Growth in income is not a factor always associated directly with qualifications. However, the survey findings indicate that this is a key benefit enjoyed by the majority after they become a CFP^CM professional. Of the respondents who credited CFP designation as having a major effect on their careers, all saw an increase in income with 76 per cent seeing an increase of over 10 per cent. Better than three quarters (76 per cent) saw income grow in the 12 months after they gained CFP certification.
Nearly half saw income rise by more than 10 per cent. Certification is more than just a qualification, it's a very successful way of doing business. In comparison with other countries where CFP certification operates, UK-based CFP professionals were more likely to charge fees for Financial Planning than CFP professionals elsewhere.
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CFP professionals estimate that 60 per cent of clients receive a comprehensive Financial Planning service. When asked for views on the benefits of the Financial Planning process for themselves, they reported significant added value. Providing an organised approach to the client review process was a primary benefit, according to 75 per cent. Two thirds said they were better able to manage clients' expectations, generate greater loyalty and create a greater bond with clients. Other important benefits were stronger client relationships and greater revenues per client.
Respondents were also asked for views on the value of Financial Planning. Some 90 per cent said that they expected longer client relationships, while 78 per cent viewed financial plan delivery as a value adding tool. More than two thirds were aiming to increase the number of clients receiving
a Financial Planning service.