< Read more CFP Board Report Updates
CFP Board

April 22, 2014

CFP Board is pleased to share with you a new white paper exploring why there are so few women in the financial planning profession, including:

  • The results of a comprehensive qualitative and quantitative research study on the “feminine famine” in the financial planning profession, and
  • Recommendations that everyone with an interest in the future of the profession – regardless of gender – can follow to help bring more women into the financial planning profession and CFP® professional community.

CFP Board has seen impressive growth in the number of CFP® professionals in recent years. However, the percentage of women has remained flat at 23 percent. We believe that as more consumers recognize the need for and value of competent and ethical financial planning, we must build a profession that reflects the diversity of the public that we serve.

To address this challenge head on, in 2013, CFP Board launched a Women's Initiative (WIN) under the vision and leadership of Nancy Kistner, CFP®, then Chair of CFP Board's Board of Directors. Informed by the findings of a groundbreaking research study conducted by CFP Board in partnership with Fondulas Strategic Research, CFP Board’s WIN Advisory Panel developed a number of recommendations aimed at attracting more women to the financial planning profession and make the financial planning profession and CFP® certification more appealing for women.

What CFP Board is Doing

CFP Board has committed to a number of initiatives based on the WIN Advisory Panel’s recommendations, including:

  • Create a WIN Council to supervise and advise on progress toward achieving gender parity in the profession.
  • Conduct an internal review of all department functions and processes to determine alignment with the overall goal of increasing the number of women CFP® professionals.
  • Partner with four or five firms – representative of the different business models within the profession – to conduct pilot initiatives at the firm level to bolster gender diversity, support the professional development of female employees and promote the CFP® certification.
  • Designate WIN Advocates who will reach out to their local media and communities to talk about financial planning, the CFP® certification and the role and importance of women CFP® professionals.

What You Can Do

CFP Board is taking the first steps, and we invite the participation of everyone with an interest in the future of financial planning. The white paper includes an action plan and outlines what you can do now, including:

  • Get in touch with CFP Board to indicate your interest in contributing to CFP Board’s various WIN initiatives.
  • Identify/organize opportunities for CFP Board WIN Advocates to speak to female audiences (at schools, colleges, professional groups) on financial planning as a career for women.
  • Seek out opportunities to help mentor younger, less experienced women financial planning students and professionals.
  • Organize a mentorship program within your firm or organization.
  • Work within your firm to set measurable diversity goals (numbers, compensation, internal support programs).

Please visit CFP Board’s website at www.CFP.net/WIN to download the white paper, share your thoughts on this important topic and learn more about contributing to our initiative to change the way women see the financial planning profession and CFP® certification.

P 800-487-1497 • F 202-379-2299 • CFP.NET
1425 K STREET, NW #800 • WASHINGTON, DC 20005
Retirement. Budgeting. Taxes. Investments. Estate planning. Insurance. Let's make a plan

Certified Financial Planner Board of Standards Inc. 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 initial and ongoing certification requirements.