Tomorrow marks the 25th anniversary of the creation of the Certified Financial Planner Board of Standards. The CFP® Board establishes the standards for one to become a CERTIFIED FINANCIAL PLANNER™ licensee. It administers the examination process and monitors compliance with the standards established.

There were just 42 CERTIFIED FINANCIAL PLANNER™ professionals nationwide in 1973, and there weren’t many more in 1985 when CFP® Board was founded in Denver, CO. The CFP® certification is mark of excellence in financial planning. It demonstrates to the public that a person has met the CFP Board’s strict standards.

The CFP® mark is a meaningful credential that, while evolving over 25 years, is a mark of a professional, similar to how lawyers and doctors receive a license to practice. There are now more than 61,000 CFP® professionals in the United States, but according to the Bureau of Labor Statistics, there are more than 149,000 “personal financial advisors.”

A timely new public opinion survey from Certified Financial Planner Board of Standards, Inc. (CFP® Board), shows that Americans in search of the answers are turning to financial planners for help. As Certified Financial Planner™ professionals who live and work here in Michigan, we were not surprised to learn that nearly two out of three Americans (65 percent) have financial concerns that are now much or somewhat greater than at the start of the financial crisis two years ago.

The recent economic challenges, and the diversity and complexity of financial products and services available to Americans today, are driving many to seek professional assistance for their financial planning needs. Many people are choosing to invest their trust in financial planners who hold Certified Financial Planner™ certification. One reason is that CFP® certification is granted only to financial planners who have met rigorous education, examination, experience and ethics requirements. The CFP Board polices the ranks of the profession by enforcing those requirements and publicly sanctioning those who break the rules.

Individuals seeking CERTIFIED FINANCIAL PLANNER™ certification are required to complete coursework that covers the seven major financial planning areas – general principles of financial planning, insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning and estate planning – or hold qualifications CFP Board considers as a fair equivalent to the required coursework.

Another reason people are seeking CFP® professionals, is the CFP Board’s 25-year track record of advocating for the consumer and what’s in the consumer’s best interest. Recently, the CFP Board has promoted efforts to have a fiduciary standard for all who provide investment advice included as part of the important financial regulatory reform our country desperately needs to get Wall Street back on track. A fiduciary standard puts the consumer’s interests first, ahead of all others.

CFP® professionals help their clients live better lives through the process of financial planning. With the future direction of the U.S. economy still in question, and with the stock market and job market in turmoil, more and more Americans will turn to professional financial planners for experienced assistance with their finances. That’s a good thing for investors, and it’s a good thing for people who want to see our financial markets reinvigorated and back on their feet.

“CFP® is a federally registered trademark of the Certified Financial Planner Board of Standards, Inc.”