The Financial Planning Standards Board (FPSB) is the global leader in managing, developing and certifying financial planning organisations. The FPSB promotes worldwide professional standards in financial planning and is the custodian of the coveted Certified Financial Planning® distinction and mark.

Recently the FPSB, in association with the Canadian Financial Planning Standards Council, commissioned a piece of research involving over 19,000 adults in 19 different countries for their Global Financial Planning Survey.

The FPSB wanted to know from consumers who are either primary or shared household financial decision-makers their attitudes to their finances and their perspectives on regulation of the financial planning profession.

Here were some of their key findings:

  • Consumers lack confidence in achieving their financial goals.
  • Being debt-free is most important to consumers globally.
  • Consumers are interested in financial planning services to help them get on track financially.
  • However, most rely on friends and family – not professional financial planners – for information on financial matters and planning.
  • Knowing whom to trust is the biggest barrier to working with a financial professional.
  • Those who work with a financial professional generally feel better prepared to achieve their financial goals.
  • Consumers with a plan are more confident.
  • CFP professionals earn higher “excellent” ratings on all key characteristics compared to other types of financial professionals.
  • Consumers rate CERTIFIED FINANCIAL PLANNER professionals as much as 16 percentage points higher than other financial professionals on characteristics such as:
    • honesty and integrity (57 percent versus 47 percent);
    • understanding my needs and goals (53 percent versus 40 percent);
    • placing my interests first (51 percent versus 38 percent);
    • providing me with relevant, timely information (50 percent versus 39 percent);
    • using plain language instead of financial jargon (49 percent versus 41 percent);
    • helping me to keep goals on track (51 percent versus 35 percent); and
    • helping to create actionable plans (51 percent versus 35 percent).

It seems to me that, across the world, life is better with a CFP Professional!

Here is a link to a short video which talks about these findings.

Disclosure: I am a proud Certified Financial Planning Professional and enjoy helping people to create, implement and stick to financial plans which help them to achieve their goals.


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