Justin King, managing director at MFP Wealth Management, said he became a certified financial planner because it specifically tested his ability to create a comprehensive financial plan, "a skill my chartered qualifications didn’t examine in the same way".
He added: "This was crucial to me, ensuring I could craft a holistic financial strategy for my clients.
"While the monetary benefit in the UK may not be clear-cut, the CFP’s reputation often attracts clients who value trusted, high-quality advice, leading to deeper relationships and better client retention."
Amyr Rocha Lima, managing director and certified and chartered financial planner at Strategic Wealth Partners, similarly said his motivation to become a CFP professional was rooted in a desire to be "recognised as a trusted adviser who adheres to global best practices in financial planning".
"Beyond the financial and professional benefits, being a CFP professional is about continuous learning and growth, which keeps me at the forefront of the industry," he added.
A dynamic career
The CFP Board used its annual research to drive a new campaign to entice more young people to become financial planners in the US, where it said demand for advice was high but there was a "shortage of competent, ethical financial planners".
It is a similar story in the UK, where swathes of retiring advisers are not currently being replaced by enough newcomers.
Chloe Phillips, CFP at Pura Vida Financial Planning, said the key to attracting young people was not the waving of a pay check but putting a spotlight on the difference planners can make to people's lives.
"To bring more people into the profession, we need to highlight how fulfilling it can be to make a real impact on clients' lives, beyond just the financial benefits," she said.
"At The Paraplanner Club, we’ve noticed a growing number of career changers applying to be mentees, which shows there’s already interest from those seeking more meaningful work."
King agreed that "highlighting the impact on clients’ lives, rather than just the numbers, would resonate well.
"Organisations like the CISI and PFS should lead in promoting this dynamic career," he said.
Mentorship programmes and clear pathways to professional qualifications like the CFP can also help "demystify the profession", said Rocha Lima, "and make it more accessible to graduates and young professionals from many backgrounds."
Assistant director of financial planning and education development at the CISI, Sally Plant, said the body already collaborated with 47 universities and charities in an attempt to promote the profession to young people.
"This collaboration means that CFP practitioners visit universities, presenting, meeting and mentoring students to showcase what a career as a CFP financial planner really looks like and, ultimately, demonstrating the difference a CFP’s support can make to the consumer’s wellbeing and overall financial literacy," she said.
