Planners Up and Down Among Consumers�

September 2004
Journal of Financial Planning;Sep2004, Vol. 17 Issue 9, p21
Academic Journal
This article presents the results of the Chief Financial Planner Board's 2004 U.S. Consumer Survey. According to the survey, more upper-income consumers are using financial planners as their primary advisor than they were five years ago, but after some very rough financial years, they are less satisfied with those planners. Among the upper-income consumers (average net income of $576,000), 24 percent use a financial planner as their primary advisor, up from 19 percent in 1999. But only 9 percent of all consumers surveyed specifically used certified financial planner (CFP) certificants, and 44 percent were not even aware of the CFP certification marks. Forty-five percent view themselves as their household's primary financial advisor, down from 48 percent in 1999. Satisfaction among those who used financial planners (not just CFP certificants) eroded from 86 percent in 1999 to 83 percent in 2004, though consumers remained more satisfied with them than with other financial advisors. Method of compensation played only a moderate role in a consumer's decision to choose a planner, though they did like to know exact amounts or percentages of compensation. The largest group (48) percent preferred fees.


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