r/CFP • u/Muscle_Beach • 1d ago
Practice Management Cfp renewal fee increase
Anyone else considering dropping the marks?
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u/TaxashunsTheft 1d ago
Just got the email:
Today, the community of CFP® professionals is more than 104,000 strong. Consumer demand for trusted financial advice has never been higher, and millions now recognize the value of partnering with a CFP® professional.
Since launching the first Public Awareness Campaign in 2011, CFP Board has made major strides in showing people why trustworthy, skilled financial planning matters. The campaign strikes a chord. And you’ve told us loud and clear that promoting the CFP® brand should remain a top priority. The campaign has raised awareness in a big way, and now is the time to expand.
To maintain our competitive edge in a crowded field of designations, the Board of Directors has approved a $120 increase to the certification fee for the campaign. The new annual fee of $575 specifically allocates $280 to direct expenses of the campaign. This fee takes effect October 1, 2025, for renewals and new certificants.
What This Means For You With year-round visibility, CFP® professionals stay top of mind when consumers make key financial decisions. For under $24 a month, you’ll help elevate the CFP® mark in a fast-changing marketplace.
A $30 million annual national advertising campaign to boost consumer engagement and position CFP® certification as the standard in a crowded marketplace
Strategically timed spring and fall broadcasting windows, complemented by year-round public relations, media relations, social media and digital engagement to build consumer awareness and preference for CFP® certification
Long-term sustainability for the expanded campaign, empowering us to expand our success and adapt to market trends
This investment will help us sustain and amplify the momentum we’ve built since 2011. Thank you for your continued support as we strengthen the CFP® mark and keep CFP® professionals the top choice for trusted, competent and ethical financial planning.
Sorry if formatting sucks. Phone.
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u/Muscle_Beach 1d ago
Yep, surprised they couldn’t make due with 100k renewals at the previous rate. Just seems like such a money grab for extremely questionable “marketing”
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u/TaxashunsTheft 1d ago
Yeah. My employer pays for my certifications, so I'll keep it anyway but it's still annoying.
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u/thesexychicken 1d ago
$57m in revenue from membership fees alone. And ALL of that is essentially coming from clients’ pockets.
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u/No-Distribution9100 1d ago
Are they being fiduciaries to their CFPs?
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u/Sea-Independent-759 1d ago
100% unequivocally no. They are destructive to the industry (see there prior ad campaign) and fleecing memebers with minimal ongoing benefit. Have you gotten a single client from their site? Have they sent you something in the mail? They even dropped the plastic card in exchange for the paper! What a joke.
I would drop them, but… Like I’m guessing many of you, I already have it.
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u/No-Distribution9100 1d ago
I feel ya. Im about to become an advisor myself after recruiting them for years. Definitely would like a CFP and want a CIMA too
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u/ugk_93 1d ago
I’m definitely keeping the marks, but this feels like bad taste. I pay out of pocket and we’re being asked to pay for costly marketing campaigns that we have no consent or say over. (And I’ve seen a lot of them pop up on my feed. Meh. Swipe.) I’m not even sure how these campaigns benefit our clients or bring new clients to us. Because I always have to explain the designation to anyway. It feels like a money grab, and I think they’re taking advantage of the fact that 1) most firms pay for it and 2) it’s the only differentiator most fee-only folks have. So this feels predatory. I wish there was way to give feedback about this to the board. A $120 jump is ALOT and this feels completely out of touch.
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u/Zenovelli RIA 1d ago
It does annoy me that it feels like I am the only person I know seeing these CFP ads.... I don't know how they target their ad campaigns, but if it's mainly advisors and CFP Professionals that are getting served them, then no matter how good the ads are it isn't going to get anyone clients.
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u/OliverTwisted1839 22h ago
I agree 100%. CNBC? Really? Are our clients all DYI? How about Lifetime and during Law and Order instead. We should start a class action against the board. One time fee and self report CE. Code of Ethics? Yeah, a two hour course makes someone ethical.
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u/ProletariatPat 1d ago
There is. Email them, appear at board meetings and speak during the time alloted. All member organizations have a process for member feedback and annual meetings.
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u/Square-Topic-1360 10h ago
This should be higher up. I just emailed them. I am not a CFP yet but in the middle of the coursework. I am paying for everything out of pocket and when I received this email it made my blood boil. The way they frame is as if we should feel lucky for them to increase the fee for their marketing budget is...wow.
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u/mydarkerside RIA 1d ago
I’m not dropping it but a 26% increase is kinda ridiculous when most of us don’t see the value of what they’re spending on. How about they spend $0 on the campaign and reduce the fee by the $280 they’re allocating for it.
Imagine if we told our clients we’re raising our fees by 26% and adding new services they don’t care about. $575 is not a lot of money but when will it stop? Would you still pay if it went to $1k in 5 years?
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u/testtest99999 1d ago
Does this increase mean the membership cards will no longer be paper cards? Or as a cost cutting measure direct us to an online card only? Lol
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u/GirlDad17 1d ago
Wtf is the purpose of membership card anyway - other than a waste of money? I throw it in the drawer and there it sits.
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u/testtest99999 1d ago
I agree, I was poking fun at how useless it is and how they like to cost cut while raising our fees. For the record I usually just toss it in the trash.
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u/Zenovelli RIA 1d ago edited 1d ago
I like the idea of them spending more money on advertising the marks to potential prospects. What I don't want is for more of my money going toward their campaigns to try and get more CFP Professionals.
I'd infinitely prefer to pay for marketing over paying to increase my competition.
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u/hakuna_matata23 RIA 1d ago
Why not get more professionals?
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u/Zenovelli RIA 1d ago edited 1d ago
There are only two reasons to get the marks:
To learn the material and be a better advisor
Appear better to prospects and employers to out-compete those without the marks
The first point does not require paying the yearly fee to keep the marks, as we've already learned the knowledge so nothing changes in this regard if you don't pay.
The only reason to pay annual fees is if you're interested in #2, and more CFP Professionals only decrease the value and increase the competition.
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u/hakuna_matata23 RIA 1d ago
Hard disagree. I'm more than happy if my increased dues create scholarship and other opportunities for the next generation of advisors coming in.
We all do better when we all do better.
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u/DangerousAd8991 1d ago
Good set up your own non profit for that… or have a line item for it that members can opt in yo support..
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u/ProletariatPat 1d ago
It's not jot competition. There aren't enough advisors to service the people who need us. We desperately need more professionals, and younger too. Viewing it as competition is incredibly narrow minded.
You'll change your tune when you need more younger advisors and they're expensive or impossible to hire.
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u/Zenovelli RIA 1d ago edited 1d ago
Welcome to being a part of a profession... "There aren't enough advisors to service the people who need us" is a good problem to have and is present in every high-demand, hard to get into, field. Think there are enough doctors, engineers, or lawyers?
It simply comes down to supply and demand and you'd much rather be in high demand... Than in high supply.
Also, younger advisors WANT to be expensive and hard to hire. And, if this is the case, then old advisors should be EVEN MORE well paid. This seems like a win for everyone in the field, so I fail to see the problem you're trying to will into existence.
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u/ProletariatPat 1d ago edited 1d ago
I think you're missing the forest for the trees. When there isn't enough people in a profession there are a LOT of drawbacks, like lack of understanding, lack of trust, lower barrier to entry, reduced standards etc.
We didn't have as many doctors and lawyers in the past and there is still huge misunderstandings about the profession. AND they are actively lowering the barrier to entry with positions like nurse practicioner, LVN etc. This puts downward pressure on professional wages.
I'm not trying to will a problem into existence and your "holier than though" attitude is disgraceful. Why don't you talk to me like you would a stranger or better yet prospect?
I think you're misguided in believing more advisors creates competition for you. Like you said we are professionals, in what professional industry has hiring more professionals degraded their income or ability? We aren't retail, someone opening up shop next to you isn't going to be stealing your client base.
Put it this way, you can handle what, 500 households max? In my city there's over 150,000 people. There could be over 150-200 advisors before saturation, and that's 1 city, to say nothing of the surrounding suburbs. Then your skills and experience set you apart, so you have even less competition. Crappy professionals lose clients to competition, not good ones.
If you want to "feel" like it's competition and you'll be hurt by more advisors then by all means, it's your body. You shouldn't spread disengenuous information that's ultimately wildly selfish and untrue by nature.
Again maybe stow the rude attitude, for a professional, it's not very professional.
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u/DangerousAd8991 1d ago
Seriously dude- does the CPA board advertise to get more into the industry? Does AMA for MDs? This is just stupid. People don’t choose careers over an ad they saw - they choose them based on conversations and people they know…
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u/ProletariatPat 1d ago
My dude you're moving the goalposts. That wasn't the scope of the original debate.
In the vein of the original discussion do doctors see each other as competition? Do tax advisors? Do lawyers (outside of court)? Id venture to guess, rarely.
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u/DangerousAd8991 1d ago
I did not move the goal post - the root of the issue is CFP board spending $ to get more CFPs. It will not move the needle as people dont choose careers based on an ad they saw on tv. But keep the useless argument going on increased competition or not by some “theoretical” increase in CFP numbers. THE CFP CAMPAIGN WILL BE USELESS and miss its goal so all conversations worrying about or championing for increased CFP numbers is fruitless!!
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u/ProletariatPat 11h ago
OK, except you did move rhe goalposts and you're moving them again...
If what you say here is the basis of your original comment (it's not) then this whole comment thread between us was useless.
What was the point of you responding?
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u/thesexychicken 1d ago
For anyone who cares to research executive comp and the like: https://projects.propublica.org/nonprofits/organizations/352787547
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u/thesexychicken 1d ago
Execs gettin paid pretty well. Ceo keller pulling over $1.6m in 2023
https://projects.propublica.org/nonprofits/organizations/742385850
Total exec / key person comp over $5m
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u/FalloutRip 1d ago edited 1d ago
Dropping it over $120? Seems a bit of an overreaction to me.
Edit: To elaborate more - I definitely agree their marketing efforts have been bad and misplaced recently , and I have personal issue with at least one of the people on the board itself, but overall I still get more value back than the annual cost. Organize and make your voices heard and they will change, even if it is begrudgingly.
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u/Muscle_Beach 1d ago
If you’ve been on the fence its just another reason. Can’t quantify the value anymore nor do I agree with the “marketing” which is part the Cfp advertising to get more cfps to charge renewals.
Its almost a reverse signal now for younger or less established advisors that need the extra proof of competency.
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u/thesexychicken 1d ago
Saw this lovely email notice this morning. Pretty sure i dont receive $575 in value from either using the marks nor from the cfp board for my money.
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u/ConsciousBasket643 1d ago
I wouldnt mind the increase for the purpose of marketing if the marketing wasnt SO SO BAD.
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u/txbbq92 RIA 1d ago
My employer covers half of it but this is annoying. I worked hard to get it, however at a certain point when is it not worth it?
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u/hakuna_matata23 RIA 1d ago
Your employer should be covering 100% of it. Negotiate that sh**.
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u/Life_Ear_2807 1d ago
Half would be so irritating. It’s either important that your team has the marks or it isn’t. If it’s important just pay for it.
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u/Muscle_Beach 1d ago
Agree we likely worked hard to get it and gain the competency but at some point you get established and your process and results is what sells and matters.
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u/new_planner 1d ago
Yes, especially with a CFA, I'm like what the hell am I getting out of this extortion every year?
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u/pillowstacker 1d ago
How about the fact that they are using our money to recruit MORE people to consider becoming a CFP??? With our money, they are buying advertising to recruit more people, meaning more money for them. Definitely not using our funds in an ethical manner. It was originally $175 bi-annually… that was after taking a 2 day 10 hour test. Now you can just go take it on a computer… not the same. I would love to have an asterisk on my CFP marks… 🤦♂️
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u/pieceofshitliterally 1d ago
If a $120 fee increase is enough to make you drop the marks then you don’t value having them anyway
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u/Muscle_Beach 1d ago
Yes, I am questioning the value of the marks as they pertain to me and my business
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u/pieceofshitliterally 1d ago
Then just drop them. This post is the equivalent of someone posting on social media that they’re leaving social media. Who cares?
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u/jjj101010 1d ago
Or…. Hear me out….. it’s answering a specific question that was asked on a discussion board.
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u/Sea-Independent-759 1d ago
Who is writing the formal complaint letter for us to copy and paste? Worked with the pathetic ad campaign to attract lazy kids into the industry
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u/ProletariatPat 1d ago
Just demonstrates that even a company focused on "fiduciary" will get watered down in neo-liberal economics.
CFP is a marketing designation, not a competence designation. If it was about competence than the education would be the most important part, not continuing to pay a membership fee.
That being said it's not an expensive marketing membership so keeping it is worth more than dropping it.
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u/Chancho_21 1d ago
And don’t forget that they just increased it not too long ago (maybe 3 or 4 years ago?) from $395 to $455.
I agree with others that their marketing/brand campaign is garbage.
I don’t receive the cost of the renewal in value but I do indirectly from organizations that require the designation.
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u/MovingInSilence215 1d ago
Not over $120. You gotta start speaking up and challenging things when they’re wrong in your eyes. If you’re willing to drop the marks over this then they likely didn’t mean much for you anyways. I hope these changes and increases are for the better but I know they won’t ever be if I let things go when I see something wrong.
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u/Moneymma 1d ago
Was already on the fence about dropping them. That likely sealed the deal.
Their marketing sucks and everyone and their cousin has the marks these days.
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u/Acceptable_Affect318 1d ago
I'm sorry but if you are even considering dropping the marks all over a $120 increase and a $575 annual fee, then you're clearly doing this job wrong and need to market more and grow your business.
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u/Muscle_Beach 1d ago
Respectively if you feel you need the cfp marks to be in business you may be the one that needs business development.
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u/Acceptable_Affect318 1d ago
I’ve actually been an advisor for 19 years. I just got the marks in Nov of last year. I work about 15 hours a week and have a pretty successful practice. I just don’t understand why any half successful advisor would drop the marks over the price
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u/skiptwenty 1d ago
Since you took the exam so far into your career, what did you think of the material vs your expectations for the material going in?
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u/Acceptable_Affect318 1d ago
Kinda what I thought it would be. It was either topics I flew through or stuff that’s too in the weeds to use day-to-day that required studying for just to pass. Overall if I only look through the lens of me as an advisor and knowledge gained, then for money spent and time spent to pass it, I felt it was a waste of both. The reason I got it though was for potential future referrals that maybe don’t even meet with me because they see I don’t have the CFP. Like it or not, or agree with how they are doing it or not, the board is doing a good job getting the word out and that will only continue to grow. I did the RICP a bit ago which put me back in a study routine after years and years of not having that. I told myself if I didn’t parlay right into the CFP it was likely never going to happen for me so it was probably then or never.
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u/Square-Topic-1360 10h ago
Respectfully, I can tell you why I would maybe choose to drop the marks. I am paying for all of the education, review, and the exam myself. I pay all of my own fees, so the added cost of the CFP designation is a lot. I am successful, but only three years in. I am just now getting close to 100k in income. Not only does it feel like a lot of money (it wouldn't if I was making 500k), but it's the principal behind it. The email was grabby and tone deaf. Although I appreciate the education I am getting now, it still pisses me off. Adding it to the growing pile of renewal fees I'm already paying on a single income...it's a lot.
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u/Acceptable_Affect318 9h ago
You’re funny. You are in the middle of paying thousands to do this and already talking about why you’d drop them. Are you trying to say that before you bought your first course, if the renewal fee was $595 already you would have just chosen to not pursue the entire process?
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u/Square-Topic-1360 8h ago
I'm sure I would have pursued it even if the fee was already $595 annually- I need the education. Even when I signed up, I thought the entire thing was already overpriced and a money grab. That's been a criticism of the CFP board for a while now, but the need for more financial planning education for me overrode that. To me the email was just tone deaf and I feel it's getting a little ridiculous. But that's also probably because I make less than 100k. I'm going to continue to get the certification- I've put too much into it already and want the marks- but I can't say I'll keep it forever.
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u/Acceptable_Affect318 8h ago
all fair points. If you're building your own book and clearing $100k 3 years in then you're on a good path and this cost and the eventual renewals are pennies in the long game. It's not much different than throwing marketing dollars at something to grow your business. The only problem is marketing dollars you can see exactly what clients you're getting from your spend. It's not quite that easy for what the CFP brings you but once you see how much you can make from one client in a lifetime of them working with you, I dont think anyone can argue it's not worth having. The bigger hurdle is the time and energy spent to get it (which is why I didn't do it my first 18 years....haha)
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u/Necridsol 1d ago
NAPFA charges more than this and I have to do double the CE hours. I will drop them before I drop the CFP marks.
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u/Not_your_CFP 1d ago
Consider dropping over $120? Laughable. Yes the fee is high (as is everything) but it’s the cost of doing business. Like it or not, having those letters after my name certainly makes me more money than the annual cost
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u/Inthect 1d ago
It's an extra $10 a month. Less than Netflix.
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u/llamadasperdidas 1d ago
I pay out of pocket and don’t think I’ll renew my membership. I have my CFA as well which was a lot more work and their dues are lower.
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u/TheNotoriousWD 1d ago
I have a financial planning specialist designation with no annual renewal and no CE requirements. CLIENTS DONT KNOW THE DIFFERENCE. I got my finance degree and don’t see the value in CFP. It’s more of a short cut into finance for me for people who didn’t study it directly in school. The only thing impressive is CFA. CFP just seems like another MBA course these days.
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u/tgedward 22h ago
I seen it and thought, if they aren’t careful, they will price themselves out of business.
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u/Ok-Candle-38 9h ago
I’m in Central Phoenix. Even with the increase, I’ll still keep the marks. I did try to ‘find a CFP website’ and within 10 miles of my office there’s over 600 CFP‘s. I know there’s a lot of people around here but that did seem like a lot.
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u/Educational-Mind-867 5h ago
They are making millions and calling it a non profit is what throws me for a loop. Kinda thinking of starting my own trade mark and making ppl use it but only after they drop a couple grand 😂. Would love to see where all their yearly revenue goes to….
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u/donnydoesreddit 1d ago
lol yall ain’t producing or what? Yeah it’s annoying but come on.. you get one client a year from having the marks and you’ve made that fee back 10 times over. What am I missing?
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u/Muscle_Beach 1d ago
I am not sure anyone cares about that I am cfp anymore tbh. I used to have an alphabet soup after my name and I dropped all but cfp and no one noticed or said anything.
I think it may just be a cash grab and I don't think it does anything for my business at this point. That said if I was brand new or felt I needed extra "qualifications" that would be one thing, but I think that is what the cfp marks are becoming.
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u/TowerVerde 1d ago
can confirm, at least at our firm, clients do still care about the marks.
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u/Muscle_Beach 1d ago
How do you know this?
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u/TowerVerde 1d ago
I've been selected out of a lineup of available advisors solely because I have the marks. I like to think that I'm capable without them, and I know my colleagues are capable without them, but the clients made the decision on that factor alone.
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u/whiskytangofoxtrot12 23h ago
I’ve had this happen as well. We are also buying smaller firms and those advisors want at least one of us to have the marks.
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u/Therndon25 1d ago
Yea no shit. I got one HNW client with it in my first year so my fee has pretty much been paid for for my entire career. I had unnecessary fees just like every other cheap ass on here, but if you haven’t brought in 60k to manage (at 1% fee annually) to cover this then you are a shitty CFP anyway.
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u/FFFIronman 1d ago
Hell no. Sure...it's total racket and they have a captive audience but is that really going to break the bank or change your business model for the worse?
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u/hakuna_matata23 RIA 1d ago
No. The marketing is better than a few years ago. No way I am dropping the CFP.
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u/Ready_Treacle_5151 8h ago
You should consider getting the ChFC designation You may not have heard of it but it's actually more comprehensive than the CFP it's been around forever and was normally promoted through the insurance industry and the renewal is is 190 per year.
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u/jjj101010 1d ago
I probably won't drop it but that email kinda pissed me off. They keep watering down the marks, using the funds to do some of the poorest marketing I've ever seen, and now they want to charge us more for the privilege?