Financial advisors who earn a CLU earn 22 percent more than their peers without the designation, and advisors with a ChFC earn 51 percent more, according to a new report.
The American College published this finding in a summary of results from the institution’s “2013 Designation Outcomes Study.” The report gathered information about nearly 32,000 financial advisors to ascertain the impact of financial designations on advisors’ earnings and productivity, early career success, retention, field leadership and compliance.
By year nine in the business – moving into mid-career – 13.8 percent of the advisors in the study hold either a CLU, a ChFC or both. These advisors, the survey reports, have 40 percent higher aggregate productivity than those with no designation.