The study, conducted by Comparator, and released by the Financial Planning Standards Board, found that Australian financial services firms on average reported higher profitability and client satisfaction from CFP professionals.
From the 92 financial services firms surveyed, 64 per cent believe advisers with CFP certification are more productive while 64 per cent stated CFP professionals lowered compliance and legal risks.
The research also found that 69 per cent of firms in Australia are planning to increase the number of CFP professionals they employ this year.
FPA chief executive Mark Rantall said this is “good news for institutions who support higher professional standards within their financial planning operations".
“Employing CFP professionals is not just a matter of providing the highest professional and ethical service to clients but also delivering results to a company’s bottom line,” he said.
“We truly believe that the highest certification available in Australia has significant professional dividends, both to the individual CFP professional and the firms that employ them.”
