Why Financial Planning Is a Career for Giving Back

January 16, 2025 at 01:00 AM EST

SPONSORED CONTENT -- (StatePoint) Financial planning may be a lucrative profession in a growing sector, but it’s also well-suited for those who love helping others.

Here are six reasons why becoming a CERTIFIED FINANCIAL PLANNER^® professional is a great path for those who want to give back.

The profession prioritizes giving back: Seventy-six percent of CFP^® professionals believe that pro bono services are important. In fact, being able to help others is why many people report getting into this profession in the first place. This philanthropic mindset is also reflected in CFP Board’s recommendation that all CFP^® professionals provide at least 20 hours of pro bono services each year, as well as the organization’s 2024 goal of increasing the total number of volunteer hours to 100,000.

Resources make it easy: Financial planners who want to offer their services to traditionally underserved communities can access resources to help them in this endeavor, such as the Foundation for Financial Planning’s Pro Bono 101 Course. CFP^® professionals can also visit ProBonoPlannerMatch.org and subscribe to CFP Board’s Pro Bono Newsletter, to connect with volunteer opportunities nationwide.

It’s more than just numbers: Financial planning is not just about crunching the numbers; it’s also about building strong relationships. Money management is associated with a mix of emotions, and every client comes to the table with their own histories, biases, beliefs and anxieties. To truly help people, financial planners must create a supportive, judgment-free environment, engage in active listening and validate the feelings of their clients. As fiduciaries, CFP^® professionals must commit to CFP Board to always act in their clients’ best interests, with honesty, integrity, competence and diligence.

Financial planners can help reduce wealth gaps: A history of housing and banking discrimination in the United States has created a persisting racial wealth gap. According to a 2021 report by the U.S. Federal Reserve, the average Black and Hispanic household holds roughly 15-20% as much net wealth as Asian and white American families. Financial planners can help reduce the racial wealth gap by working with diverse clients and seeking to understand how past experiences with financial institutions shape their approach to money management.

Financial planners can help with specialized needs: Many people enter the workforce wanting to help particular groups of people. Whether it’s helping veterans, the elderly, those mourning the loss of loved ones or people living with disabilities, financial planners can tailor their education and training to serve specific populations.

Financial planners can maximize philanthropic efforts: Financial planners have a key responsibility in the world of charitable giving, advising their clients on how to maximize their money to make the biggest impact possible.

To learn more about how financial planning and altruism go hand in hand, visit cfp.net.

Competent, ethical financial advice can have a transformative impact on someone’s life. Financial planners are helping more Americans achieve secure financial futures.

Photo Credit: (c) seb_ra / iStock via Getty Images

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Why Financial Planning Is a Career for Giving Back

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