One of the first blogs I ever wrote for InvestmentNews back in early 2012 discussed the need for a retirement income designation (http://www.investmentnews.com/article/20120210/BLOG05/120219990). As many of my readers know, I firmly believe that retirement income planning requires different skills and tools than those used in the accumulation phase.
Many financial advisers obviously agree given the numbers who are enrolling in retirement income designation programs.
The American College of Financial Services announced this week that its Retirement Income Certified Professional (RICP) designation is the fastest-growing financial adviser credential ever launched in the nonprofit college's 87 year history.
Since the RICP was launched a year ago, more than 3,000 licensed advisers and insurance agents have registered for the online program which includes three college-level courses and subsequent exams.
The RICP program includes textbooks for self-study, online lectures and video interviews with leaders in the retirement income planning field. The curriculum explores questions such as:
&bull:What is the best strategy for meeting a client's income needs in retirement?
&bull:What is the safe withdrawal rate from a portfolio?
&bull:How should portfolios be managed differently during the course of retirement?
&bull:How can clients maximize income in a low-interest-rate environment?
&bull:What is the most tax-efficient withdrawal strategy?
&bull:How can clients choose the best Social Security claiming strategy?
&bull:How do income annuities and employer-sponsored benefits fit into the mix?
“The main feedback we get from program participants is praise for the practical nature of the coursework,” RICP Program Director David Littell told me. “They can watch a video and use the information in their practice the next day.”
Advisers can learn more about the RICP program by visiting TheAmericanCollege.edu/RICP. Much of the video content is free to anyone at the site's New York Life Center for Retirement Income.
Although the RICP designation is the fastest growing credential in the retirement income field, it is certainly not the only one.
This summer, retirement income professor and researcher Wade Pfau shared his perspectives on the three leading retirement income designations in a guest post on Michael Kitces Nerd's Eye View blog.
Mr. Pfau created a side-by-side table comparing what he called ”the three most promising designations”, including : the International Foundation for Retirement Education's (InFRE) Certified Retirement Counselor (CRC); the Retirement Income Industry's Association's (RIIA) Retirement Income Management Analyst (RMA) and the ! American College's RICP.
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The CRC is the oldest and most established with more than 1,800 current designee holders. The RICP is the newest and fastest growing designation, awarding its first 247 designations in 2013.The RMA certification, first awarded in 2010, has 74 designees so far.
“H
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