Financial services firms around the world report that Certified Financial Planner^CM professionals are more productive, generate higher revenue and profit and reduce corporate risk and client complaints, according to global research.
The research has been released by the global Financial Planning Standards Board, owner of the international CFP certification. The Institute of Financial Planning is the UK's exclusive provider of CFP Certification.
The research, conducted on behalf of FPSB by Comparator, an Australian benchmarking organisation with more than 10 years experience in wealth management/financial advice benchmarking, surveyed 92 financial services firms in 12 territories, representing 120,117 financial advisers and 11,568 CFP professionals.
The FPSB says the results demonstrate why firms value CFP professionals and the positive impact employing CFP professionals has in the areas of productivity and profitability, compliance and risk management, client satisfaction and employee development opportunities.
Noel Maye, FPSB chief executive, said: "The value of hiring Certified Financial Planner professionals is clear as financial services firms seek to act in their clients' best interest and keep clients on track with their financial and life goals."
He added: "A large number of the more than 150,000 CFP professionals worldwide are employed by financial services firms, ensuring that FPSB's standards of professionalism are being embraced broadly and that the global community will have increased access to qualified, competent and ethical Financial Planners who put their clients' interests first."
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Key findings of the research include:

CFP Professionals are More Productive and Profitable
Compared to advisers/planners without certification:
• 69 percent of firms believe advisers/planners with CFP certification see a higher rate of growth of assets under management.
• 69 percent of firms think CFP professionals generate higher revenue, with 63 percent agreeing that business revenue increased as a result of employing CFP professionals.
• 66 percent of firms believe advisers/planners with CFP certification were more productive.
• 62 percent of firms indicate that CFP professionals generate higher profit, while 61 percent say business profit increased as a result of employing CFP professionals.
CFP Professionals Lower Compliance Risks and Complaints
• 67 percent of firms report employing a greater number of CFP professionals lowers corporate risk.
• 61 percent of firms report that having a greater number of CFP professionals lowered complaints from clients.
Compared to advisers/planners without certification:
• 69 percent of firms indicate CFP professionals present lower compliance and legal risks.
• 59 percent of firms report CFP professionals have fewer complaints against them.
CFP Professionals = Satisfied Clients
• 84 percent of firms say employing CFP professionals has a positive impact on clients' satisfaction with the firm.
• 81 percent of firms say CFP professionals help differentiate their business.
• 76 percent of firms indicate employing CFP professionals led to increased client retention.
CFP Professionals Make Great Employees
Compared to advisers/planners without certification:
• 60 percent of firms say CFP professionals average longer terms of employment.
• 76 percent of firms see higher rates of career advancement for CFP professionals.
Firms Support Attainment/Retention of CFP Certification
• 79 percent of firms contribute financially to advisers'/planners' pursuit of CFP certification, including nearly half of the firms who pay all associated costs.
• 62 percent of firms contribute financially to advisers/planners maintaining CFP certification, with 40 percent of firms paying all costs associated with CFP certification renewal.
• 49 percent of firms reward attainment of CFP certification through increased salary (20 percent), bonus (20 percent) or other non-monetary benefits (60 percent).
• 63 percent of firms with at least half of their advisers/planners holding CFP certification report CFP professionals earn more than those without certification.
• 79 percent of firms plan to increase the number of CFP professionals in the firm in the next 12 months, through both hiring more CFP professionals (35 percent) and supporting attainment of CFP certification among existing advisers/planners (44 percent).
The survey was conducted from September through December 2013 in 12 territories including: Australia, Austria, Brazil, Canada, China, Germany, India, Ireland, New Zealand, Singapore, South Africa and the United States.
Responding firms represented the Financial Planning, banking, insurance, brokerage and employee benefit sectors and a broad range of client wealth (from clients with under US$100,000 to more than US$5 million in investible assets).