What is a Chartered Retirement Planning Counselor?
A Chartered Retirement Planning Counselor (CRPC) designation is a prestigious qualification granted by the College for Financial Planning to professionals who complete a rigorous study program and pass a final examination. Earning this designation signifies a leap in career prospects, reputation, and earning potential for financial planners
Key Benefits of the CRPC Designation
- Expert Retirement Planning: CRPC professionals specialize in assessing financial needs before and after retirement, which includes knowledge of retirement income sources, personal savings, income taxes, estate planning, and more.
- Enhanced Earnings: Earning the CRPC designation is associated with an average 9% increase in earnings.
- Credibility and Trust: Clients value the specialized retirement planning expertise that a CRPC brings.
The Role and Responsibilities of a CRPC
A CRPC is distinct from a Certified Financial Planner (CFP). While CFPs offer holistic financial advisory services, CRPCs focus expressly on retirement planning. The CRPC curriculum revolves around comprehensive retirement strategies and client-centered approaches.
Program Details Include:
- Crafting a comprehensive retirement roadmap.
- Balancing multiple financial objectives.
- Analyzing sources of retirement income and personal savings.
- Providing insights on employer-sponsored retirement plans.
- Understanding retirement cash flow and asset management.
- Navigating income taxes, estate planning, and more.
Salary and Future Prospects for CRPC Professionals
Individuals who achieve the CRPC designation enjoy a 9% boost in earnings on average. The designation can result in better job opportunities and professional growth within the financial services industry. Additionally, graduates may test out of particular courses in the Certified Financial Planner program and gain up to 45 continuing education credits.
CRPC Program Participation
As of 2023, the cost to enroll in the CRPC program is $1,350, with potential discounts for currently employed financial services professionals. The training is flexible with open enrollment, and candidates can choose between live online or on-demand classes.
Exam Details: Candidates must pass a final examination within one year of enrolling. Those who do not pass on their first attempt can retake the exam for a nominal fee.
Comprehensive Course Topics
The CRPC program covers the following crucial areas:
- Maximizing client experience during retirement planning
- Principles and strategies for retirement investment
- Optimizing Social Security retirement benefits
- Identifying additional sources of retirement income
- Navigating healthcare options in retirement
- Transitioning emotionally and financially to retirement
- Designing optimal retirement income streams
- Achieving tax and estate planning objectives
- Adhering to fiduciary, ethical, and regulatory guidelines
Once enrolled, candidates gain access to an impressive range of online resources, including study materials, video lectures, interactive quizzes, and live classes
Time Commitment to Achieve a CRPC
Applicants typically invest between 90 to 135 hours in course-related activities before sitting for the CRPC exam. The course offers flexible scheduling to meet various personal and professional needs.
Job Prospects and Income Expectations
The average base salary for CRPC-certified professionals is around $72,000. Many pursue the certification while already working in financial services, leading to an almost immediate salary increase post-certification.
Alternative Financial Designations to Consider
There are over 200 professional designations in financial services. Notable among them are:
- Certified Financial Planner (CFP): Engages with a broad spectrum of financial planning topics from budgeting to long-term investing initiatives.
- Certified Public Accountant (CPA): A license given after passing a rigorous examination, often leading to executive roles.
- Chartered Financial Analyst (CFA): Focuses on investment analysis and portfolio management, making CFAs well-suited for roles in mutual funds, hedge funds, and investment firms.
- Chartered Financial Consultant (ChFC): Provides comprehensive knowledge across various financial issues, similar to a CFP but with different pathways and opinions regarding its superiority.
Decision Making: CFA or CFP?
The best designation ultimately depends on your career path. CFAs excel in investment analysis and portfolio management while CFPs specialize in personal and family financial management, offering a wide array of financial advisory services.
Final Thoughts
The CRPC program began to help baby boomers manage retirement complexities but remains highly relevant for Generation X and beyond. Regardless of age, effective retirement planning is essential, and a CRPC-equipped financial advisor can offer expert guidance.
Related Terms: Certified Financial Planner, Certified Public Accountant, Chartered Financial Analyst, Chartered Financial Consultant.
References
- FINRA. “Chartered Retirement Planning Counselor (CRPC)”.
- Kaplan Financial Education. “CRPC Designation: Demonstrate the Retirement Planning Expertise Clients Demand”.
- Kaplan Financial Education. “Chartered Retirement Planning Counselor - CRPC”.
- The Evening Standard. “How to Be a CEO”.
- College for Financial Planning. “Chartered Financial Planning Counselor (CRPC)”.
- Kaplan Financial Education. “About the CRPC Designation Course”.
- Payscale. “Salary for Certification: Chartered Financial Planning Counselor (CFPC)”.
