A CFP® financial adviser has completed additional professional education, assessment, experience and ethics requirements. However, an adviser does not need CFP® certification to provide financial advice in Australia. A non-CFP adviser may still be properly licensed, highly qualified and more experienced in the specific area where you need help.
CFP® status is therefore a useful trust signal when choosing a financial adviser, but it should not be the only factor you consider.
CFP® vs Non-CFP Advisers at a Glance
| Comparison factor | CFP® adviser | Non-CFP adviser |
|---|---|---|
| ASIC registration | Required | Required |
| Minimum adviser education standards | Required | Required |
| Additional CFP® certification | Yes | No |
| Ongoing professional development | Required | Required |
| May hold specialist qualifications | Yes | Yes |
| Guarantees better advice | No | No |
What Does CFP® Mean?
CFP® stands for CERTIFIED FINANCIAL PLANNER®.
In Australia, CFP® certification is administered by the Financial Advice Association Australia. It is an additional professional designation rather than a government licence or standalone university degree.
The certification covers broad areas of financial planning, including investment strategy, superannuation, retirement planning, risk management, estate planning considerations and professional ethics.
Advisers must satisfy education, assessment and experience requirements to earn the designation. Once certified, they must continue meeting ongoing professional development and membership requirements to retain it.
Is CFP® Required to Be a Financial Adviser?
No.
A financial adviser providing personal advice in Australia must be appropriately authorised, registered and listed on the ASIC Financial Advisers Register. They must also meet the applicable education, examination, professional development and ethical requirements.
Where personal advice is provided, recommendations are generally documented in a Statement of Advice, or in some cases a Record of Advice.
CFP® certification sits above these minimum requirements. It does not replace ASIC registration or authorisation under an Australian Financial Services Licence.
What Qualifications Can a Non-CFP® Adviser Hold?
“Non-CFP” does not mean unqualified.
A non-CFP adviser may hold a bachelor’s degree, Graduate Diploma or master’s degree in financial planning. They may also have specialist training in areas such as SMSFs, aged care, retirement income or business succession.
Some hold other professional credentials, including Chartered Accountant, CPA or CFA qualifications. Others have decades of practical experience with a specific type of client or financial strategy.
The absence of CFP® certification therefore tells you very little on its own. The adviser’s complete qualifications and experience matter more.
Advantages of Choosing a CFP® Adviser
Broad financial planning knowledge
The CFP® program covers multiple areas of financial planning rather than one narrow strategy or product.
This can be useful when your finances involve several connected areas, such as superannuation, investments, insurance, retirement planning and estate considerations. An adviser with broad training may be better placed to see how changes in one area affect the rest of your financial plan.
Additional professional assessment
CFP® professionals complete further education, assessment and experience requirements beyond the minimum standards required to practise.
Recognised trust signal
When two advisers have similar experience, services and fees, CFP® status can help distinguish the adviser who has completed an additional recognised certification.
What CFP® Status Does Not Tell You
CFP® certification does not tell you whether an adviser has experience with clients like you, whether they are legally independent or how much they charge.
It also does not guarantee stronger investment returns, specialist knowledge or a communication style that suits you. The designation reflects additional professional training, but it does not measure the quality of every client relationship or the suitability of an adviser for a particular financial situation.
For example, a non-CFP retirement adviser with extensive experience in defined benefit pensions may be more suitable than a CFP® professional who mainly works with younger investors.
When a CFP® Adviser May Be the Better Fit
CFP® certification may carry more weight when you want comprehensive financial planning rather than help with one isolated issue.
This could include coordinating retirement income, superannuation, investments, insurance and estate planning considerations within one broader strategy. It can also be a useful deciding factor when two advisers otherwise appear equally suitable.
When a Non-CFP Adviser May Be the Better Fit
A non-CFP adviser may stand out because of deeper experience in a particular area.
An adviser who regularly works with SMSFs, aged care, public-sector superannuation, Centrelink strategies or business succession may offer more relevant expertise than someone with broader qualifications but less direct experience.
The right choice depends on how closely the adviser’s background matches the work you need them to do.
How to Compare CFP® and Non-CFP Advisers
Use the same criteria for both.
Check ASIC registration
Confirm that the adviser appears on the ASIC Financial Advisers Register and review their qualifications, employment history and authorisations.
Compare relevant experience
Ask how often they work with clients in circumstances similar to yours.
Years in the industry matter, but experience in your particular area is more useful than experience alone.
Review services and specialisations
Confirm that the adviser provides the type of financial planning or personal advice you need.
Some advisers focus on comprehensive wealth management, while others specialise in retirement planning, investments or one-off advice.
Compare fees
Ask what is included in the initial and ongoing fees, how often reviews occur and whether there are any additional product, platform or implementation costs.
Ask about independence and conflicts
CFP® status does not indicate whether an adviser is independent. Ask about ownership, commissions, approved product lists and any relationships that may influence recommendations.
Assess communication and fit
A reputable adviser should explain strategies, fees, risks and trade-offs to you clearly without pressuring you to proceed.
The Bottom Line
CFP® certification is best viewed as one positive indicator rather than a final verdict on adviser quality.
It shows that an adviser has completed an additional recognised professional program. But choosing well still requires looking at the full picture: ASIC registration, relevant experience, specialist knowledge, service scope, fees and communication.
In some comparisons, CFP® status may be the deciding factor. In others, a non-CFP adviser’s specialist experience will matter more.
Frequently Asked Questions
Can someone be a financial planner without being a CFP®?
Yes. CFP® is a protected professional designation, but it is not required to work as a financial adviser or financial planner in Australia.
Is CFP® the highest financial planning qualification?
CFP® is one of the most recognised professional designations in financial planning, but it is not a university degree. Advisers may also hold postgraduate financial planning degrees or specialist accreditations in areas such as SMSFs and aged care.
Does a CFP® adviser charge more?
Not necessarily. Fees generally depend on the scope and complexity of the advice rather than CFP® status.
Is a CFP® adviser better for retirement planning?
Not automatically. CFP® training covers retirement planning, but direct experience with retirees, superannuation, Centrelink and retirement income strategies may be more important.
Find a Financial Adviser With the Right Credentials
Many of the experienced financial advisers listed in our directory hold CFP® certification, while others bring postgraduate qualifications or specialist expertise in areas such as retirement planning, SMSFs and aged care.
Compare advisers by location, qualifications, specialisations and experience to find someone whose background matches the advice you need.
