Large wealth management firms are increasingly prioritizing the Certified Financial Planner (CFP) credential to bolster their advisor ranks, with Edward Jones leading the charge.
In 2024, over 1,000 Edward Jones advisors earned the CFP designation, marking the second consecutive year the St. Louis-based firm surpassed this milestone. This achievement underscores the firm’s ongoing commitment to advisor development and client service.
“I’m incredibly proud of our colleagues at Edward Jones for earning their CFP designation in record numbers,” says Penny Pennington, Managing Partner at Edward Jones. “This accomplishment reflects their dedication to enhancing their expertise and aligns with our purpose: improving the lives of clients, colleagues, and communities.”
The CFP credential, long regarded as a gold standard in the wealth management industry, is becoming a key focus for firms seeking to elevate their advisory services. Increasingly, firms encourage or even require their advisors to pursue this certification to meet evolving client expectations.
While Edward Jones was the clear leader in adding CFPs in 2024, several other firms also made significant strides:
Fidelity: 414 advisors earned the CFP designation.
Northwestern Mutual: Added 265 new CFPs.
LPL Financial: Secured 244 new CFP certifications.
Merrill Lynch (a division of Bank of America): Gained 239 CFPs.
Charles Schwab: Added 216 CFPs.
Edward Jones covers the full cost of CFP certification for its advisors, a strategy that helps attract and retain top talent while fostering a culture of continuous professional growth. It’s less clear whether other firms provide similar financial support. According to Michael Donnelly, the CFP Board’s interim manager of corporate growth, approaches to funding CFP certification vary significantly across the industry.
“Some firms cover the cost upfront for all employees, while others offer reimbursement,” Donnelly explains. “Reimbursement policies can differ widely, including how much is covered, when payments are made, and whether they include materials or just the education component.”
Representatives from the firms that added over 200 CFPs in 2024 did not immediately confirm whether they fund the credentialing process for their advisors or clarify their policies on the matter.
The collective push by these firms played a significant role in last year’s broader growth of the CFP population. In 2024, the CFP Board certified 6,541 new professionals, pushing the total number of CFPs above 100,000—a historic milestone for the organization.
Edward Jones now boasts nearly 5,000 CFP-certified advisors, solidifying its position among firms with the largest number of CFPs. Other firms with similarly impressive figures include Ameriprise, Merrill Lynch, and LPL Financial, according to the CFP Board.
This surge in CFP-certified professionals signals a shift in the industry’s emphasis on comprehensive financial planning expertise. For RIAs and wealth advisors, obtaining the CFP designation is not only a demonstration of credibility but also a competitive advantage in a marketplace increasingly shaped by complex client needs and higher expectations.
Edward Jones’s focus on certification aligns with broader trends in the industry, where firms recognize that well-trained advisors are better equipped to deliver personalized, fiduciary-driven solutions. For wealth management professionals, the CFP credential represents a commitment to excellence, positioning advisors as trusted partners in their clients’ financial journeys.
