Board discusses future of financial planning

Attracting a diverse workforce and providing better education among the topics at financial design summit

The future of the financial planning profession was discussed recently as 42 thought leaders met in Washington for the Certified Financial Planner Board of Standards’ (CFP Board) Centre for Financial Planning.

A host of topics were conversed over at the event, including workforce development, academia and the challenges of introducing a new generation of financial planners.

According to Marilyn Mohrman-Gillis, the CFB Board Centre for Financial Planning Executive Director, the design summit presented an opportunity to forge plans for the 21st Century.

“CFP Board sits at the crossroads of those who practice financial planning, those who teach future CFP professionals and firms that are looking for top talent to serve clients,” she said. “The Design Summit provided a landmark opportunity for a broad cross section of leaders in financial planning and academia to discuss how they could each contribute toward creating a diverse, sustainable supply of financial planners.”

According to Robert J Glovsky, the centre’s advisory council chair, there needs to be a ground floor effort to tackle the challenges facing the industry.

“We must address the challenges facing our profession now,” he said. “We need to look more like the American public we serve, provide a place for faculty to conduct research and build the body of knowledge, and identify innovative ways to encourage young people to enter the financial planning profession.”

Issues discussed included how to attract more people of colour, and more women, to the profession; developing a pipeline of financial planners; and establishing an academic home that will help to establish financial planning programs within business schools.