CFP Board Celebrates Black History Month, Recognizing Growth and Achievement of Black CFP® Professionals

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Feb 07, 2024, 10:00 ET

WASHINGTON, Feb. 7, 2024 /PRNewswire/ -- As Black History Month commences, CFP Board proudly acknowledges the invaluable contributions and achievements of Black CERTIFIED FINANCIAL PLANNER™ professionals across the nation.

CFP Board data reveals encouraging statistics regarding the retention rate among Black CFP® professionals, demonstrating a positive upward trend. The retention rate for Black CFP® professionals who recertify annually is 98%, compared to an average 97% for all CFP® professionals.

CFP Board has also observed encouraging growth in the overall number of Black CFP® professionals. In 2023, the number of Black CFP® professionals grew by 7.5%, while the overall number of CFP® professionals increased by 3.9%. There are now 1,899 Black CFP® professionals (1.9% of all CFP® professionals). By increasing the number and diversity of CFP® professionals, CFP Board is expanding access to competent and ethical financial planners to meet growing consumer demand.

"As more Black advisors earn CFP® certification every year, their positive impact serving families and communities continues to grow," said CFP Board CEO Kevin R. Keller, CAE. "At CFP Board, we firmly believe that a diverse and inclusive profession will enhance the quality of financial advice and contribute to a more equitable society. Our vision is a financial planning profession that shares the diversity of our country."

In support of Black CFP® professionals and those aspiring to become CFP® professionals, CFP Board continues to expand its resources and initiatives aimed at promoting diversity and equity within the profession, including scholarships for studying or taking the CFP® exam. Thanks to generous donors, over $600,000 has been committed to the LeCount R. Davis, CFP® Endowed Scholarship, which awards up to $5,000 per student seeking to complete an undergraduate-level or certificate-level CFP Board Registered Program, based on demonstrated merit and financial need. CFP Board has awarded over $794,000 in scholarships to Black students and exam takers for CFP® certification.

Recognizing the importance of addressing specific issues for racially and ethnically diverse communities, CFP Board Center for Financial Planning established the Diversity Advisory Group within its volunteer councils, which advises CFP Board on the development of new DEI-related research and the Diversity Summit. First held in 2017, the Diversity Summit brings together CFP® professionals, researchers, students and others to learn best practices for advancing the financial planning profession.

CFP Board also provides a comprehensive mentorship program, candidate forums, webinars, career fairs and additional resources to support candidates for CFP® certification in navigating the certification process with confidence. In 2023 alone, CFP Board hosted 14 webinars for candidates for CFP® certification, on topics ranging from exam preparation to career tips.

"With myriad opportunities, financial planning offers a rewarding career for Black professionals and students seeking to make a positive impact in their communities," said Dawn Harris, MBA, CFP Board's Director of Diversity & Inclusion. "CFP Board remains steadfast in its support of Black CFP® professionals, providing resources, guidance and advocacy to ensure their continued success and advancement within the profession."

ABOUT CFP BOARD
CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER™ certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by nearly 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.

SOURCE CFP Board