Consumer Research Drives Relaunch of CFP Board’s Financial Planning Website
CFP Board partnered with
CFP Board constructed the new website to account for these areas. CFP Board expanded LMAP's content to cover topical knowledge and guidance that consumers are seeking from a financial planner, including retirement planning, investment advice and management, and tax and estate planning. The resources for finding and evaluating a CFP® professional also feature an updated set of questions to prepare consumers for a possible engagement with a financial planner, which can be used as the basis for a conversation with a financial planner.
"The LetsMakeAPlan.org website was created in 2011 specifically to support consumer awareness of financial planning and access to CFP® professionals, making it vital to include the consumer's voice in the redesign of the site," said CFP Board CEO
Our research suggested that consumers need, but often lack, knowledge on how to pay a financial planner, if they can afford financial planning and how to assess if the return is worth the investment. The redesigned website provides new educational information and guidance on the different ways a client may pay a financial planner. In a future site update, CFP Board will be adding a feature that will add new information to CFP® professionals' listings about how a consumer pays for the planner's services, such as hourly fees, flat fees or a percentage of assets under management, among other options. These payment types will also be included in an optional search filter for the "Find a CFP® professional tool.
"Last March, CFP Board removed compensation method information from the listings of CFP® professionals on the 'Find a CFP® Professional' tool," added Keller. "There were several reasons for our removal of compensation method information, including CFP Board's neutral stance on business models and compensation methods. The fact of the matter is that the three compensation method categories previously in the listings may have been understandable to advisors but may not have been meaningful for consumers. Consistent with our communications on this topic in March, we conducted consumer research to address this, and as a result, our redesigned site now provides educational content on how to pay for financial planning services."
LMAP will continue to include the disciplinary history of CFP® professionals as well as a direct link to the certificant's profile in
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