2009 Financial Planning Grants from CFP Board

The mission of Certified Financial Planner Board of Standards, Inc. (CFP Board) is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. To further this mission, in 2009, CFP Board requested grant proposals on two types of projects:

1. Research projects resulting in practical information that enhances CFP Board’s focus on maintaining rigorous standards in the interest of consumer protection, and that enables CFP® certificants to provide greater segments of the public with competent and ethical financial planning; and
2. Outreach projects that promote an understanding of the benefits of financial planning, provide underserved populations with access to competent and ethical financial planning, and increase recognition of the value of working with CFP® professionals.

In February 2010, CFP Board announced that $105,195 in grant funding had been allocated to three projects selected for funding through the 2009 Financial Planning Grants program. Two of the awards through CFP Board’s 2009 Financial Planning Grants program were given to projects designed to help the public realize the benefits of financial planning and working with CERTIFIED FINANCIAL PLANNER™ professionals. The third grant award supports the development of a research study to estimate the value consumers receive from professional financial planning services. The three projects receiving grant funds from CFP Board are listed below, and additional information about the projects will be posted as the funded activities progress.

Consumer Credit Counseling Service of Delaware Valley, in Philadelphia, Pa., was awarded $10,045 to incorporate a new financial planning segment to its successful financial education program, “FinanciallyHers.” The program currently has more than 500 enrollees, mostly low-to-moderate income women, and incorporates neighborhood-based education with community outreach, peer support, and the involvement of volunteers from the financial services, business and nonprofit communities. With funding from CFP Board, and in partnership with the pro bono committee of the Philadelphia Tri-State Area Chapter of the Financial Planning Association, the program will be supplemented with two new courses on financial planning: a course on setting goals for financial planning, and a course on understanding financial markets and investment products. The sessions will be led by financial planners who hold CFP® certification, and after completing the courses, attendees will be invited to attend free one-on-one counseling sessions with a CFP® professional.

The Consumer Science Department at the University of Wisconsin-Madison, in Madison, Wis., was awarded $54,722 to implement a project titled “Helping Underserved Populations through Financial Coaching.” The project will include “financial clinics” available to individuals and families taking part in other financial education activities or services provided by the University and its community partners. The clinics will be staffed with qualified undergraduate student personal finance majors under the guidance of faculty and CFP® certificants. The financial planning students who participate in providing education and services at the clinics will be able to escalate relevant subject matter to CFP® professionals partnered in this project for more expert resolution and information delivery, enhancing both the students’ education and the services delivered to the clinic clients.

Michael Finke, Ph.D., CFP® and Sandra Huston, Ph.D., Associate Professors at Texas Tech University’s Division of Financial Planning, in Lubbock, Texas, were awarded $40,428 to conduct a research study titled “Estimating the Value of Comprehensive Financial Planning.” Building on past research on the types of households that use financial planners and what consumers look for in financial planners, this study will focus on the value added for the consumer when employing comprehensive financial advice. The study will identify planning areas where improved decision making yields the greatest benefits and will evaluate outcomes between those who use financial planners and those that do not. This study is designed to provide practical information that will help consumers understand the value of financial planning services.

The administration of CFP Board's 2009 grants program benefitted immensely from the experience and insights of an advisory group of CFP® professionals, including practitioners and academicians. CFP Board appreciates the contributions of each member of our 2009 Grants Advisory Group:

Theresa M. Brion, CFP®
Phillip David Carlsen, CFP®
Marguerite C. Carpenter, CFP®
John Loyd, CFP®
Dr. Victor A Puleo, Jr., CFP®

Applications to CFP Board's 2010 Financial Planning Grants program are being accepted through October 1, 2010. Read more.

Read more about grants CFP Board awarded in 2006, 2007 and 2008.