Ricp

DHK said:
Based on the eight courses I took through The American College, they dump a lot of information into your head, but don't help you to frame it for a productive conversation with a client. That's the difference between good training... and education.

It's not enough to just 'have the knowledge'. You've got to be able to use it to increase your effectiveness for your clients... and make more money and get more referrals.

Information in an unusable form, means that you are left to your own devices to figure out how to put it to use. Granted, the RICP is 100% online and is in a different format than the other courses that I took. I hope you find it useable and easily transferrable into your practice.

To me, the ChFC/CFP courses are foundational in nature. Generally one that has these designations will be of better service to clients and be a good compliance risk for firms. They did expose me to other areas in financial planning that I would not have otherwise known about... but they are still 'fundamental' in nature.
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I'm very thankful that I have my CFP, however I am also glad that I took the coursework/test after 12 years in industry.

It helped me understand where the holes were in my business model and how to position concepts based on this knowledge.

I highly recommend any designation that can help your business become more holistic. If you've already learned how to brand yourself, sell, and what your niche is, education is fundamental for cross sales.

Whatever route you choose, make sure that you spend the majority of your coursework thinking about it in the context of your practice.

You'll be shocked on how many sales you have missed. As DHK says (paraphrased), you need to understand how to apply your newly found knowledge for it to add any value.

Good luck with whatever road you choose.
 
beachbum2012 said:
Any favorites (links, resources, etc.) you'd like to share? I know the American College has lots of short vids for free at retirement . theamericancollege . edu . I've been watching a lot these.
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Lots of the big mutuals such as Mass, ON, Guardian, etc have some decent training material. Others such as LFG, ING, Principle, etc have good stuff too.

National Underwriter has some good in depth training info. Such as Tools & Techniques, Virtual Sales Assistant, Tax Facts and there are some more. Some of the carriers I mentioned above provide access to the ones I mentioned.

You can also read industry publications related to the areas you want to increase knowledge on. Life Health Pro is a good website, so is Benefits Pro.

You can occasionally find some decent CE classes that are more advanced in the area of income planning, retirement planning, etc.

Many designation courses such as ChFC, CFP, etc. do count as CE credits for your state CE requirements. So that is in a way a reduction in the price you pay for the courses.
 
I just wrapped up the program. I focus "almost" exclusively in the pre-retirement to retirement market. As far as the education value is concerned, I found the RICP program to be awesome. Lots of great tidbits around Social Security claiming strategies, Retirement Income Planning theory and so on. As an experienced advisor, there's much in the program that you will likely already know, but there's a lot of research-based stuff in there that, unless you are devouring white papers weekly, there's no way you can be up to speed on (my opinion). The program is great and it's a great way to differentiate oneself as a person that focuses on this market, rather than someone who just says he does. Make sense?
 
nocamo33 said:
I just wrapped up the program. I focus "almost" exclusively in the pre-retirement to retirement market. As far as the education value is concerned, I found the RICP program to be awesome. Lots of great tidbits around Social Security claiming strategies, Retirement Income Planning theory and so on. As an experienced advisor, there's much in the program that you will likely already know, but there's a lot of research-based stuff in there that, unless you are devouring white papers weekly, there's no way you can be up to speed on (my opinion). The program is great and it's a great way to differentiate oneself as a person that focuses on this market, rather than someone who just says he does. Make sense?
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Thanks for the feedback.

NYL seems to really be pushing this designation for some reason (from what I hear). So I am/was a bit worried that its a class designed to just sell more SPIAs.

How long did it take you to complete the course?
 
Took me way too long, but I think you can get 'er done in 6 months.

It's funny, they wait till the very last chapter to emphasize that annuities with GLWB are not superior to an investment portfolio with regards to providing maximum income potential in retirement. Tells me that they are standing by the research and not afraid to piss off a few CEOs. Of course the insurance co's need to get behind it or they will look very bad...
 
nocamo33 said:
Took me way too long, but I think you can get 'er done in 6 months.

It's funny, they wait till the very last chapter to emphasize that annuities with GLWB are not superior to an investment portfolio with regards to providing maximum income potential in retirement. Tells me that they are standing by the research and not afraid to piss off a few CEOs. Of course the insurance co's need to get behind it or they will look very bad...
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Did it suggest that the investment portfolio is superior? Or was it an "it depends" answer?
 
scagnt83 said:
Always? That makes me worry about bias in the course material... there is never one right answer for every situation. What assumptions were they using for the investments/income from investments?
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This is silly argument to me - no offense - but it's two different and competing ideas. What I mean is: if you are comfortable that securities will do well over time, and that ends up being true during your retirement, then of course VAs and GMWBs are a drag on returns and lose the race. But: you buy them IN CASE the securities don't win. You want guarantees. And, if markets are down in your retirement (over time, they probably aren't, but you don't know that for sure in advance) then the "insurance" trumps securities. So the idea that one always trumps is nonsense.

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And of course only one of the two provides the peace of mind of not outliving your income
 
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