India's certified financial planner community expands to record level

India’s professional financial advice industry saw a surge in demand, registering 8.5 per cent year-on-year growth in the number of Certified Financial Planners (CFPs) to a record 2,731, as of December 31, 2023, according to a report by the Financial Planning Standards Board (FPSB). The number of CFPs registered with FPSB and its global network of organisations worldwide increased 5.1 per cent to 2,23,770 during this period, according to the report.

India ranks fourth among the countries with growth of more than five per cent in the rate of CFP professionals, according to the report released on Saturday, February 17. Also, more than 50 per cent of people who have never received financial planning advice intend to seek it within the next three years, it said.

“We’re pleased to see the number of Certified Financial Planners professionals continues to increase year-over-year to meet the rising demand for professional financial planning advice,” said FPSB CEO Dante De Gori, CFP.

“As the global community of CFP professionals grows, more people around the world can access financial planners who have committed to high standards of competency, ethics, and practice to build holistic financial plans as they face increased costs of living and complex financial decisions. For nearly three decades, the global CFP professional community has steadily grown, reaching its highest ever at over 223,700. This growth is a true testament to the value CFP certification holds in the global financial planning profession and the clients Certified Financial Planner professionals serve,” added Gori.

"We are thrilled to announce that India's CFP professional community has reached an unprecedented milestone, boasting 2,731 dedicated professionals committed to delivering high-quality financial guidance. This remarkable 8.5 per cent surge reflects not only the growing demand for financial planning advice in our country but also underscores the increasing importance individuals place on securing their financial future,” said Krishan Mishra, CEO, FPSB India.

“As India proudly ranks among the top five in global net growth rates, this achievement speaks volumes about our nation's dedication to fostering financial literacy and stability. Together, we continue to empower individuals to make informed financial decisions and navigate their journey towards prosperity," Mishra said.

According to the data provided by FPSB, a total of 10 countries saw a net growth of over 5 per cent with two countries reaching double figures. Thailand tops the list with 27.8 per cent, followed by China at the second position with 15.1 per cent growth.

Top 10 countries with the highest growth rate in CFPs in 2023