Benefits Of Having A Crps Designation
Chartered Retirement Plan Specialist
CRPS® is the professional designation awarded by the College for Financial Planning to individuals who specialize in creating, implementing and maintaining retirement plans for businesses. Earning this designation ensures that VFA advisors will help you design, install and administer a retirement plan that best addresses the goals of your business. CRPS® certification covers all defined contribution and defined benefits retirement plans including but not limited to SIMPLE IRAs, SEPs, 401, 403, profit sharing, and defined benefit/cash balance plans.
To be entitled to use this designation, VFA Advisors have successfully completed this specialized program and passed a rigorous examination, signed a code of professional ethics, and completed a disclosure form attesting to their professional conduct. VFA Advisors must commit to earning continuing education credits to ensure their CRPS® designation is maintained.
Business owners, working with a CRPS® ensures you are getting knowledgeable advice to determine the most appropriate employer sponsored retirement plan for your business. Once the type of plan is chosen, VFA advisors will work with you to determine a plan design that will meet your objectives. Through regularly scheduled ongoing monitoring, VFA advisors will make sure your plan is meeting your stated objectives.
Retirement Income Certified Professional
An RICP® specializes in retirement income planning and typically helps retired people use their assets to live comfortably in their retirement years. This designation, offered by The American College of Financial Services, is meant for financial professionals who already have a broader designation, such as a CERTIFIED FINANCIAL PLANNER , and the experience and expertise that comes along with it.
To be accepted to the RICP® program, applicants must have three years of financial planning experience. The program is self-guided, with three online courses followed by an exam at the end of each course. To maintain the credential, RICP®s must complete 15 hours of continuing education every two years.
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Scott Smith Receives Crps Designation
The College for Financial Planning®, located in Denver, is pleased to announce that Scott Smith has successfully completed the CHARTERED RETIREMENT PLANS SPECIALIST or CRPS® Professional Designation Program.
Graduates of the CRPS® Professional Designation Program must complete a specialized independent study course that provides a foundation for giving retirement planning advice to corporations and small businesses. The course covers key issues involved in all phases of establishing retirement plans within businesses. The designation is awarded to students after they successfully complete the course, pass a final examination, and sign a code of ethics commitment and declaration form.
With all of the options available to todays plan sponsors, managing retirement plans for a business or small company can be a daunting prospect. CRPS® designees can provide you with an understanding of how to establish an efficient retirement plan and ensure regular compliance withplan rules.
Scott, a CPA in our office, is also a Certified Financial Planner®. He has consulted with a wide range of clients, from Fortune 100 companies to individuals below the poverty line, regarding their financial health. He is excited to help you plan and establish a retirement plan that will benefit you and your company.
For more information on our financial planning services, call Smith, Kunz and Associates at . We are happy to answer any questions you have!
Smith, Kunz & Associates
Invest In Your Career With A Professional Designation
Baby Boomers are retiring at an unprecedented rate, meaning that more and more Americans are facing the challenge of using their investments to maintain their quality of life. For them, the usual investment advice no longer applies. They need the unique strategies you can learn through the three-course Retirement Income Certified Professional® designation program. Help your clients thrive while growing your career.
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About The Authortrue Tamplin Bsc Cepf
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website, view his author profile on , or check out his speaker profile on the CFA Institute website.
About The Crps Designation
As retirement plan options evolve and tax complexity increases, many companies seek professional plan administrators to design, install, and maintain their company retirement plans. Firms, non-profits, and government organizations of all sizes recognize the unique skills needed to implement and oversee these internal retirement plans. The CRPS® designation demonstrates that you have those skills.
The CRPS® program addresses topics such as the types and characteristics of retirement plans, IRAs, SEP, SIMPLE, 401, and defined benefit plans. It also includes coursework that covers non-profit and government plans, qualified and IRA distributions, plan design, installation, and administration, and fiduciary issues.
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Chartered Retirement Plans Specialist Course Work
The CRPS course enables candidates to master a wide variety of retirement plan types, such as SEP, SIMPLE, 401, defined benefit plans, and more. Specific course sections include:
- Introduction to ERISA and the Fiduciary Standard
- Employer-funded Defined Contribution Plans
- Retirement Plan Solutions for Small Business Owners
- Retirement Plan Selection, Design, and Implementation
- Administering ERISA-compliant Plans
- Working with Plan Participants
What Is The Chartered Retirement Plans Specialistsm Designation
The Chartered Retirement Plans SpecialistSM designation enables financial advisors and other professionals to demonstrate their expertise in administering retirement plans for businesses and wholesale clients. It is offered exclusively by the College for Financial Planning®a Kaplan Company . This article explains the designation, how it differs from the CRPC® mark, and the curriculum to help you decide if it’s a good fit for your career.
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How To Get Your Crps Designation
To qualify for the Chartered Retirement Plans Specialist designation:
The CRPS designation is valid for three years. To maintain your designation, you must complete 30 hours of continuing education during each three-year cycle.
The first step towards earning your CRPS designation is to choose which pathway you wish to pursue:
Once you have met the education requirements, you are ready to take the CRPS exam. The exam is offered at testing centers throughout North America. The exam is a three-hour, closed-book test that covers all aspects of retirement plan design and administration. You are allowed to bring a calculator and one sheet of notes.
Chartered Retirement Plans Specialist Professional Designation Program
As retirement plan options evolve and tax complexities increase, many companies seek professional plan administrators to design, install, and maintain their company retirement plans.
Firms of all sizes recognize the unique skills needed to implement and oversee these internal retirement plans skills within your reach with the CRPS® designation. Your CRPS® mark will set you apart from other advisors with the knowledge to recommend implementation techniques that can be executed into well-structured, company-appropriate retirement plans. Plus, youll be able to effectively administer retirement plans for businesses and their employees.
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What Is The Easiest Financial Designation To Get
Each designation requires time and dedication to learning the subject matter. None are especially easy, although with significant financial experience and the associated knowledge, achieving a designation becomes easier, as youve likely already learned portions of the information through encountering it in professional situations.
Understanding Chartered Retirement Planning Counselor
CRPCs are different from Certified Financial Planners . The latter provides 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.
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Why Work With A Crps
Chartered Retirement Plan Specialist® designees can provide you with an understanding of how to establish an efficient retirement plan and ensure regular compliance with plan rules. A CRPS®designee can evaluate the financial status of your business and design the optimal plan for your employees. Get the knowledgeable advice you need on issues such as qualified plans, the eligibility and deductibility of IRA contributions, profit sharing plans, 401 plans, distribution planning, and much more.
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Chartered Retirement Planning Counselor
Unlike the CFP®, a CRPC® concentrates on retirement planning. The program leading to certification provides successful graduates with expertise in the entire retirement planning process, from setting financial goals to income streams to estate planning.
After the designation has been granted, it is valid for two years. To renew, you must refresh your training.
The CRPC® can be started at any time. Once enrolled, you must pass the final exam within one year.
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Chartered Retirement Plans Specialist
This designation is a bit different from the others, as it denotes a person who focuses on creating and maintaining retirement plans for businesses. As such, clients are businesses rather than individuals.
The designation, earned by passing an exam, is good for two years. After enrolling in the certification program, candidates have one year to pass the exam. To maintain the designation requires 16 hours of continuing education every two years after the initial designation is granted.
Tips On Retirement Planning
- A business owner considering a retirement plan for employees can get help designing, implementing and managing the plan from an experienced financial advisor. SmartAssets free tool matches you with financial advisors in your area in five minutes. If youre ready to be matched with local advisors who will help you achieve your financial goals, get started now.
- One quick way to determine if you have enough to retire on is to use a free retirement calculator.
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Chartered Retirement Planning Counselor Program Details
As of 2020, the cost of the CRPC training course is $1,300, though individuals who are currently employed in the financial services industry may be eligible for a discount. Training is on an open enrollment basis, 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 months 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 .
Understanding The Chartered Retirement Plans Specialist
The Chartered Retirement Plans Specialist program is a case-study-based, client-centered problem-solving approach. The study program to become a CRPS covers types and characteristics of retirement plans, including IRAs, small business retirement plans, defined contribution plans, nonprofit plans, 401 and 403 plans, and government plans.
It also covers plan distributions, plan design and implementation, plan establishment and operation, and fiduciary issues. The designation is an acknowledgment of the complexity of setting up and running a company-sponsored retirement plan.
Individuals who have earned the CRP designation report a 22% increase in earnings, according to the College for Financial Planning. With it, graduates can test out of one of the seven courses in the college’s CFP Certified Professional Education Program. Completing the course can also provide up to 28 hours of continuing education credits.
The program costs $1,300 in addition to choosing between live and on-demand classes. For more information on the certification or to enroll, visit the College for Financial Planning CRPS informational page.
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Chartered Retirement Plans Specialistsm Crps
- The CRPS® designation is awarded to experienced financial advisors who specialize in retirement plan creation and administration.
- A CRPS® has the unique skills needed to keep up with evolving retirement plan options and increasing tax complexities.
- A CRPS® possesses the knowledge necessary to recommend certain implementation techniques that can be executed into well-structured, company-appropriate retirement plans. Unlike most other professional financial planning and advisory professional designations, the CRPS focuses on business clients. It is awarded by the College for Financial Planning to individuals who have completed a rigorous course of study encompassing design, installation, maintenance, and administration of retirement plans. All designees have agreed to adhere to Standards of Professional Conduct and are subject to a disciplinary process.
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What Is The Chartered Retirement Plans Specialist
Chartered Retirement Plans Specialist is a credential for those who create, implement and maintain retirement plans for businesses. Unlike most other professional financial planning and advisory professional designations, the CRPS focuses on wholesale and business clients. It is awarded by the College for Financial Planning to individuals who pass an exam demonstrating their expertise.
Successful applicants earn the right to use the CRPS designation with their names for two years, which can improve job opportunities, professional reputation, and pay. Every two years, CRPS professionals must complete 16 hours of continuing education and pay a nominal fee to continue using the designation.
Keeping up with changes to tax codes and other laws is important for a chartered retirement plans specialist. For example, the passage of the Setting Every Community Up for Retirement Enhancement Act in December 2019 brought forth some hefty changes to the retirement industry. As of 2020, under the new law, the age for taking required minimum distributions is no longer 70.5, but age 72. The SECURE Act also accounts for the fact that more seniors are working well into their late sixties and early seventies. The law allows contributions to traditional IRAs to continue past the prior cut-off age of 70.5.
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Chartered Retirement Plans Specialist Exam
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 $1,300 price tag.
CRPS candidates may take the exam online via the College for Financial Planning’s online portal or live .
Crps Powers And Privileges
The CRPS is an optional certification that shows the holder is interested in retirement plans and has received specialist training. However, it doesnt grant advisors who have it any special powers or privileges. The college categorizes this as an early-career credential, between entry-level certificates like the Life Underwriter Training Council Fellow and mid-career designations such as the Accredited Wealth Management Advisor .
More advanced certificates include the Certified Financial Planner .
If you have a complaint about the way a CRPS has done business with you, you can file a complaint with the College for Financial Planning. The colleges ethics committee will investigate and, where appropriate, take disciplinary action.
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Is Getting A Cfa Worth It
Earning your CFA® can signal to employers that you have the work ethic and commitment necessary to perform the job well. It also can give you the required training to specialize in investment analysis and portfolio strategy. Additionally, a CFA® designation often comes with a starting salary above $90,000.