Consumer Surveys
2020 Financial Planner Skills Research
2020 Consumer Study on Financial Planner Competencies & Skills
Research conducted by Heart + Mind Strategies found that consumers working with a CFP® professional are more likely to recommend their advisor to others than are clients of non-certified advisors.
CFP Board commissioned this study of consumers, conducted August-October 2020 by Heart + Mind Strategies, to identify the importance of and satisfaction with skills and competencies validated by CFP Board’s latest Practice Analysis Study. The study determined level of satisfaction, usage and likelihood to recommend among consumers working with a CFP® professional, compared with consumers working with a non-certified financial advisor.
KEY FINDINGS INCLUDE:
- Integrity is the most important competency area for those working with a CFP® professional as well as those working with a non-certified advisor.
- 92% of those working with a CFP® professional are very or extremely satisfied with their advisor’s Integrity, compared to 81% of those working with a non-certified advisor.
- For those working with a CFP® professional, the Financial Advice competency is the second most important, followed closely by Professionalism, Financial Needs Analysis and Consulting. Those working with a non-certified advisor also give high ratings to those areas.
- 84% of those working with a CFP® professional are very or extremely satisfied with their advisor’s Financial Advice competency, compared to 72% of those working with a non-certified advisor.
- Clients of CFP® professionals rate the value of service received higher than clients of non-certified advisors (84% compared to 70%).
- Clients of CFP® professionals report they are more likely to recommend them to others than clients of non-certified advisors (86% compared to 67%).
92% of those working with a CFP® professional are very or extremely satisfied with their advisor’s Integrity, compared to 81% of those working with a non-certified advisor.