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If you’re overwhelmed by retirement planning, it might be a good idea to partner with an expert who puts your interests first. Working with a financial professional like a Certified Plan Fiduciary Advisor (CPFA) can help you find the resources you’ll need when planning for your golden years. Let’s break down how CPFAs can support you through the retirement planning process.
A financial advisor can help you put a financial plan together for your retirement needs and goals.
What Is a Certified Plan Fiduciary Advisor?
A Certified Plan Fiduciary Advisor (CPFA) is a financial professional that demonstrates expertise and experience working with retirement plans, including 401(k)s, 403(b)s and other defined contribution plans. During the CPFA certification, candidates spend around two months learning about fiduciary services for retirement plans.
CPFAs can help their clients objectively review their financial status, identify potential concerns and recommend the appropriate solutions for addressing these retirement matters.
The CPFA certification can overlap in coursework and subject matter with other financial advisor certifications. But, it’s also different in several ways. Here are four general differences when compared with Certified Financial Planner™ (CFP®) and chartered financial consultants (ChFCs):
- Specialization: CPFA certifications focus on advising fiduciaries of retirement plans, while CFP® and ChFC certifications are broader in scope and cover a wider range of financial planning topics.
- Curriculum: The coursework for the CPFA certification is specific to retirement plan advising and includes topics such as plan design, fiduciary responsibilities, investment selection and compliance. CFP® and ChFC coursework covers a wider range of financial planning topics like retirement, investments, taxes and estate planning.
- Exam: The CPFA certification requires passing a single exam, while CFP® and ChFC certifications require multiple exams covering a wider range of financial planning topics.
- Eligibility requirements: To be eligible for the CPFA certification, candidates do not have work or education requirements. CFP® and ChFC certifications, however, require a certain level of education, and/or experience in the financial planning industry.
CPFA Qualifications
The National Association of Plan Advisors (NAPA) is an organization designed for retirement plan advisors. This organization oversees all coursework and exams required to become a CPFA.
To achieve a CPFA certification, candidates must pass the NAPA CPFA examination. As mentioned above, there are no experience or education requirements. However, for candidates with little to no experience, it’s recommended that they take NAPA’s 401(k) Practice Builder. But, essentially, all candidates must simply take the course modules, study, and then pass their 70-question exam. The exam fee is $345 for NAPA and $370 for non-NAPA members. The online modules are $990 for non-NAPA members and $670 for NAPA members.
The CPFA exam covers an array of topics including fiduciary roles and responsibilities, fiduciary oversight, plan investment management, and plan management. All exams are conducted at Prometric Testing Centers around the U.S. These exams ensure that the candidates can retain the information the modules provide and can apply it to situations their clients may face.
CPFA Continuing Education
After a candidate passes the CPFA exam, they will receive their CPFA designation. But, to maintain the designation, all CPFAs must complete the continuing education requirements. To keep their designation they must earn 10 credits every year. Those credits cost $610 annually, but can cost as little as $65 if a NAPA firm partner pays for them.
Of the 10 credits that the NAPA requires, one must be on ethics and professional topics. This requirement ensures that the CPFA is current on their knowledge of retirement plans.
When Is a CPFA Right for Your Retirement Plan?
A CPFA can be a valuable resource in several retirement planning situations, especially when employer-sponsored plans play a central role. Individuals who participate in 401(k), 403(b), or other defined contribution plans may benefit from working with a CPFA if they need help evaluating investment options, understanding plan fees, or making decisions about contribution levels and plan design features. CPFAs are trained to assess plan structure and fiduciary standards, making them particularly helpful when navigating complex plan documents or compliance requirements.
Small business owners and plan sponsors often engage CPFAs to help design, manage, and monitor retirement plans for employees. This includes ensuring that the plan meets fiduciary obligations, offers appropriate investment choices, and complies with regulations under Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. A CPFA can assist with selecting service providers, benchmarking fees, and implementing automatic enrollment or escalation features to improve plan participation and outcomes.
CPFAs are also useful for individuals approaching retirement who need to align plan distributions with long-term income needs. They can help model withdrawal strategies that account for taxes, market risk, and timing of Social Security or pension benefits. If an individual has multiple retirement accounts, a CPFA can evaluate how employer plans interact with IRAs, annuities, or taxable investment accounts to build an integrated strategy.
While CPFAs are not the only professionals qualified to assist with retirement planning, their focused expertise in workplace retirement plans makes them a strong choice for participants and sponsors looking to optimize plan performance and ensure fiduciary oversight. For those seeking support with plan-level decisions or compliance, a CPFA may be an appropriate fit.
What Services Can a CPFA Provide for You?
A CPFA provides specialized services focused on retirement plans, with an emphasis on fiduciary guidance, plan oversight, and participant education. For individuals, a CPFA can help assess the quality of an employer-sponsored retirement plan, explain available investment options, and advise on contribution strategies based on income, age, and retirement goals. They may also assist in reviewing plan fees, evaluating performance and identifying areas where adjustments could improve long-term outcomes.
For business owners and plan sponsors, CPFAs offer fiduciary consulting services to help maintain compliance with ERISA standards. This includes support in selecting and monitoring investment lineups, drafting or updating investment policy statements, benchmarking service provider fees, and documenting fiduciary processes. A CPFA can also help implement plan features such as automatic enrollment, Roth deferrals, and profit-sharing contributions to enhance plan participation and employee outcomes.
CPFAs also provide participant education services. This may involve one-on-one financial wellness sessions, group workshops, or online tools designed to help employees understand how to use their retirement plan effectively. These services can help improve plan utilization and ensure employees are making informed decisions about saving, investing, and planning for retirement.
Whether serving as a fiduciary consultant for a plan sponsor or as an advisor to a plan participant, a CPFA brings a focused understanding of retirement plan rules, risks and best practices. Their services are particularly valuable for those managing defined contribution plans or seeking to improve retirement readiness through better plan design and participant engagement.
How to Find a CPFA
Just like when searching for any professional, you need to conduct proper research and determine what you want out of the relationship. For example, you wouldn’t just go to any doctor if you were having foot pain. You would want to see a reputable podiatrist. You may reach out to your friends and family for referrals and maybe even speak to a few doctors before making an appointment if their time allows.
Choosing the right financial advisor is just as important. Before you begin searching for a financial advisor, you should determine what areas of your finances you may need to most help with. Then, you can start looking for CPFAs who have the expertise and knowledge to match your financial needs.
Bottom Line
When searching for the right financial advisor it’s important to know that the person you choose to work with has the skills to help you. You want to ensure that they have the experience and expertise to help you address your financial matters. Knowing that they’re working for you and not some firm’s profit margin helps, too. Financial advisors who carry the CPFA designation often have extensive knowledge on retirement plans. So, if you need a financial advisor to help with retirement planning efforts, partnering with a CPFA may be worth considering.
Retirement Planning Tips
- If you’re unsure of your needs going into retirement, you may want to consult a financial advisor. Finding a retirement advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- SmartAsset’s retirement calculator can help you estimate how much money you’ll have by the time you’re ready to retire.
Next Steps
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