Advise Older Adults as a Retirement Income Certified Professional

If you have at least three years of experience in financial planning, consider advising older adults as a retirement income certified professional.


May 1 2023, Published 7:57 a.m. ET

It’s essential to your future that you build a retirement nest egg, so you can ensure you’re comfortable in the golden years. And if you consider yourself skilled in this area, you may want to help others reach their financial goals so they can enjoy a more comfortable retirement too.

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Whether you’re looking to switch careers or supplement your income, if you’ve got the knowledge and expertise to help guide others toward making better financial decisions, you may want to consider becoming a retirement income certified professional.

Let’s find out what a RICP is and the prerequisites for receiving an RICP designation.

What is a retirement income certified professional?

A retirement income certified professional helps people who are close to or already in retirement make financial plans for their golden years.

An RICP helps people maximize all their available income streams and figure out additional essentials like taxes, healthcare, and estate planning.

RICP certifications are given to financial advisors who’ve completed training for retirement income processes, strategies and solutions, sources of retirement income, and how to manage retirement income plans.

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How can you earn and maintain the RICP?

An RICP is a great way for financial advisors, lawyers, insurance professionals, bankers or accountants to provide older clients a comprehensive approach to building efficient retirement income.

This program is exclusively designed to help advisors understand income security requirements of their older clients. The three courses involved take a deep dive into topics like taxation, Medicare and Social Security and how they impact retirement.

The requirements to earn and maintain the RICP include:

  • A high school diploma.
  • Three years' experience in financial planning or related profession.
  • Completion of three in-depth courses in the RICP curriculum which are equal to nine semester credit hours.
  • Pass an extensive multiple-choice exam.
  • 15 hours of continuing education every two years.
  • Participate in the annual Professional Recertification Program to keep the RCIP designation current.
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What is the difference between a CFP and RICP?

A Certified Financial Planner (CFP) and a Retirement Income Certified Professional (RICP) are both financial professionals, but they have different areas of expertise and focus.

  • A CFP provides comprehensive financial planning services that covers a wide range of topics such as investments, insurance, retirement planning, tax planning, and estate planning. Their expertise helps clients set and achieve long-term financial goals through a holistic approach.
  • An RICP specializes in retirement income planning. RICPs focus on helping clients create sustainable income streams during retirement, while taking into account factors such as Social Security, retirement account withdrawals, pension benefits, and more. They also help clients manage risks associated with retirement, such as inflation, longevity, and health care costs.

What is the hardest financial designation to get?

The Chartered Financial Analyst (CFA) designation is said to be the most difficult certification to obtain. This prestigious and sought-after qualification greatly benefits those who succeed and want to focus on investment analysis and portfolio management. To become a charter holder, you must pass three exams which is equal to a master’s degree.

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