College for Financial Planning Annual Survey Shows Rebound of Financial Advisor Earnings,...

College for Financial Planning Annual Survey Shows Rebound of Financial
Advisor Earnings, Demand for Comprehensive Plans, and Shift to Fees
Financial advisors say they are taking a more holistic consultative approach
to planning, with a greater emphasis on higher education; Cerulli Associates
lends expertise in survey's 13th year.

GREENWOOD VILLAGE, Colo., July 6 /PRNewswire/ -- Financial advisors are making
more money, seeking more education, and providing more holistic advice to
clients as compared to a year ago, revealed the College for Financial
Planning's 2009 Survey of Trends in Financial Planning.

Responses, provided by hundreds of financial advisors surveyed by the College,
indicate a shift to greater customer service. Advisors are charging fees
rather than commissions, creating more comprehensive plans, and emphasizing
client interaction.

"As people watch their retirement savings or child's college fund shrink, they
are increasingly asking advisors for solutions to help live their lives,
rather than simply grow their stock investments," said Bing Waldert, Director
of Cerulli Associates. "That requires a more comprehensive approach with a
greater emphasis on customer service and better training."

Key findings include:

-- Salaries are rebounding after a soft 2008. Average earnings rose to
$215,345, up from $195,394 in 2008. Although average earnings were
reported at $232,995 in 2006 and $283,079 in 2007, the 2009 findings
are
remarkable given market conditions in 2008 and early 2009.

-- Advisors value education more than ever. Eleven percent more advisors
listed education as a key driver of success than the year before (49
percent in 2009, up from 38 percent in 2008), the biggest increase of
any category. Interpersonal skills and client referrals topped the
list.

-- There is a shift toward fees and away from commissions. More than half
of respondents receive most of their compensation from fees.
One-fourth
(26 percent) are fee-only, and nearly one third (30 percent) receive
at
least half their revenue from fees.

-- Advisor allocations to money markets and cash have nearly doubled over
past usage. However, the greatest number of advisors plan to increase
their usage of equity mutual funds and exchange-traded funds in coming
months, mapping a road to recovery for asset managers and other
product
providers.

-- Clients are demanding more comprehensive plans that tailor a broad set
of strategies to meet their overall financial goals. More than one
third
(36 percent) of advisors' clients are receiving comprehensive
written plans. Another 46 percent receive modular plans, both written
and unwritten.

-- For complete survey results, visit: http://www.cffpinfo.com/.

Advisors cited "helping clients improve their lives," solving client problems
and client interaction as the top drivers of career satisfaction. They also
identified a significant opportunity for makers of financial planning
software, citing cumbersome technology as the second-greatest obstacle to
their job. Despite difficult capital markets and economic challenges facing
the financial services industry, the top obstacle was clients' reluctance to
pay planning fees.

For the first time in the survey's 13-year history, the College for Financial
Planning partnered with Cerulli Associates, a Boston-based research firm
specializing exclusively in the financial services industry. The survey was
sent to advisors from Discovery Database who received Certified Financial
Planner(TM) and other designations from the College. The College received 390
responses.

"We see a lot of reason to be optimistic in these survey results," said John
Sears, president of the College. "Our industry continues to mature and adapt
to people's needs. Advisors are getting away from a sales-based model and
adopting a broader approach ... and they are recognizing the value of
education in making that transition."

About the College for Financial Planning
Founded in 1972, the College for Financial Planning provides accessible and
flexible degree, non-degree, and continuing professional education programs to
students nationwide. Shortly after its founding, the College introduced the
CERTIFIED FINANCIAL PLANNER(TM) certification, which has evolved into the
world's most recognized and respected financial planning credential, with more
than 50,000 professionals in the United States having earned the designation.

In addition to its CFP(R) Certification Professional Education Program, the
College offers a Master's Program for more in-depth knowledge of the finance
industry and Professional Designation Programs in Asset Management and
Retirement Planning. The College for Financial Planning is accredited by the
Higher Learning Commission and is a member of the North Central Association.

In total, more than 120,000 students have graduated from the College's
programs. For more information on the College for Financial Planning, please
visit www.cffpinfo.com.

SOURCE College for Financial Planning

Russ Rizzo, +1-303-951-2561, rrizzo@linhartpr.com, for the College for
Financial Planning