Investment News, April 14, 2025 — Today in Investment News, we learn “Americans are facing a growing need for guidance and support in their financial affairs and that trend doesn’t look like it’s going to end anytime soon. Not only are people wealthier, but their financial situations are more complex relative to previous generations due to more retirees relying on savings, an increase in the range of products available, and the explosion in alternative investments.”

The publication shares that consulting giant McKinsey & Company estimates that “by 2034, at current advisor productivity levels, the advisor workforce will decline to the point where the industry faces a shortage of roughly 100,000 advisors”.

McKinsey data also shows that the number of affluent households (with at least $500,000 in investable assets) will grow at four to five percent per year, compared with a 0.6 percent projected growth in overall population, and the share of investors seeking more holistic advice grew to 52 percent in 2023 from 29 percent in 2018.

That is mirrored by an increase in the number of Certified Financial Planners (CFPs^®) in 2024 by 6,500, bringing the total to 103,093 nationwide, according to a study published by client matchmaking service SmartAsset. Some states are hotspots:

• West Virginia had the highest rate of CFP growth. Relative to its 2024 population, the number of CFPs^® increased by 12.5 percent in the past year.
• California is home to over 10 percent of all CFPs^®. There are 10,511 people with an active certification, making the ratio of consumers to CFPs^® about 3,707 to 1.
• Texas added the most CFPs^® this past year, resulting in 374 more CFPs^®. Click here to see the charts and more data.

The editors explain: The sharp demand for their services has pushed InvestmentNews’ 5-Star Financial Planners to stand out in a dynamic market by exemplifying excellence, integrity, and dedication in helping their clients. They were nominated and then benchmarked against others to determine the country’s best. “While the winners have varying skill sets, a commonality is that the most successful financial planners specialize. They are serving a particular niche and have leveraged it to obtain a competitive edge.”

Congratulations to Marguerita Cheng, CEO of Blue Ocean Global Wealth, who made the list again this year. See who else is a top CFP here.