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The impact of financial planning designations on financial planner income

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  • Jesse Arman
  • Joshua Shackman

Abstract

This paper examines the impact of three of the main financial planning designations on financial planner income. This study uses a sample of over 1800 financial planners including those with the Certified Financial Planner (CFP®), Chartered Financial Consultant (ChFC), Personal Financial Specialist (PFS), and no designation. The study results indicate that the CFP® designation is associated with a significant increase in income when compared with planners with no designation or holding the other designations cited. The researchers find no significant impact on earnings of the ChFC designation or the PFS designation. It is also found that the impact of the CFP® designation is greater for those planners relying on performance-based earnings rather than salary-based earnings.

Suggested Citation

  • Jesse Arman & Joshua Shackman, 2010. "The impact of financial planning designations on financial planner income," The Service Industries Journal, Taylor & Francis Journals, vol. 32(8), pages 1393-1409, November.
    • Handle: RePEc:taf:servic:v:32:y:2010:i:8:p:1393-1409
    DOI: 10.1080/02642069.2010.545879
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    1. Cesaltina Pacheco Pires & Soumodip Sarkar & Luísa Carvalho, 2008. "Innovation in services -- how different from manufacturing?," The Service Industries Journal, Taylor & Francis Journals, vol. 28(10), pages 1339-1356, December.
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    3. Orla Gough, 2005. "Independent Financial Advisers -- Why They Remain the Strongest Distribution Route for Pensions," The Service Industries Journal, Taylor & Francis Journals, vol. 25(5), pages 709-720, July.
    4. Eyssell, Thomas H., 1999. "Learning by doing: offering a university practicum in personal financial planning," Financial Services Review, Elsevier, vol. 8(4), pages 293-303.
    5. Andrew C. Corbett, 2005. "Experiential Learning within the Process of Opportunity Identification and Exploitation," Entrepreneurship Theory and Practice, , vol. 29(4), pages 473-491, July.
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