A new professional designation is available for financial professionals who seek to compete in the $25 trillion U.S. retirement market.
The Certified Personal Retirement Specialist (CPRS), unveiled by financial services education and consulting firm Greene Consulting and the University of Georgia's Terry College of Business, is a self-paced online designation available via Greene Consulting's Web-based financial advisor educational platform.
Completion of the CPRS designation provides professionals with marketable CPRS credentials and simultaneously earns dual credits towards the partners' CFP Board registered educational program.
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The new designation is designed to provide both experienced professionals and those new to the industry with the retirement planning knowledge and application skills required to advise clients in both preretirement savings strategies and postretirement income planning.
The program offers in-depth education of retirement planning techniques, as well as actionable examples of how to communicate retirement topics with clients.
The designation could be one more way for advisors to distinguish themselves as specialists in an area shortly to become even more contentious than it already is.
While the CFP Board has already weighed in in favor of the Department of Labor's proposed fiduciary rule, which is intended to protect workers in need of unbiased and low-cost advice regarding their retirement savings, the ongoing debate over the rule is far from over.
Other industry groups are opposed to the rule, saying that it could make it difficult or impossible for people with small retirement accounts to gain access to advice on how to manage their funds.
Supporting a new standard for retirement planning advice could be a way of settling the debate.
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