What Is a Chartered Retirement Plans Specialist and How to Find One

A Chartered Retirement Plans Specialist is a professional who has obtained a specialized certification in retirement planning. They have completed a rigorous program of study and have demonstrated a high level of expertise in this area.

To find a Chartered Retirement Plans Specialist, you can start by searching online for professionals in your area who have this certification. You can also check with professional organizations such as the American College of Financial Services or the National Association of Personal Financial Advisors.

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A CRPS Specialist is a professional who creates, implements, and maintains retirement plans for businesses. They're experts in guiding employers through the complexities of retirement plan selection and administration.

The CRPS designation is awarded by the College for Financial Planning and demonstrates proficiency in retirement plan management. It's a specialized credential that focuses on wholesale and business clients.

To become a CRPS Specialist, you'll need to pass an exam that demonstrates your expertise in retirement planning. The exam covers topics like types and characteristics of retirement plans, plan distributions, and fiduciary issues.

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Individuals who have earned the CRPS designation report a 20% increase in earnings, according to the College for Financial Planning. This is a testament to the value that CRPS Specialists bring to their clients.

As a CRPS Specialist, you'll have the opportunity to earn a higher income and improve your job prospects. You'll also be able to use the CRPS designation with your name for two years, which can enhance your professional reputation.

To maintain your CRPS designation, you'll need to complete 16 hours of continuing education every two years. This ensures that you stay up-to-date on the latest changes to tax codes and other laws that affect retirement planning.

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Working with a CRPS specialist can bring numerous benefits to employers and employees alike. By hiring a CRPS specialist, employers can gain valuable insights into retirement planning options that align with their business goals.

One of the primary benefits of working with a CRPS specialist is regulatory compliance. CRPS designees ensure that retirement plans adhere to ERISA and IRS guidelines, reducing legal risks. This can save employers a significant amount of money and time in the long run.

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Employers who work with a CRPS specialist can also expect customized retirement solutions tailored to their specific needs. This means that the plan will be designed to meet the unique needs of the business and its employees, rather than a one-size-fits-all approach.

A CRPS specialist can also provide fiduciary guidance to businesses, helping them to manage their fiduciary responsibilities and protect their employees' retirement assets. This can give employers peace of mind knowing that their employees' retirement savings are in good hands.

In addition to these benefits, a CRPS specialist can also assist in structuring plans to maximize tax benefits for employers and employees alike. This can help employers to save money on taxes and give employees a bigger nest egg for retirement.

Here are some specific benefits of working with a CRPS specialist:

The CRPS program features open enrollment, meaning a candidate may enroll at any time as long as they pass the final exam within one year of enrolling. The first final exam attempt is included in the program's $1,350 price tag.

You can take the CRPS exam online via the College for Financial Planning's online portal or live, though dates are limited.

To get certified, you'll need to complete a course of study and pass a final exam. This is a requirement for several comparable certifications, including the Fellow, Secure Retirement Institute (FSRI) certificates.

The Certified Retirement Counselor (CRC) certification requires meeting education and work experience minimums, taking a test, and following a code of ethics. Taking the test costs $550.

Other certifications, like the Accredited Retirement Plan Consultant (ARPC), require approximately a year of relevant work experience, a supervisor's letter of recommendation, and passing an exam. It costs $350 to apply and another $350 to take the exam.

Here's a comparison of the costs for some of these certifications:

Note that some certifications have additional requirements, such as a code of ethics or a supervisor's letter of recommendation. Be sure to check the specific requirements for each certification you're interested in.

The Chartered Retirement Plans Specialist (CRPS) designation is a case-study-based, client-centered problem-solving approach that covers various types of retirement plans, including IRAs, 401(k) and 403(b) plans, and government plans.

To become a CRPS, you'll study plan distributions, plan design and implementation, plan establishment and operation, and fiduciary issues. This comprehensive education prepares you to set up and run a company-sponsored retirement plan.

Individuals who earn the CRP designation report a 20% increase in earnings, according to the College for Financial Planning.

The Chartered Retirement Plans Specialist (CRPS) program is a comprehensive study program that covers various types of retirement plans, including IRAs, small business retirement plans, and 401(k) plans. It's a case-study-based, client-centered problem-solving approach that helps professionals understand the complexity of setting up and running a company-sponsored retirement plan.

The CRPS program is offered by the College for Financial Planning and costs $1,350, in addition to choosing between live and on-demand classes. This investment can lead to a 20% increase in earnings, as reported by the College for Financial Planning.

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To become a CRPS, individuals must complete a series of courses that cover plan distributions, plan design and implementation, plan establishment and operation, and fiduciary issues. Completing the course can also provide up to 28 hours of continuing education credits.

The CRPS designation is an acknowledgment of the expertise in administering retirement plans for businesses and wholesale clients. It's a valuable asset for financial advisors and other professionals who want to demonstrate their knowledge in this area.

The CRPS program is exclusive to the College for Financial Planning—a Kaplan Company (CFFP), and is not to be confused with the CRPC mark. This distinction is important for professionals who want to specialize in retirement planning.

Employers who work with a CRPS professional can benefit from regulatory compliance, customized retirement solutions, fiduciary guidance, and tax efficiency. These benefits can help businesses reduce legal risks, tailor plans to suit their specific needs, and protect employees' retirement assets.

Here are some of the benefits of working with a CRPS professional:

If you're considering the CRPS, you may want to explore comparable certifications that can help you advance your career in retirement planning. The Accredited Retirement Plan Consultant (ARPC) is one such certification, overseen by the Society of Professional Asset Managers and Recordkeepers (SPARK).

It requires approximately a year of relevant work experience, a supervisor's letter of recommendation, and passing an exam. The cost to apply is $350, and another $350 to take the exam.

The Certified Retirement Counselor (CRC) is another option, offered by the International Foundation for Retirement Education. To get a CRC, advisors need to meet education and work experience minimums, take a test, and follow a code of ethics. Taking the test costs $550.

The Fellow, Secure Retirement Institute (FSRI) certificates are issued by the Life Office Management Association (LOMA). Requirements include completing a course of study, passing a final exam, and paying a fee of $1,880 for LOMA members and $2,800 for non-members.

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If you're considering becoming a Chartered Retirement Plans Specialist, you might be wondering what other certifications are out there. Several retirement planning certifications are comparable to the CRPS, such as the Accredited Retirement Plan Consultant (ARPC) offered by the Society of Professional Asset Managers and Recordkeepers (SPARK).

The ARPC requires approximately a year of relevant work experience and a supervisor's letter of recommendation. It also involves passing an exam, which costs $350. To apply, you'll need to pay another $350.

The Certified Retirement Counselor (CRC) is offered by the International Foundation for Retirement Education and requires meeting education and work experience minimums. To take the test, you'll need to pay $550.

The Fellow, Secure Retirement Institute (FSRI) certificates are issued by the Life Office Management Association (LOMA) and require completing a course of study and passing a final exam. The fee for this certification is $1,880 for LOMA members and $2,800 for non-members.

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Obtaining a CRPC demonstrates your proven acumen across a variety of retirement planning aspects such as Social Security, Federal taxes, retirement account vehicles, and estate planning. This is because holders of a CRPC have completed courses and demonstrated knowledge via an exam.

Having a CRPC provides more legitimacy to your knowledge and installs trust in your clients that you have a proven knowledge of what you consult them on. It's like having a seal of approval that says you're an expert in retirement planning.

Holders of a CRPC report having earned higher wages than non-CRPCs. This is a significant advantage in your career, especially when you're looking to land additional clients.

Here are the top benefits of obtaining a CRPC:

Working with a CRPS professional can bring numerous benefits to your business. They ensure that retirement plans adhere to ERISA and IRS guidelines, reducing legal risks.

Employers who work with a CRPS professional gain valuable insights into retirement planning options that align with their business goals. By doing so, they can create customized retirement solutions that suit the specific needs of their businesses and employees.

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One of the key advantages of working with a CRPS professional is fiduciary guidance. Businesses receive expert advice on managing fiduciary responsibilities to protect employees' retirement assets. This expertise helps employers make informed decisions and avoid potential pitfalls.

A CRPS professional can also help tailor plans to maximize tax benefits for employers and employees alike. This can result in significant cost savings and more efficient use of resources.

Here's a summary of the benefits of working with a CRPS professional:

Overall, working with a CRPS professional can help businesses create effective retirement plans that meet their unique needs and goals.

If you're considering a certification in retirement planning, you'll want to research the costs involved. The Accredited Retirement Plan Consultant (ARPC) requires a $350 application fee and another $350 to take the exam.

The Certified Retirement Counselor (CRC) has a testing fee of $550. Advisors who meet the education and work experience minimums can take the test to become a CRC.

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The Fellow, Secure Retirement Institute (FSRI) certificate comes with a fee of $1,880 for LOMA members and $2,800 for non-members. To get an FSRI certificate, you'll need to complete a course of study and pass a final exam.

The ARPC requires approximately a year of relevant work experience, a supervisor's letter of recommendation, and passing an exam.