Recognizing the success of the first stage of its public awareness campaign, the Certified Financial Planner Board of Standards just launched the campaign's next phase, which focuses on "the importance of seeking a CFP," says Ray Ferrara, chairman of CFP Board's board of directors for 2014.
Indeed, growth in the number of CFP certificants "is very important," particularly considering the "huge wave of boomers that are coming into retirement and needing services of financial professionals," as well as to help replace those advisors exiting the business, Ferrara told ThinkAdvisor on Wednesday.
When CFP Board started the campaign in April 2011, the CFP Board set a goal of reaching 81,000 certificants over a five-year period, "and we're one year in; we need to add roughly 12,000 more over the next four years." The current number of CFPs stands at 69,000, a 25% boost since the financial crisis hit in 2007.
Kevin Keller, CFP Board's CEO, added during the interview with ThinkAdvisor that the campaign's five-year goal was to raise awareness of the CFP credential by 4%. "We more than met that in the first year," Keller said, and "our retention rate of CFP certificants has gone up" since launching the campaign, despite the fact that CFPs' annual certification fees were raised by $145 in July 2011 to help support the ongoing campaign.
The campaign is costing $10 million annually.
The new awareness campaign will capitalize on the concept that the CFP credential is the highest standard. That's not only "compelling, but it's the truth," Keller said. "The truth makes for a strong brand."
