Ever wondered what a CRPC (Chartered Retirement Planning Counselor) is? Harbor sits down with our own Carolyn Rice, CRPC, to find out.
Harbor Wealth Management: Hi Carolyn, thanks for being with us today. Can you tell us a little bit about your role here at Harbor Wealth Management?
Carolyn Rice: I’m a Client Service Manager, so I handle most of the administrative functions for my clients’ Schwab accounts. If a client needs a new account, needs maintenance (like a beneficiary change) on an existing account, or needs funds transferred in or out of an account, I help make it happen. If there is a problem or a question about something going on with a client’s Schwab accounts, I’ll track down a fix or an answer.
Another part of my work takes place behind the scenes, like keeping client files tidy and the information we have on file up-to-date and helping to prepare for client meetings.
H: And how long have you been with Harbor?
C: Since early 2001, so I’ve been here for about 22 years now.
H: Wow, that’s amazing! What’s been your favorite part of working with clients over the years?
C: We have great clients and I’ve enjoyed getting to know them and helping with their financial needs and life transitions. Some of those transitions are exciting, like a marriage or children going off to college. Others are difficult, such as the death of a spouse. Retirement can be a bit of both, exciting and challenging at the same time.
H: Would you say retirement is one of the most common life events people want help preparing for?
C: Definitely. Retirement is probably our biggest focus when we create plans for clients, whether they’re preparing for retirement or are already in retirement.
H: And you have a unique perspective on planning for retirement, due to your CRPC designation. Could you tell us a little bit about what the CRCP designation is and what a CRCP does?
C: The CRPC stands for Chartered Retirement Planning Counselor and encompasses comprehensive planning for retirement including the different vehicles for retirement savings, investing strategies, social security benefits, health care options, insurance and annuities, tax and estate planning as well as material on the emotional transition to retirement. A CPRC can address a client’s pre and post-retirement needs with a strategy for getting from one to the other.
H: Do you feel that having this designation has helped you prepare clients for retirement over the years?
C: Knowing the options available has been incredibly helpful in being able to make appropriate suggestions to the client’s team.
H: What are some of the most important lessons you’ve learned from helping prepare clients for retirement?
- It’s not surprising, but for the majority of people, spending money is much easier than saving it for retirement.
- It’s not really about how much money you make. The pre-retirement spending is just as important as pre-retirement saving. The two need to somewhat match.
- There is no one-size-fits-all. People are different in how they handle and think about their money and you have to find what works for that particular individual or couple. (The advisors at Harbor are excellent at doing this.)
H: Well, Carolyn, thank you so much for taking the time to speak about what a CRPC does and why it’s important to Harbor’s clients.
C: It was my pleasure!
If you have any questions about retirement that you’d like a Chartered Retirement Planning Counselor to answer, reach out to Harbor Wealth Management and schedule your free consultation today!