Page 46 - Investment Advisor March 2022

WOMEN IN WEALTH

By Michael S. Fischer and Terri Fiedler

Less Than a Quarter of CFPs Are Women (Still)

The share of planners who are women has been stuck around 23% for years, the
CFP Board reports. Also, one AIG exec’s ideas on how to narrow the gender gap.

he Certified Financial Planner
Board of Standards recorded
Tincreases in the number of
female, Black and Hispanic CFP profes-
sionals in 2021, according to a recent
report from the organization.
As of Dec. 31, the number of CFP
professionals reached a record high of
92,055, up 3.8% from 2020. Of that total,
23.4% of all CFP professionals were
women, numbering 21,504 — a year-
over-year increase of 4.2%, versus a 3.1%
gain in 2020.
But the overall share of CFPs who are
women remained nearly flat from 23.3%
in 2020. Hispanic individuals pursuing a career ues to diversify, the demographics of
According to the CFP Board’s in financial planning, as diversifying wealth will change,” D.A. Abrams, the
Women’s Initiative, launched in 2013, the financial planning profession is one CFP Board’s managing director for the
the share of planners who are women of CFP Board’s core strategic priorities Center for Financial Planning, said in
has remained around 23% for the last and central to the work of our Center the statement. “More diverse CFP pro-
several years. A white paper released for Financial Planning,” Kevin Keller, fessionals will better meet the needs of
after the launch of the program said the chief executive of the CFP Board, said their clientele and help them achieve
growth of women in the business “will in a statement. their financial dreams.
be a marathon not a sprint.” “While we are proud of our growth, “The Center will continue to develop
The number of Black and Hispanic there is much work ahead of us as we innovative programs to build a financial
CFP professionals grew by 13.8% in 2021 develop initiatives to further strengthen planning workforce that better reflects
to 4,196. the talent pipeline for years to come.” the population it serves.”
Specifically, there are now 1,652 Black CFP Board said it will make month-
CFP professionals, or 1.8% of all CFP CLASS OF 2021 ly reports of data on the racial and
professionals. Their numbers grew by The board reported that the class of ethnic diversity of CFP professionals,
more than 10% in 2021. Black CFPs com- 2021 welcomed 5,273 new CFP profes- with some modification to the catego-
prised 1.7% of the total in 2020. sionals, the largest and most diverse ries reported. Following are the new
The number of Hispanic CFP profes- class in CFP Board history, recording categories:
sionals rose by some 15% to 2,499 in all-time highs in these categories: • American Indian or Alaska Native.
2021. This group now makes up 2.7% • New female CFP professionals: • Asian or Pacific Islander.
of all CFP professionals, up from 2.5% 1,374, vs. 1,167 in 2020. • Black or African American.
in 2020. • New Black CFP professionals: 150, • Hispanic or Latino.
Last year, the number of biracial vs. 139. • White.
Black and Hispanic CFP professionals • New Hispanic CFP professionals: • Multiethnic.
grew by more than 80% to 45, or 0.1% 267, vs. 200. • Unknown.
of the total. • New biracial Black and Hispanic The January report breaks down CFP
“We are especially excited to see CFP professionals: 6, vs. 2. professionals by age, gender, race and Adobe Stock
strong increases of women, Black and “As the U.S. population contin- ethnicity, and by state.

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