaders, and advocacy groups focused on women’s career advancement. A second private meeting is expected in the fall.

“Accelerating the growth of women in financial planning is about giving consumers the choice they deserve,” CFP Board CEO Kevin Keller said. “It equips the profession to meet the evolving needs of today’s clients.”

The initiative will be led by Lisa Davis, chief program officer, and Jillien Meier, managing director of program development.

The Accelerate & WIN program builds on CFP Board's previous efforts to strengthen women's representation in the industry, including the Peggy Ruhlin Wealth Is Women's Work CFP Exam Scholarship aimed at aspiring female CFPs.

The American College of Financial Services has also stressed the importance of supporting women's professional advancement in the wealth industry. In a joint study with FUSE Research Network, it concluded that female advisors could achieve greater client trust, as demonstrated through key indicators such as referral and close rates, if they have multiple professional designations.

Another study by Carson Group in 2023 stressed the risks of not taking action. With women advisors acutely feeling the pain of not having a voice – 92 percent agreed underrepresentation is a problem, compared to just 68 percent of their male counterparts – the survey found nearly one-third of female advisors have looked for a new role in the previous 12 months.