The Certified Financial Planner Board of Standards announced recently that it is raising its annual CFP certification fee by $100 to $455, reports ThinkAdvisor.
The new fee takes effect for individuals who become certified beginning Oct. 1, 2022 and later, as well as for renewing CFP professionals whose certification periods expire in October 22 or later.
In its statement announcing the action, the board noted that it has adopted a set of new strategic priorities over the next five years to advance the value and visibility of the CFP® certification for the public and for CFP® professionals. After reviewing the work needed to accomplish those priorities, the Board of Directors committed funding from its reserves and also decided to increase the certification fee for the first time in five years.
The board said the extra $100 would be invested in five different areas:
$15 for its ongoing public relations campaign to increase consumer awareness of working with CFP professionals.
$35 for workforce development to promote financial planning as an attractive career choice among college-bound high school students.
$10 to the Center for Financial Planning to support initiatives that will advance diversity and inclusion n the financial planning profession and also provide resources to support the practice of financial planners.
$20 for client impact research practice resources to support development of research studies to assess the impact of financial planning on the well-being of clients, along with other new research and resources for planners.
$20 for enforcement to safeguard the integrity of the CFP® certification marks through the CFP Board’s work to uphold the high standards of ethical conduct among CFP professionals.
“The investment of your annual certification fee in these programs ensures the long-term relevance and sustainability of the financial planning profession and the value and importance that your CFP® certification communicates to your clients and prospects,” the CFP Board said.
The board is also introducing a new continuing education attendance reporting fee of $1.25 per CE hour, a CE provider said.
Lewitas Hyman represents advisors, brokers and other financial professionals in all matters involving the CFP Board, including CFP Board investigations. Headquartered in Chicago, our securities attorneys represent clients nationwide. If you receive a Notice of Investigation from the CFP Board’s Enforcement Counsel, you should immediately hire experienced counsel to guide you through the process. For more information relating to CFP Board investigations and discipline or other matters, contact Lewitas Hyman at (888) 655 6002 or through our online contact form for a free consultation.