Diversity

The American public – and with it, those seeking financial advice – is increasingly diverse. As consumer demand for financial advice grows, it is imperative that the financial planning profession work toward expanding and diversifying the ranks of financial planning professionals who can meet the needs of increasingly diverse consumers. However, women make up only 23% of CFP® professionals in the United States, and based on self-reported data provided to CFP Board, less than 3.5 percent of all 80,000 CFP® professionals are black or Latino, which is significantly less than the representation of blacks and Latinos in the U.S. population.

The Center for Financial Planning is serving as a catalyst for research and engagement to advance diversity in the financial planner workforce to ensure that the profession can better meet the increasingly diverse needs of the American public.

Center’s programming to advance Diversity includes:

  • Publishing a Thought Leadership Paper, based on findings from the comprehensive research study of barriers to racial and ethnic diversity in the financial planner workforce, that provides research based recommendations for addressing the under-representation of blacks and Latinos in the financial planning profession. 
  • Hosting the Center’s first-ever Diversity Summit on October 23, 2018 at the Times Center in New York City to release the Thought Leadership Paper and engage leaders within and beyond the profession around recommended solutions. 
  • Expanding the reach of the “I am a CFP® Pro” educational campaign to raise awareness of financial planning careers among young people, through customizable toolkits and partnerships with schools, firms and nonprofit organizations.
  • Continuing the Women’s Initiative, including the WIN Advocate Program to educate women and girls about financial planning careers, and the WIN-to-WIN Mentorship Program to assist women on the path to CFP® certification, as well as developing new programs to address the “feminine famine” in financial planning.  
  • Engaging financial planning firms in addressing workplace culture factors that directly or indirectly discourage women from entering, staying in, and advancing within the profession.