Number of CFP professionals worldwide rose in spite of pandemic challenges
While the novel coronavirus crisis gripped the world for most of 2020, that hasn’t stopped hopeful applicants from earning one of the most well-respected designations for financial professionals across the world.
According to the Financial Planning Standards Board, the standards-setting body for the global financial-planning profession, the number of CFP professionals globally underwent steady growth last year.
Cumulatively, FPSB and its global network of affiliate organizations saw a net gain of 4,658 CFP professionals, growing by 2.5% annually to close the year with a total of 192,762 professionals as of December 31, 2020.
"In 2020, as families faced the impact of job losses and furloughs, forced early retirement and health care challenges, the global financial planning profession stepped up to help people manage their finances and adapt their financial plans," said FPSB CEO Noel Maye, CEO of FPSB.
The CFP Board, which owns the longest-running CFP certification program, saw a 2.7% increase to end 2020 with 88,726 CFP professionals in the U.S. FPSB China, whose purview represents the second-largest CFP professional community in the world, reported 6.9% growth to reach 23,579 certificants.
The Japan Association for Financial Planners minted 841 new professionals last year for a year-end tally of 23,095. Planejar, FPSB’s affiliate in Brazil, grew its CFP professional membership by 740 to 5,414, representing a growth rate of 15.8%.
The largest proportionate growth overall was seen among FPSB Affiliates in Asia. That was led by the Financial Planning Association of Taiwan with a rate of 17.3%, followed by the Financial Planning Association of Malaysia, which saw a 15.8% advance.
“Through the COVID-19 pandemic, people relied on CFP professionals to help build their emergency savings, reconsider debt strategies, and stay on track with longer-term financial and life goals,” Maye said. “At a time when the value of financial planning is more apparent than ever, I'm pleased to see thousands of practitioners join our global community of CFP professionals.”