Earnings for financial planners have risen 27 percent from their 2004 levels according to a survey conducted by the College for Financial Planning in conjunction with the Financial Planning Association.
According to the results of its 2005 Survey of Trends in the Financial Planning Industry, the median gross amount of planner earnings climbed to $277,800 in 2005.
The majority of CFP professionals surveyed, 56 percent, also reported that their income is the result of a combination of fees for service and commissions, while only 34 percent reported that their income is the result of fee-only services.
When asked about clients' net worth, planners reported a continuation of a trend from previous years, reporting a 33 percent increase -- to $1 million -- over last year's reported amount of $750,000.
In other findings regarding the financial planning market, 67.3 percent of planners participating in the survey prepared between one and 19 single-focus plans, while 62.7 percent prepared up to 19 comprehensive plans.
