What Is a Chartered Retirement Planning Counselor CRPC
Chartered retirement planning counselor (CRPC) is a professional designation awarded by the College for Financial Planning to candidates who complete its study program and pass a final examination.
A CRPC designation boosts a financial planner’s job opportunities, professional reputation, and pay prospects.
Successful applicants can use the CRPC designation for two years. To continue using the designation, CRPC professionals must complete 16 hours of continuing education and pay a small fee every two years.
Key Takeaways:
– A chartered retirement planning counselor has earned a professional designation awarded by the College for Financial Planning.
– The study program includes comprehensive assessment of an individual’s financial needs before or after retirement, including sources of retirement income, personal savings, income taxes, and estate planning.
– Individuals with the CRPC designation report a 9% increase in earnings, according to the college.
CRPCs focus on retirement planning and are distinct from certified financial planners (CFPs).
The CRPC program emphasizes client-centered problem-solving and gaining in-depth knowledge of clients’ needs during retirement.
The program covers the entire retirement planning process, including financial objectives, retirement income sources, personal savings, employer-sponsored retirement plans, income taxes, retirement cash flow, asset management, and estate planning.
Salary Expectations:
– Individuals with the CRPC designation report a 9% increase in earnings, according to the college.
– Graduates may test out of two courses in the college’s CFP Certified Professional Education Program, earning up to 45 hours of continuing education credits.
Chartered Retirement Planning Counselor Program Details:
– The CRPC training course costs $1,350 as of 2023, with possible discounts for employed individuals in the financial services industry.
– Training is open enrollment, with options for live online and on-demand classes.
– Candidates must pass the final examination within one year of enrolling, with an additional cost of $100 for each test attempt.
For more information, visit the College for Financial Planning’s CRPC informational page.
The toughest financial services certification is the chartered financial analyst (CFA) designation from the CFA Institute, with a rigorous three-part exam testing investment tools, asset valuation, portfolio management, and wealth planning.
CRPC Program Topics:
– Maximizing the Client Experience During the Retirement Planning Process
– Principles and Strategies When Investing for Retirement
– Making the Most of Social Security Retirement Benefits
– Identifying Other Sources of Retirement Income
– Navigating Health Care Options in Retirement
– Making the Emotional and Financial Transition to Retirement
– Designing Optimal Retirement Income Streams
– Achieving Tax and Estate Planning Objectives in Retirement
– Fiduciary, Ethical, and Regulatory Issues for Advisers
Once enrolled, candidates have access to the college’s online student portal with study materials, video lectures, quizzes, and live classes.
Most applicants spend between 90 and 135 hours on course-related activities before the exam, which can be taken online.
The average base salary for CRPC-certified professionals is $72,000, with a reported 9% increase in earnings after certification.
Other professional designations for financial professionals include certified financial planner (CFP), certified public accountant (CPA), and chartered financial consultant (ChFC).
Whether a CFA or CFP is better depends on career goals:
– A CFA specializes in investment analysis and portfolio management.
– A CFP has comprehensive knowledge of personal and family financial matters and helps individuals with long-term financial planning.
The CRPC program was designed to address the needs of baby boomers. However, individuals of all ages may benefit from sound retirement planning advice provided by a financial advisor with a CRPC designation.
