What is a Chartered Retirement Planning Counselor (CRPC)?
Chartered Retirement Planning Counselor (CRPC) is a professional financial planning designation awarded by the College for Financial Planning. Individuals may earn the CRPC designation by completing a study program and passing a final multiple-choice examination. Successful applicants earn the right to use the CRPC designation with their names for two years, which can improve job opportunities, professional reputation and pay. Every two years, CRPC professionals must complete 16 hours of continuing education and pay a small fee to continue using the designation.
Understanding Chartered Retirement Planning Counselor (CRPC)
CRPCs are different from Certified Financial Planners (CFP). The latter provide financial planning across all aspects of an individual's life. CRPCs are focused on retirement planning. The CRPC program is developed with a focus on client-centered problem solving. Applicants gain in-depth knowledge of individuals' needs both before and after retirement. The College for Financial Planning describes the program as helping financial planners and advisers define and create a "road map for retirement" for their clients. The study program to become a CRPC covers the entire retirement planning process, including meeting multiple financial objectives, sources of retirement income, personal savings, employer-sponsored retirement plans, income taxes, retirement cash flow, asset management, estate planning and more.
Individuals who have earned the CRPC designation report a 9% increase in earnings, according to the college. With it, graduates can test out of two out of the six courses in the college's CFP Certified Professional Education Program. Completing the course can also provide up to 45 hours of continuing education credits.
- CRPCs are responsible for retirement planning.
- The study program for this designation includes a comprehensive assessment of an individual's financial needs before or after retirement.
Chartered Retirement Planning Counselor Program Details
As of 2018, the cost of the CRPC training course was $1,300, though individuals who are currently employed in the financial services industry may be eligible for a discount. Training is open enrollment, meaning individuals may enroll and start at any time. Live classes are offered but are not compulsory. Candidates must pass the program's final examination within one year of enrollment and take the exam within six month of enrolling. If unsuccessful, additional test attempts will cost $100 each. For more information, see the College for Financial Planning's CRPC informational page. To enroll, follow this link.
CRPC program course topics include:
- Maximizing the Client Experience During the Retirement Planning Process
- Principles and Strategies When Investing for Retirement
- Making the Most of Social Security Retirement Benefits
- Bridging the Income Gap: 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, CRPC candidates will have access to the college's online student portal, where they can find written study materials, streaming video lectures, interactive quizzes, and access to live classes (when in session).