Bridging the Financial Planning Gap: India's Growing Demand for Certified Professionals

India faces a growing gap in personal finance expertise with only 3,215 Certified Financial Planners, insufficient to meet rising demand. Innovations in technology and psychology are shaping the industry’s future, and partnerships with prestigious institutions aim to cultivate a new generation of financial experts.

India is grappling with a significant shortfall in certified financial planning professionals, a concern highlighted by the Financial Planning Standards Board (FPSB). With only 3,215 Certified Financial Planners (CFP) in the nation, demand far exceeds supply, FPSB CEO Dante De Gori noted during a recent briefing.

The financial planning sector in India recorded a 17.7% growth in 2024, placing the country's demand among the highest globally. Yet, the existing number of certified professionals drastically falls short of what is required to address the growing need for expert financial guidance, revealed De Gori.

Compounding the gap, numerous unqualified personnel are stepping into roles without the necessary expertise, raising concerns among regulators and industry experts. Advancements in technology and the integration of psychological insights into financial planning are poised to reshape the industry. Recent collaborations, such as the FPSB India and IIMA partnership, aim to develop a knowledgeable professional base to meet future demand.

(With inputs from agencies.)