Financial advisors who carry the CFP designation add value to their firms, are more productive, and provide a higher level of client satisfaction, according to the results of a new study. Not only that, but they also provide a boost to revenues —and that's whether the firm is a sole-proprietor operation or a team firm.
The results of the research, a white paper from Aite Group titled "Adding Expertise to a Financial Advisor's Practice: Measuring the Contributions of CFP Professionals," were released on Tuesday by the CFP Board and Aite Group. Among the data were such certification-encouraging nuggets as these:
Client satisfaction is higher. Among clients who work with an advisor, 87 percent of those working with a CFP are satisfied or very satisfied, compared with 72 percent of those who work with an advisor without certification.
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