Washington, D.C., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Foundation for Financial Planning (FFP), the nation's leading 501(c)(3) nonprofit organization dedicated to expanding access to pro bono financial planning for people in crisis or need, today published the Survey of Aspiring CFP® Professionals, a report detailing its research on the views of students, career-changers and others seeking to become certified as financial planners. The report builds on FFP’s earlier Case for Pro Bono Financial Planning—a study that documented widespread support among current CFP® professionals for providing pro bono service—and shows that support from striving new entrants to the profession is even more intense.
The survey is the first of its kind measuring support for pro bono among those seeking to join the financial planning profession, and was done in collaboration with Hannah Moore, CFP®, President of Guiding Wealth and Founder of Amplified Planning‘s Externship Program for aspiring and rising financial planners. With more than 300 respondents, the survey sample, which is a subset of the Externship participants, skewed younger (63% under age 45) and more diverse than the current population of CFP® professionals, with about half female and 35% people of color.
“The survey results show remarkable support for pro bono service among this rising group of new entrants to the profession,” said Jon Dauphiné, CEO of FFP. “Our findings reflect a deep passion for helping underserved communities, and they underscore the urgent need for educational institutions and employers to step up in supporting these future professionals with the resources and opportunities they need to give back."
With more than 90% of respondents planning to obtain their CFP® certification, key findings among these aspiring financial planners include:
- Although only 9% of respondents had previously provided pro bono advice as part of a course, practicum or clinic at their educational institution, 76% said they planned to provide it once certified, with 23% undecided.
- However, when later in the survey respondents were made aware of CFP Board’s recommendation that all CFP® professionals provide at least 20 hours of pro bono service each year, the number of respondents saying that they planned to meet this benchmark rose to 88%.
- Respondents wished that their educational institutions would offer more content and support to students who want to learn about pro bono, with 88% agreeing.
- When it comes to employment, 83% of respondents said they would be “more likely” (40%) or “much more likely” (43%) to go work at a firm with an encouraging policy on pro bono service.
- Signaling that this could factor into employment decisions, 73% of these aspiring CFP® professionals said they would find it helpful if their educational institution/Registered Program provided a list of firms that have pledged to support advisors delivering pro bono service.
“These rising new entrants into our profession have incredible passion around serving underrepresented groups and giving back to their communities, which becomes a key factor when selecting their employer of choice,” noted survey collaborator Hannah Moore. “We believe that they will seek out employers who both understand and actively support this commitment to giving back through activities such as providing pro bono advice.”
Other factors that respondents said would increase their likelihood of providing pro bono service included:
- Liability insurance provided at no cost, as is currently offered to CFP® professionals volunteering via FFP’s ProBonoPlannerMatch.Org opportunity-matching platform (92%);
- Additional pro bono training (91%), which can be found at FFPprobono.org/volunteers;
- Continuing education credit for providing pro bono service (89%);
- Mentorship by more seasoned CFP® professionals (71%);
- Virtual (71%) and easy-to-find (68%) volunteer opportunities, as can be found on ProBonoPlannerMatch.Org; and
- Ability to develop skills through one-on-one pro bono engagements (67%).
Interestingly, a modest time commitment was not a factor for most, with only 40% saying that this would make them more likely to perform pro bono service.
“What we are seeing in this group of rising professionals is a desire for RIAs and advisory firms to become more like law firms in the way that they support workers who want to offer pro bono,” said FFP’s Dauphiné, noting that FFP convenes a membership group of firms on the cutting edge of the pro bono movement called RIA Impact Partners. “We will be working with our partners and other key stakeholders to inform new entrants to the profession about firms that are supportive and successful in helping their advisors meet CFP Board’s benchmark of at least 20 hours of service each year.”
Firms interested in learning more about FFP’s RIA Impact Partners can visit FFPprobono.org/RIA.
About the survey
In July and August 2024, Foundation for Financial Planning (FFP) collaborated with Amplified Planning’s Externship Program to survey 314 individuals ranging from students in or newly out of college, to career changers, paraplanners and more. The Externship was founded during the COVID pandemic crisis as a way to continue providing internships to financial planning students and others from across the nation, and it has flourished since then, serving a diverse array of more than 4,000 participants thus far. 91% of respondents plan to secure their CFP® certification. Of those submitting demographic information, about half were male and half female. The breakdown by race is 57% White, 11% Black or African American, 12% Hispanic or Latinx, 12% Asian, and 7% Other/Not Specified. When split by age, 18.8% of respondents are aged 19-26, 15.4% aged 27-35, 28.9% aged 36-44, and 36.8% 45 or older.
About the Foundation for Financial Planning
Foundation for Financial Planning (FFP) is the nation’s leading charity dedicated to advancing pro bono financial planning for at-risk populations, including active military members and wounded veterans, people with cancer and other serious illness, seniors and family caregivers, low-income individuals and families, domestic violence survivors and many more. Over its almost 30 years, FFP has provided almost $10 million in grants to national and community-based pro bono programs; worked with partners to activate more than 29,000 financial planners to volunteer their time and talents; reached over 745,000 people in crisis or need; and acted as a leader and catalyst to foster a rich tradition of pro bono service across the financial planning profession. Visit FFPprobono.org to learn more.
About the Externship
The Externship is an initiative of Amplified Planning. Founded by financial planner Hannah Moore, CFP®, Amplified Planning is on a mission to provide guidance, education and resources to current and future financial planners. Learn more about Amplified Planning and The Externship at https://amplifiedplanning.com/externship/
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