The Certified Financial Planner Board of Standards announced on Thursday that it will launch a new scholarship program with XY Planning Network, an organization dedicated to connecting fee-only financial advisors with Gen X and Gen Y clients.

XYPN plans to cover the cost of the CFP exam for its approximately 660 members who do not yet have the CFP certification. XYPN members who meet the CFP Board’s education coursework requirement and who plan to take the CFP exam for the first time may apply for one of the five scholarships awarded each CFP exam cycle.

“Our mission at XYPN is to bring real financial planning to Gen X and Gen Y clients by a competent, fiduciary financial planner, as embodied by the Certified Financial Planner designation,” said Michael Kitces, co-founder of XY Planning Network, in a statement. “Offering XYPN members an opportunity to take the CFP exam at no cost is a reflection of XYPN’s commitment to the success of both its member-advisors and their clients, and in support of the CFP Board’s commitment that CFP professionals will be expected to be fiduciaries at all times when providing financial advice once the Standards are effective.”

“It’s essential that more financial professionals from Generations X and Y earn CFP certification to help meet the growing demand for personal financial advice,” stated CFP Board CEO Kevin Keller. “We very much appreciate the support from XYPN to encourage their members to work toward the certification, and their support for increasing the diversity of CFP professionals.”

XYPN also announced five additional scholarships per CFP Exam cycle focused on diversity in the financial planning community, with a focus on highlighting women, minorities, people with disabilities, and members of the LGBTQ community. The XYPN Diversity Committee is accepting submissions from both XYPN members and non-members.

For more information on the scholarship program, head to XYPN’s site here.

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