If you have an interest in retirement planning and want to enhance your knowledge, you might be considering sharing your expertise formally. Fortunately, there are courses available that are led by experts in the field to help individuals learn about retirement planning.
Many of the instructors who teach these courses on retirement planning were once certified financial planners (CFPs). If you aspire to pursue a career in retirement planning, these professionals can guide you in the right direction.
Retirement Educators, Planners, and Advisors
Retirement planners are specialists in providing professional advice on retirement. Their focus is on creating retirement plans that ensure financial security for individuals.
These professionals concentrate on understanding clients’ post-retirement needs to guarantee comfortable living through adequate income and address aspects like estate planning and insurance requirements.
While some financial planners specialize solely in retirement, others cover a broader spectrum of financial areas. A widely recognized designation for planners is the certified financial planner (CFP) certification issued by the Certified Financial Planner Board of Standards.
Financial Planner vs. Financial Advisor
Financial advisors offer guidance on retirement matters, with “financial advisor” encompassing a wider range of financial professionals, including CFPs who provide financial advice to individuals.
It’s important to note that while every financial planner is a financial advisor, the reverse is not always true.
Both financial planners and advisors act as educators, aiding individuals in understanding their retirement needs and how to fulfill them.
Many CFPs teach retirement planning courses, sharing their expertise in classroom settings.
Individuals often seek guidance from retirement planners or advisors for retirement planning. These professionals have specialized knowledge and often carry professional certifications. Most retirement planning courses are taught by experienced planners or advisors.
Sharing Your Retirement Expertise
There are various routes to becoming a retirement educator.
- Join a company that offers retirement planning services, such as large firms like Fidelity or Vanguard, or local specialized firms. A college degree may be required, but the company might provide further training and support for obtaining CFP certification.
- Invest in your specialized education to become a freelance retirement planner. You could self-fund the required courses for CFP certification, though it involves risks akin to running your own business.
- While not recommended, you can share retirement advice informally. However, be cautious, as providing financial advice without proper qualifications can pose significant risks.
A retirement planner is a financial expert specializing in aiding individuals in long-term investment decisions for a secure retirement, while a retirement advisor offers advice on related matters like insurance and estate planning.
Typically, courses on retirement planning are taught by individuals with experience as retirement planners or advisors.
According to the U.S. Bureau of Labor Statistics, the median income for financial advisors in 2022 was $95,390 annually. Earnings can vary based on experience, clientele, location, and recommended products.
The Bottom Line
Opt for retirement planning courses led by knowledgeable educators with expertise in retirement accounts, strategies, and taxes. Many of these educators have a background in financial planning and hold certifications like the CFP qualification.
The ideal path to becoming a retirement educator involves starting as a retirement planner or advisor. Seek opportunities with companies providing retirement advice and offering training in the field.