CRPC® designation is the end result of a comprehensive program that helps financial advisors master the entire retirement planning process, going far beyond retirement income. With financial decisions that will determine their security and lifestyle for the balance of their lives, people born in the early 1960s are demanding a high level of knowledge from their advisors. This program is designed to help retirement planning counselors to meet these demands. This article provides an overview of the program.
The youngest of the “baby boomer” generation, people born in 1964, are now solidly into their mid-50s, so retirement is weighing heavily on their minds. In fact, in a recent national survey of financial advisors, the College for Financial Planning®—a Kaplan Company found that more than three-quarters of their clients are “concerned” or “very concerned” about their retirement savings programs, and well over half worry about actually outliving their assets.
So, it’s not at all surprising that financial advisors are facing an increasingly complex onslaught of retirement planning questions as these baby boomers look for advice on when they’ll be able to retire, as well as guidance in finding investments to meet their lifestyle needs in 10 years, 20 years, or beyond.
Recognizing these challenges, the College for Financial Planning®—a Kaplan Company has created the Chartered Retirement Planning Counselor™ (CRPC) education and designation program.
The CRPC helps financial advisors by guiding them through specialized tax and estate objectives and strategies for a retiree and presents the unique financial and emotional aspects of financial planning that are unique to the retirement process. In short, the program helps advisors define a “road map to retirement,” enabling them to focus on the pre- and post-retirement needs of their clients.
The CRPC designation is the industry benchmark for retirement planning credentials and is encouraged by the top firms in the industry. Graduates report a 9 percent increase in earnings in addition to increases in their number of clients and even their job satisfaction.
The CRPC Professional Education Program is a three-semester credit graduate-level course. The nine modules in the course are:
The typical student should expect to spend approximately 90–135 hours on course-related activities to study and prepare adequately for the course examination. The CRPC course also does double-duty for CFP® professionals who require continuing education (CE) credits to sustain their CFP® designation: graduates may receive up to 28 CFP® CE credits, up to 45 state insurance CE credits, and 45 credits towards the College’s professional designation CE requirements.
In addition, professionals who are considering a master’s degree can apply their CRPC studies in that pursuit: designees receive direct credit for one course in the College’s MS in Personal Financial Planning program, saving them time and money while enabling them to pursue multiple credentials.
Many leading financial advisory firms endorse the CRPC designation and will reimburse advisors for course-related expenses. For more information, visit the College’s website.