NAICS Code 523940-15 - Retirement Planning Services
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NAICS Code 523940-15 Description (8-Digit)
Hierarchy Navigation for NAICS Code 523940-15
Parent Code (less specific)
Tools
Tools commonly used in the Retirement Planning Services industry for day-to-day tasks and operations.
- Retirement planning software
- Investment analysis tools
- Tax planning software
- Estate planning software
- Risk assessment tools
- Asset allocation tools
- Retirement income calculators
- Social Security benefit calculators
- Life insurance analysis tools
- Long-term care planning tools
Industry Examples of Retirement Planning Services
Common products and services typical of NAICS Code 523940-15, illustrating the main business activities and contributions to the market.
- Retirement savings plans
- Individual Retirement Accounts (IRAs)
- 401(k) plans
- Pension plans
- Annuities
- Social Security benefits
- Medicare
- Estate planning
- Tax planning
- Long-term care insurance
Certifications, Compliance and Licenses for NAICS Code 523940-15 - Retirement Planning Services
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Certified Retirement Counselor (CRC): A certification offered by the International Foundation for Retirement Education (InFRE) that focuses on retirement planning, income management, and retirement counseling. The CRC is designed for financial professionals who work with clients on retirement planning. [source]
- Chartered Retirement Planning Counselor (CRPC): A certification offered by the College for Financial Planning that focuses on retirement planning, income management, and retirement counseling. The CRPC is designed for financial professionals who work with clients on retirement planning. [source]
- Certified Financial Planner (CFP): A certification offered by the Certified Financial Planner Board of Standards that focuses on financial planning, including retirement planning. The CFP is designed for financial professionals who work with clients on comprehensive financial planning. [source]
- Retirement Income Certified Professional (RICP): A certification offered by the American College of Financial Services that focuses on retirement income planning. The RICP is designed for financial professionals who work with clients on retirement income planning. [source]
- Accredited Retirement Plan Consultant (ARPC): A certification offered by the Society of Professional Asset-Managers and Record Keepers (SPARK) that focuses on retirement plan design, administration, and compliance. The ARPC is designed for financial professionals who work with retirement plans. [source]
History
A concise historical narrative of NAICS Code 523940-15 covering global milestones and recent developments within the United States.
- The Retirement Planning Services industry has been around for decades, with the first pension plan established in the United States in 1875 by the American Express Company. In the 1940s, the Social Security Act was passed, which provided retirement benefits to workers in the United States. In the 1970s, the Employee Retirement Income Security Act (ERISA) was passed, which established minimum standards for pension plans in the private sector. In the 1980s, the 401(k) plan was introduced, which allowed employees to contribute to their own retirement savings. In recent years, the industry has seen a shift towards more personalized retirement planning services, with the use of technology and data analytics to provide customized retirement plans for individuals. In the United States, the Retirement Planning Services industry has seen significant growth in recent years, with the aging baby boomer population driving demand for retirement planning services. The industry has also been impacted by changes in government regulations, such as the Department of Labor's fiduciary rule, which required financial advisors to act in the best interest of their clients when providing retirement advice. The industry has responded to these changes by offering more fee-based services and focusing on providing personalized retirement planning services to clients. Overall, the Retirement Planning Services industry has a bright future in the United States, as the demand for retirement planning services is expected to continue to grow in the coming years.
Future Outlook for Retirement Planning Services
The anticipated future trajectory of the NAICS 523940-15 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
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Growth Prediction: Growing
The retirement planning services industry in the USA is expected to grow in the coming years due to the aging population and the increasing need for retirement planning services. According to a report by IBISWorld, the industry is expected to grow at an annualized rate of 2.5% to reach $25.5 billion by 2026. The industry is expected to benefit from the increasing number of baby boomers who are reaching retirement age and the growing awareness of the need for retirement planning. However, the industry may face challenges due to the increasing competition from robo-advisors and other online investment platforms. Overall, the future outlook for the retirement planning services industry in the USA is positive, but the industry will need to adapt to changing market conditions to remain competitive.
Industry Innovations for NAICS Code 523940-15
Recent groundbreaking advancements and milestones in the Retirement Planning Services industry, reflecting notable innovations that have reshaped its landscape.
- Personalized Retirement Planning: Retirement planning services are increasingly using technology to provide personalized retirement planning services to clients. This includes using algorithms to analyze a client's financial situation and provide customized investment advice and retirement planning strategies.
- Socially Responsible Investing: Retirement planning services are increasingly offering socially responsible investment options to clients who want to invest in companies that align with their values. This includes investing in companies that prioritize environmental sustainability, social justice, and corporate responsibility.
- Digital Platforms: Retirement planning services are increasingly using digital platforms to provide investment advice and retirement planning services to clients. This includes using online portals and mobile apps to provide clients with access to their investment portfolios and retirement planning tools.
- Health Care Planning: Retirement planning services are increasingly offering health care planning services to clients who are approaching retirement age. This includes helping clients navigate the complex world of Medicare and other health care options to ensure that they are adequately covered in retirement.
- Long-Term Care Planning: Retirement planning services are increasingly offering long-term care planning services to clients who are concerned about the cost of long-term care in retirement. This includes helping clients understand their options for long-term care insurance and other long-term care planning strategies.
NAICS Code 523940-15 - Retirement Planning Services
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