There has been a 5.1 per cent increase in the number of Certified Financial Planner (CFP) professionals globally and 8.5 per cent in India compared to the previous year, according to the Financial Planning Standards Board’s (FPSB) report. In addition, over 50 per cent of individuals who have never sought financial planning advice plan to do so within the next three years.
Through collaboration with its global network of organisations, FPSB has bolstered the ranks of global CFP professionals by 10,768, bringing the total to 223,770 as of December 31, 2023. Notably, India has witnessed a surge in demand for professional financial guidance, resulting in a record-breaking addition of 2,731 CFP professionals over the year, representing an 8.5 per cent growth.
The increase in CFP professionals aligns with the FPSB Value of Financial Planning Global Consumer Research 2023 results. This research indicates that individuals who engage with CFP practitioners experience an enhanced quality of life, greater financial confidence and resilience, and increased satisfaction with their economic status. Notably, 98 per cent of clients express trust in their CFP professionals to prioritise their best interests.
“We’re pleased to see the number of CFP professionals continues to increase year-over-year to meet the rising demand for professional financial planning advice,” said FPSB CEO Dante De Gori, CFP.
“As the global community of CFP professionals grows, more people around the world can access financial planners who have committed to high standards of competency, ethics and practice to build holistic financial plans as they face increased costs of living and complex financial decisions. For nearly three decades, the global CFP professional community has steadily grown, reaching its highest ever at over 223,700. This growth is a true testament to the value CFP certification holds in the global financial planning profession, and the clients Certified Financial Planners serve.”
Speaking on the numbers, Krishan Mishra, CEO of FPSB India, said, “We are thrilled to announce that India’s CFP professional community has reached an unprecedented milestone, boasting 2,731 dedicated professionals committed to delivering high-quality financial guidance.
“This remarkable 8.5 per cent surge reflects not only the growing demand for financial planning advice in our country but also underscores the increasing importance individuals place on securing their financial future. As India proudly ranks among the top 5 in global net growth rates, this achievement speaks volumes about our nation’s dedication to fostering financial literacy and stability. Together, we continue to empower individuals to make informed financial decisions and navigate their journey towards prosperity,” he added.
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