XY Planning Network Begins CFP® Exam Scholarship Program for Next Gen Financial Planners

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XY Planning Network Begins CFP® Exam Scholarship Program for Next Gen Financial Planners

May 24, 2018

Certified Financial Planner Board of Standards, Inc. (CFP Board) and XY Planning Network (XYPN) announced today a new scholarship program to help increase consumers’ access to competent and ethical financial planning services.

As part of the program for its 660-plus professionals, XYPN will cover the entire cost of the CFP® exam for its members who do not yet have the certification. XYPN is an organization made up of fee only financial advisors who specialize in working with Gen X and Gen Y clients, offering comprehensive resources to help financial planners run better and more successful businesses. XYPN members who have met CFP Board’s education coursework requirement and plan to take the CFP® exam for the first time under XYPN membership can apply for one of five scholarships awarded each CFP® exam cycle.

In addition, XYPN announced that it will also provide five additional diversity scholarships per CFP® Exam cycle for advisors from under-represented groups within the financial planning community, including (but not limited to) women, people of color, people with disabilities, and LGBT+ advisors. The XYPN Diversity Committee, which will evaluate applications and select Diversity Scholarship recipients, welcomes submissions from XYPN members and non-members alike.

“It’s essential that more financial professionals from Generations X and Y earn CFP® certification to help meet the growing demand for personal financial advice,” said CFP Board CEO Kevin R. Keller. “We very much appreciate the support from XYPN to encourage their members to work toward the certification, and their support for increasing the diversity of CFP® professionals.”

The CFP® Certification Examination is just one of several requirements that need to be met in order to become a CFP® professional. In addition to passing the exam, candidates also must meet CFP Board’s experience requirements, pass a background check, have a Bachelor’s degree (or higher) and successfully complete a college-level program of study in personal financial planning.

The next CFP® Exam window is July 10-17, 2018. The deadline to apply is June 26. More information about XY Planning Network’s CFP® Examination Scholarship Program and the application to apply can be found at http://info.xyplanningnetwork.com/cfp-exam-scholarship-program.

“Our mission at XYPN is to bring real financial planning to Gen X and Gen Y clients by a competent, fiduciary financial planner, as embodied by the CERTIFIED FINANCIAL PLANNER™ designation,” said Michael E. Kitces, CFP®, co-founder of XY Planning Network. “Offering XYPN members an opportunity to take the CFP® exam at no cost is a reflection of XYPN’s commitment to the success of both its member-advisors and their clients, and in support of the CFP Board’s commitment that CFP® professionals will be expected to be fiduciaries at all times when providing financial advice once the Standards are effective.”

ABOUT CFP BOARD

The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. CFP Board currently authorizes nearly 80,000 individuals to use these marks in the U.S. For more information about CFP Board, visit www.CFP.net.

About XY Planning Network

The XY Planning Network, with over 660 advisors, is the leading turnkey financial planning platform for fee-only financial advisors who want to serve their Gen X and Gen Y peers, providing comprehensive financial planning services for a monthly subscription fee and without product sales or asset minimums. The Network offers a virtual community for new and established financial advisors who want to serve a younger clientele, and provides its members compliance support services, marketing support, business tools and templates, and a wide range of technology solutions. http://www.xyplanningnetwork.com/

CONTACTS:  Daniel F. Drummond, Director of Communications, CFP Board and Center for Financial Planning, P: 202-379-2252 M: 202-243-8621 E: ddrummond@cfpboard.org

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Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call themselves a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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