What Is a Chartered Retirement Planning Counselor?

If you’re looking for someone that specifically helps with retirement planning, consider working with a chartered retirement planning counselor (CRPC). This designation sets these financial experts apart from the rest in that it prepares professionals to best help clients prepare for retirement. Like many other financial certifications, candidates need to meet specific requirements, go through training, and take an exam before they earn the CRPC designation.

Here are some things to know about working with a CRPC and how they can help you.

What does a chartered retirement planning counselor (CRPC) do, exactly?

Let’s start off by talking about the CRPC certification itself. A CRPC is a professional financial certification offered by the College for Financial Planning (CFFP). Those who have this certification have studied topics like asset management, post-retirement needs, estate planning, and other key areas people may look for when planning for retirement.

Training and certification for CRPC

CRPC candidates have to complete specific course materials through the College for Financial Planning. These topics include managing and maximizing Social Security benefits, looking at healthcare retirement options, and identifying other income streams for retirement, among other key topics.

After becoming well versed in the course material, CRPC hopefuls have to pass a proctored exam by answering at least 70% of the questions correctly. If they pass, they can apply for authorization to use the designation.

Once the CRPC designation is earned, one must renew the certification every two years. This is done by logging 16 hours of ongoing education and reaffirming compliance.

The difference between a CRPC and a Certified Financial Planner (CFP)

CRPC and Certified Financial Planner (CFP) are both impressive certifications to hold, but they have their differences, with the biggest being the financial expertise they convey. Financial planning, while it does include retirement planning, covers topics outside of retirement as well. These topics include cash flow analysis, tax planning, and budgeting.

Retirement planning, on the other hand, specializes in the preparation for retirement, as well as the best ways to transition into it.

These certifications also come from two different institutions, with the CFP coming from the Certified Financial Planner Board of Standards and the CRPC certification coming from the College for Financial Planning.

Requirements for the two certifications also differ. While both require examination for credential, CFPs need to have a bachelor’s degree and some college study in financial planning.

Wrapping up CRPCs

Let’s be real: preparing for retirement can be daunting and stressful. However, a financial advisor specializing in retirement can help make it easier. A financial advisor who holds the CRPC certification can offer retirement-specific advice and help you plan for retirement in a comprehensive and strategic way.