"About 79 percent of the surveyed firms plan to increase the number of CFP professionals in the next 12 months through both hiring more CFP professionals (35 percent) and supporting attainment of CFP certification among existing advisers or planners (44 percent)," according to a research conducted by Comparator, an Australian benchmarking organisation.
    
The research was conducted between September and December 2013 in 12 territories, including Australia, Austria, Brazil, Canada, China, Germany, India and the United States.
    
"The value of hiring CFP professionals is clear as financial services firms seek to act in their clients' best interest and keep track with their financial and life goals," Financial Planning Standards Board (FPSB) CEO Noel Maye said.
    
The survey found that 84 percent of firms believe that employing CFP professionals has a positive impact on clients' satisfaction with the firm and 81 percent say they help differentiate their business.
    
About 76 percent of firms indicated employing CFPs led to increased client retention, it said.
    
"With the progression of the financial planning movement and an enabling regulatory environment, many more financial services organisations are increasingly preferring CFP certificate-holders in recruitments.
    
"We believe that owing to their need based and holistic consumer centric approach, the CFP professionals are well equipped to aid the creation of financial well being in the society," said Ranjeet S Mudholkar, Vice Chairman and CEO, Financial Planning Standards Board India (FPSB India), the authority that deals with setting professional standards for CFPs in India.

(Agencies)

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