Why You Should Specialize in Retirement Income Planning

If you’ve been in the financial services profession for any length of time, you’ve likely heard the facts and figures: more people are reaching retirement age today than any time in history. Trillions of dollars in wealth stand to be transferred from the older generations to the up-and-coming ones. And more than ever, potential clients are seeking specialized financial advice to solve their thorniest planning problems — especially when it comes to ensuring their financial security in retirement.

To serve these aging, often high-net-worth clients well and ensure your seat at the table in planning conversations, specialized and deep knowledge is key. But don’t take our word for it: hear from a few of your successful peers who have made retirement planning specialization the focal point of their practices.

Why is Retirement Planning Specialization Important?

To signify advanced planning expertise, many financial professionals choose to pursue further education and earn advanced designations and certifications. These marks demonstrate your commitment to offering the best and most comprehensive planning services to clients that meet their unique needs. But not all designations are created equal, says FinServe Network ambassador and alumni council member Scott Winslow, MSFS, ChFC®, CLU®, RICP®, AEP®, CCFC®.

“When I was coming up in financial services, the majority of the experienced professionals and production leaders at the firms I was at were credentialed,” he says. “Those credentials let clients know that they were serious about bringing the most advanced knowledge to the table to help them, and it showed commitment to their craft. Just like other fields like cardiologists or internal medicine doctors, we provide advice you wouldn’t get from just a general practitioner.”

Winslow, who lives and works in what he calls the “retirement boom town” of Wilmington, North Carolina, says getting The College’s Retirement Income Certified Professional® (RICP®) designation — which offers specialized insights into retirement planning not covered by similar certifications — was an obvious move for his practice.

“The RICP® has become a branding mechanism for me and my firm,” he says. “It shows that we’re not just thinking about how to help you save for retirement, or even how to spend down those assets; we’re also going to help you think about housing costs, eldercare costs, estate and tax planning, and other long-term healthcare needs. With the retirement knowledge combined with tax planning skills, you’re really upping your game with the RICP®.”

What Can Retirement Planning Specialization Help You With?

Many professionals who seek to specialize in retirement income planning point out that in today’s environment, retirement planning isn’t just about asset accumulation, but also working with clients on how to draw down what they’ve saved to fulfill their dreams and goals. FinServe Network ambassador Ryan Swenson, RICP®, CEPA, says the value of the RICP® in particular, and specialized designations in general, is the credibility they give to the professional when approaching clients — especially when an age difference is present.

“Most of my clients are in their 60s, and I think my designation allows me to separate myself from other advisors by talking about their concerns in a knowledgeable way,” he says. “If you can hold your ground as a young professional with older clients and show them you know what you’re talking about, it can help you secure their business for life; not just planning for them, but for their children as well.”

FinServe Network ambassador Terrell Dinkins, MBA, ChFC®, RICP®, describes a similar feeling of confidence in her work from her designations.

“Most of my clients are professional women with designations of their own, and there’s a lot of respect you get from showing you’ve also put in the effort to go beyond the basics and become better at what you do,” she says. “Initially, I wanted retirement planning knowledge for my own future, but then I also saw how it could help my clients — especially small business owners.”

Dinkins says many of her clients also worry about retirement roadblocks like running out of money, inflation effects, and longevity complications; however, she also adds that one specialization doesn’t have to be the end of an advisor’s professional journey.

“We all go through different stages in life, and your clients do, too. That’s what designations do for you: enable you to help clients at all those stages so their assets can last a lifetime,” she said.

More on Specialization

• Up your retirement income planning knowledge with the Retirement Income Certified Professional® (RICP®) designation
• Get the skills to confidently assist clients with in-depth tax planning through the Tax Planning Certified Professional® (TPCP®) designation
• See how specialization can help you stand out as a financial services professional