What Is a Retirement Income Certified Professional (RICP)?

Millions of Americans retire each year and the financial services industry is striving to meet the demand. To that end, many advisors have specialized in retirement planning by earning professional certifications that highlight their expertise in this area. A retirement income certified professional (RICP) is one of several types of advisors you might seek if you’re prioritizing retirement planning.

Understanding what this certification entails can help if you’re seeking a financial advisor to assist you.

What Is an RICP?

A RICP is a financial professional who specializes in helping clients create sustainable income strategies for retirement. The designation is offered by the American College of Financial Services and focuses on the financial challenges people face after they stop working. Advisors with this credential are trained to help retirees manage income, investments and expenses throughout retirement.

Unlike some financial credentials that cover a broad range of planning topics, the RICP designation concentrates specifically on retirement income strategies. This includes planning how to convert retirement savings into reliable income streams while managing risks such as market volatility, inflation and longevity. Professionals with this certification are trained to help clients develop plans designed to support long-term financial stability in retirement.

RICP professionals are expected to maintain their knowledge through continuing education and adhere to ethical standards established by the issuing institution. Ongoing learning helps ensure that advisors stay informed about evolving retirement planning strategies, regulatory changes and economic trends that can affect retirees.

How to Become a Retirement Income Certified Professional (RICP)

The issuing body behind the certification is the American College of Financial Services (ACFS) of King of Prussia, Pennsylvania. This is a nonprofit organization that offers a variety of professional designations and courses tailored to established financial industry workers.

The college began in 1927 with the chartered life underwriter (CLU) program. Today, it offers master’s degrees, continuing education programs and multiple certifications, including the Certified Financial Planner™ (CFP®)

Like most of the college’s offerings, the RICP certification is geared toward working professionals who engage with retirees and near-retirees on a regular basis. Financial advisors and planners are obvious candidates, but ACFS also recommends the program to lawyers, bankers, accountants and professionals who support financial planners. Whatever their background, enrolling applicants must have three or more years of relevant work experience.

Completing the RICP Program

The RICP program is fully online and designed for self-study, so students can master the material at their own pace. There are three separate courses required for certification:

Retirement Income Process, Strategies and Solutions
Sources of Retirement Income
Managing a Retirement Income Plan.

A proctored, closed-book exam concludes each course. ACFS estimates that each course demands between 70 and 112 hours of study. Tuition for all three courses is $2,695, although students can purchase courses individually for $995. The fees cover all required study materials, exams and access to on-demand online learning tools.

RICP holders pay the college an annual fee ($190 for client-facing advisors and $105 for non-client-facing advisors) and must retain good standing in their field. They also must re-certify every two years by completing 30 hours of continuing education. ACFS also requires current contact information and ongoing commitment to its code of ethics.

Click Your State to Get Matched With Financial Advisors That Serve Your Area

Choose your state and answer some questions to get matched with up to three fiduciary advisors that serve your area.

Benefits of the RICP Designation

A couple discuss retirement plans with their Retirement Income Certified Professional (RICP).

There are few things more important than ensuring you’ve created a strong retirement plan and are maximizing the value of your assets. While any financial advisor may be helpful in this task, a current RICP specialization may provide additional value.

RICPs should provide clients with detailed information about retirement plans, tax implications, managing retirement income, annuities, healthcare and long-term care costs, estate planning and limiting investment risk. These tasks are particularly critical for people on the brink of retirement or playing catch-up at the end of peak earning years.

At present, an RICP’s practice may appeal to a large and growing population sector. Not only are there millions of people closing in on retirement, but many of them are also far behind in their planning and saving efforts. Together, these realities create a major market opportunity. From a professional point of view, the time and expense of the certification process can be well worth the effort.

RICP Specialty Areas

Many investment advisors are focused on creating financial plans to help you grow your nest egg and accumulate as many assets as possible by the time you’re ready to retire. The goal of many of these strategies is to get your investment account earning enough so that you can have the disposable income you want during retirement.

There is a large demand for investors to have a better handle on how to manage investment assets and how to best take money out of investment accounts once investors reach retirement. The RICP program aims to provide advisors with this knowledge so they can help you with:

Understanding when the best time to retire is
Tax planning for withdrawing funds while in retirement
Managing your housing and living situation in retirement
The rate at which you should withdraw retirement funds
How your asset allocation should change once you hit retirement
Managing your finances once you’re retired
Determining the best age for you to start drawing on your Social Security benefits

RICP vs. Certified Retirement Counselor (CRC)

There are multiple financial certifications that emphasize retirement planning and convey a specialized base of knowledge. That said, the requirements and rigor of these certifications vary considerably. One that compares with the RICP in terms of curriculum and institutional bona fides is the certified retirement counselor (CRC).

The CRC designation also is a product of a nonprofit organization, the International Foundation for Retirement Education (InFRE). Created in 1997, the CRC is a direct response to the massive increase in the retirement-age population and the need for retirement financial services. CRC has no mandatory curriculum, although InFRE does offer optional, comprehensive study guides.

These cover retirement planning, fundamentals of investments, retirement plan design, retirement income management and guidance on counseling and education practices. Candidates may skip the study guides and rely on their professional experience to pass the exam.

InFRE’s education requirements are not rigid. For instance, if a candidate has abundant relevant work experience, they can qualify with a GED. That said, most candidates have college degrees. CRC candidates need at least two years of relevant, retirement-related experience within the past five years or five years in the last seven.

Like the RICP, the CRC is better suited for experienced professionals than for beginners. Both certificates require passing exams, adhering to ethical codes and continuing education. Also, each requires re-certification, annually in the case of CRC versus every two years for RICPs. The CRC also requires a $150 renewal fee each year.

Both of these certifications require strong work experience and mastery of a comprehensive field of study. Either one may indicate that an advisor has a focus and approach you need if you’re actively planning retirement. The choice for you might be a very personal one, depending on what you’re looking for.

Questions to Ask an RICP Before Hiring Them

Finding an advisor with the RICP credential is a starting point, not the finish line. The designation tells you someone has completed specialized training in retirement income planning, but it doesn’t tell you how they work in practice or whether their approach fits your situation. A few direct questions can help you figure that out.

Start by asking how they approach building a retirement income plan. This is an open-ended question, and the answer will tell you a lot. Some advisors build plans around annuities for guaranteed income. Others favor systematic withdrawals from a diversified portfolio. Some use a bucket strategy that separates funds by time horizon. None of these is universally right or wrong, but the approach should make sense to you and align with your risk tolerance, spending needs, and how you think about your money.

Ask how they handle Social Security timing. Claiming strategy is one of the core areas the RICP curriculum covers, and the decision of when to claim affects your income for the rest of your life. An advisor who recommends claiming at 62 without modeling what happens at 67 or 70, or who treats Social Security as a separate decision disconnected from the rest of your income plan, may not be applying the full depth of training the credential represents.

Tax planning is another area worth asking about directly. Retirement income typically comes from sources that are taxed in different ways, including pre-tax accounts, Roth accounts, taxable investments, Social Security, and possibly pensions or annuities. How and when you draw from each source can meaningfully affect your total tax bill over the course of retirement. An advisor who thinks about withdrawal sequencing and tax bracket management across all of these is doing the kind of work that makes a specialist worth hiring. If taxes aren’t part of the conversation, you may not be getting the full benefit of their expertise.

It helps to ask about the types of clients they typically work with. The RICP curriculum is broad, but individual advisors develop deeper experience in certain areas based on who they serve. Someone who primarily works with corporate executives managing deferred compensation and stock options may not be the strongest fit for a small business owner planning to sell a practice and transition into retirement. Knowing whether their typical client looks like you gives you a better sense of whether there’s a match.

Ask how they’re compensated and whether their compensation changes depending on what they recommend. Some RICP holders charge fees only. Others earn commissions on insurance and annuity products. Either model can work, but understanding which one applies helps you evaluate any recommendation in context. This is especially relevant in retirement income planning, where annuities come up frequently and the commissions on those products can be significant.

Ask how often you’ll revisit the plan and what would cause them to reach out between scheduled meetings. A retirement income plan isn’t something you build once and leave alone. Market shifts, changes in tax law, a health event, or a change in spending patterns can all affect the strategy. An advisor who builds a plan and then checks in once a year without much in between may not be providing the level of attention that managing retirement income requires. What you want to hear is that they monitor for specific triggers and will contact you proactively when something needs to change, rather than waiting for you to call.

How to Find an RICP Professional

One way to find a RICP is by using online advisor directories that allow you to filter by credentials and specialties. Many financial advisor search platforms let users identify professionals who focus specifically on retirement planning. Looking for advisors who list the RICP designation can help you locate professionals with specialized training in retirement income strategies.

Because the RICP designation is offered by the American College of Financial Services, you may also find credential holders through resources provided by the organization. Professional directories and alumni networks can help confirm whether an advisor has completed the program and maintains the designation in good standing.

Before selecting an advisor, it’s helpful to review their professional qualifications and regulatory history. Some RICP professionals may also hold additional credentials, such as a CFP® designation or securities licenses. Checking databases like Financial Industry Regulatory Authority’s BrokerCheck or the SEC’s Investment Adviser Public Disclosure website can provide insight into an advisor’s licensing status and background.

Bottom Line

If your primary concern is making your savings last through retirement, look for an advisor who specializes in that specific phase of financial planning. The right advisor can help you decide when and how to claim Social Security, plan for long-term care costs, build an estate plan and create a withdrawal strategy that keeps your tax bill low. Advisors who hold the RICP designation have completed training focused specifically on retirement income planning, though as with any credential, it should be one factor in your evaluation rather than the only one.

“An advisor who has earned the RICP has demonstrated specialized knowledge and expertise in the distribution phase of retirement,” said Brandon Renfro, CFP®, RICP, EA.

Brandon Renfro, Certified Financial Planner™ (CFP®), Retirement Income Certified Professional (RICP), Enrolled Agent (EA), provided the quote used in this article. Please note that Brandon is not a participant in SmartAsset AMP, is not an employee of SmartAsset and has been compensated. The opinion voiced in the quote is for general information only and is not intended to provide specific advice or recommendations.

Retirement Planning Tips

You might want to work with a professional while creating your retirement plan. Finding a financial 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 goal, get started now.
It’s never too soon to start thinking about your retirement, but fortunately, there are many steps you can take on your own. SmartAsset’s retirement guide has resources that can help you understand how investing and smart planning can start today. You also can work with a retirement calculator here.