Study Shows Learning Leads to Earning
How professionals, clients, and firms benefit from designations
FUSE Research Network conducted the Designation Outcomes Study in 2024, surveying 2,700 financial professionals from across the industry to produce quantitative and qualitative evidence of how professionals benefit from The College’s designation and certification programs. In addition, the study sought to provide further insights into the powerful connection between lifelong learning and business success.
Key Findings
When examining differences between financial professionals, researchers found College designees to have:
Higher growth in client retention, earnings, and production
Greater ability to offer more specialized services
Improved client satisfaction, as reflected in higher client retention and referral rates
Higher personal satisfaction with The College compared to other educational providers*
Greater likelihood to stay with their firm**
FUSE Research Network. The American College of Financial Services Designation Outcomes Study. 2024.
*Based on CFP® professionals who completed their certification education with The College vs. other providers. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. The CFP® certification is not administered by The American College of Financial Services, nor included in the Designation Outcomes Study’s overall College designation figures.
**Based on data demonstrating greater employee retention among RICP®, CLU®, and ChFC® designees vs. advisors with no designations after three years.
Your Return on Investment
Based on study findings, if two financial professionals started out with the same average salary, but only one went on to earn a College designation, the difference in lifetime earnings would reveal a significant return on investment for the designee.
A Tale of Two Careers
Hypothetical Lifetime Earnings
With a designation from The College, Desi could earn $1.3M more than Nora over the course of their careers.
Desi (College Designee)
Nora (No Designation)
FUSE Research Network. The American College of Financial Services Designation Outcomes Study. 2024.
Hypothetical lifetime earnings are calculated over 40 years, assuming Desi earns the designation in Year 0. Starting salary is based on median annual pay for personal financial advisors in 2023 ($99,580) per Bureau of Labor Statistics. Earnings growth is based on survey respondents' reported three-year growth in earnings, converted to compound annual growth rate (CAGR).
When Clients Derive Value, You Drive Revenue
Your designation from The College can help you and your clients at every stage of their lifecycle. When current clients see how you bring your applied knowledge to bear for their benefit, they’ll understand your value goes beyond the letters after your name. In turn, learning how to grow your practice and improve your client service can have a real impact on your ability to generate more revenue as current clients refer new clients to you. Spend more time learning and serving clients and less time prospecting.
ATTRACT PROSPECTS
by taking your most important tool (referrals) and sharpening it
For the average firm
of new clients come from referrals.*
College designees report
higher growth in client referrals.**
* Capital Group. Pathways to Growth 2023 Advisor Benchmark Study.
**FUSE Research Network. The American College of Financial Services Designation Outcomes Study. 2024. Based on reported three-year growth compared to financial professionals with no designations.
WIN CLIENTS
by improving your close rate significantly
The average close rate for all firms is
The average close rate for College designees is
*2023 Herbers & Company Service Market Growth Study.
**FUSE Research Network. The American College of Financial Services Designation Outcomes Study. 2024.
RETAIN RELATIONSHIPS
by offering a greater number of services and keeping clients happier
More than half
of clients left their firms and another 9% thought of leaving in the prior year.*
College designees report
higher growth in client retention.**
*YCharts as cited in WealthManagement.com March 2024.
**FUSE Research Network. The American College of Financial Services Designation Outcomes Study. 2024. Based on reported three-year growth compared to financial professionals with no designations.
A Legacy of Industry Leadership
Founded in 1927, The American College of Financial Services is the nation's largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College's faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
Your Life's Work
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The American College of Financial Services provides equal opportunity to students and employees, regardless of race, color, and national or ethnic origin. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
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