Certified Financial Planners (CFP) earn 25% more than non-accredited counterparts in Australia, according to research by the Financial Planning Association (FPA).

The study, in conjunction with research house Investment Trends, shows members are financially rewarded for their higher standards while customers are benefitting from improved advice, FPA Chairman Matthew Rowe says.

“Not only do Australians turn more often to a CFP than any other designation when seeking a financial planner but they are also willing to pay up to a third more for that trusted service,” he said.

“So we see the double dividend of financial planners delivering a fundamental social good while also being remunerated well for their advice.”

The survey shows 35% of consumers are aware of CFP status and find it desirable in a financial adviser.

The FPA also says it wants to bring more life insurance specialists back into the fold, with Mr Rowe announcing it plans to revamp its life accreditation program.

“We have had a life specialisation accreditation course for some time now but we are planning some changes next year,” he said. “The FPA is working towards being relevant to all life insurance advisers.”

Mr Rowe says life cover is a key part of any financial plan, and FPA members must complete the Life Risk Specialist Accreditation Program if they are to advise on it.

“Advisers need to embrace holistic planning that includes life insurance delivered either by themselves or a specialist adviser. I am very respectful of the role specialist life insurance advisers play in the industry.”