Female CFP® professionals in South Africa now above 30%
The number of people who qualify as CERTIFIED FINANCIAL PLANNER®
professionals continues to grow in South Africa and more and more women and black professionals are achieving this demanding designation.
The number of women with a CFP®
designation was above 30% of the total number of CFP®
professionals in 2016, and now stands at 1 424 female CFP®
professionals in SA. Also encouraging is the growth of 3.3% in the number of black financial planners who qualified as CFP®
professionals early in 2017 compared to 2016.
As the industry becomes ever more demanding due to challenges delivered by market volatility and client expectations as well as continued changes to the regulatory environment, the Financial Planning Institute’s (FPI) membership analysis revealed that:
Professionals between the ages of 40-49 remained the largest number of professionals for the third year running. This proves that the value of retaining the CFP®
designation is of importance even for experienced financial planners/advisors; and also shows dedication to deliver financial planning services of an exceptional standard.
The second largest number of people that hold the CFP®
designation fall in the 50 -59 age group followed by those between the ages of 30 and 39. Together this make up 80% of the total CFP®
professional members in South Africa.
With a 2016 year end figure of 4 660 CFP®
professionals, SA is ranked at number six in the world in terms of the total number of CFP®
professionals. This is according to a report issued by the Financial Planning Standards Board (FPSB), owner of the CERTIFIED FINANCIAL PLANNER®
certification programme outside the USA, in February this year.
“The Institute has a number of initiatives in place to encourage people to attain the CFP®
designation and it is pleased with the steady growth achieved in the past five years. Although the industry remains dominated by white males, these changes in demographics; due to the growth in the number of women and black financial planners achieving the qualification; is a positive step towards achieving our transformation strategy”, said Sherma Malan, CFP®
, Head: Membership and Corporate Relations at FPI.
More importantly, we also actively engage with higher education providers to promote financial planning as a career among students. Beyond building the industry, the Institute has also stepped up plans to broaden its consumer education initiatives in 2017, such as the FPIMYMONEY123™ financial literacy outreach programme and other projects,” Malan concluded.