Posted by: Kaplan Financial Education
Updated: August 24, 2016
Are you looking to advance your career by getting your CFP®certification or are you trying to break into the financial planning industry? If you are looking for more information about the profession, you are in the right place. Learn more about what the day-to-day of a financial planning professional is like, as well as expected job growth over the next decade below.
Financial advisors and CFP® professionals help clients with investment decisions, taxes, and selecting insurance policies and retirement plans. While no two days will ever be the same, much of the job involves meeting with clients, analyzing financial information, and researching new opportunities.
Typical job duties for financial advisors include:
CFP® professionals are often thought of as number crunchers, but the reality is that they need to have strong relationship and communication skills to successfully attract and retain clients. Some important skills for CFP® professionals include:
According to the Bureau of Labor Statistics Occupational Outlook Handbook, employment of financial planners is expected to increase by 27% from 2012 to 2022. This is significantly higher than average for all occupations, which is just 10%.
Decreases in funds for corporate and state pensions are expected to contribute to the growth of the industry as more individuals will require financial planning.
Financial planners who obtain the CERTIFIED FINANCIAL PLANNER™ certification will likely obtain the best job prospects over the next decade. A recent CFP Board study revealed that more than 69% of surveyed consumers said they would insist that their financial planner have the CFP® certification, compared to 49% who would insist on CPA certification, 34% CFA certification and 31% CPA-PFS certification.
According to the CNN Money, the median pay for a CFP® professional is $89,500 annually with the top pay at $171,000. The median pay for a professional in the larger umbrella of personal financial advisors is $67,620 annually or $32.46 per hour.
Advisors who work for financial investment firms or planning firms, or who are self-employed, generally charge their clients a percentage of the assets they manage. They may also charge an hourly fee or get fees for stock and online insurance policies purchased. In addition, advisors often get commissions for financial products sold.
To become a CERTIFIED FINANCIAL PLANNER™ , you must complete the required education, pass the certification exam, and meet the experience and ethics requirements. For more details, visit our How to Become a CFP® Professional article.
Looking for more information on CFP® certification? Kaplan Financial Education offers CFP® certification education and exam prep review study solutions for the CFP® exam. Check out our website or call 866.963.8329 for more information.
Are you considering CFP® certification, but are unsure if you can handle it? Get a sneak peak at the beginning of the Kaplan education program to get a feel for whether CFP® certification is the right fit for you. This free eBook will provide you with information about the financial planning process learned in Course 101: General Financial Planning Principles, Professional Conduct, and Regulation. It also includes several analytical problems that will allow you to apply the knowledge you learn in real-life scenarios.