, Oklahoma, August, 3, 2009
FOR IMMEDIATE RELEASE
August 3, 2009
The Society of Certified Retirement Financial Advisors (CRFA) is
on track to become only the second financial designation to become accredited with the NCCA. There are almost 100 financial designations listed with FINRA.
CRFA is a non-profit, independent financial advisor training
program that is focused specifically on retirement planning and investing. CRFA has changed its training format
and it will now take an advisor five weeks to complete the course. Another new requirement
includes submitting a case study to CRFA for review. The four hour final examination at an
independent testing facility is still required, but new testing questions are currently being
formulated. A minimum score of 70% on the exam is required to obtain the designation. Currently,
almost 40% of test takers fail the exam on the first try.
Approximately 24% of the population will end up in
retirement over the next 20 years. Financial training and financial advisors that focus specifically on
retirement planning will continue to be in high demand. CRFA predicts there will be a significant shortage of
qualified financial advisors who are properly trained in retirement financial planning.
The recent stock market and real estate downturns have
devastated many retirement portfolios. Many industry experts believe that most retirees and pre retirees
were not prepared for the recent declines in the markets. Working with a Certified Retirement
Financial Advisor may have prevented some of the disasters that occurred to individual portfolios.
CRFA believes that many retirees are still dependent upon
traditional financial planning techniques that were designed and built during the biggest bull market run in
U.S. history. With the long term bear market continuing for the foreseeable future, proper retirement investing
and income planning will be even more important going forward.
A recent study by Prince and Associates that appeared in Forbes
magazine indicated that 63% of affluent investors plan on moving money away from their current advisor. CRFA
believes investors will be more likely than ever to work with a Certified Retirement Financial Advisor that
specializes in retirement investing, retirement planning, income management, tax reduction and estate
distribution specifically designed for retirees.