What You Should Know Before Hiring an Advisor for Retirement Planning

Dec 14, 2022

A financial advisor is a great resource for retirement planning. A retirement financial advisor will help you create a plan that will allow you to have the resources you need to support yourself in retirement.

Not all financial advisors are the same. You should do your research to find a qualified advisor you feel comfortable working alongside.

What is a Retirement Advisor?

A retirement advisor is a financial specialist who can help you plan and manage your finances for retirement. This broad term can include financial advisers, certified public accountants, certified financial planners, and investment managers.

There are many retirement advisor types, so it is important to know what kind of advisor you require and what services they offer before you hire one.

What do Retirement Planning Advisors do?

A retirement advisor can assist you in all aspects of retirement planning. This includes saving, investing, budgeting, and spending.

Long-term care planning and estate planning can also be assisted by retirement advisors. Some advisors are experts in a specific area, such as tax planning or investment management. Some take a holistic approach and consider the entire financial picture of their clients.

A retirement advisor should generally offer at least one of the following services:

Financial Planning

Retirement advisors can help create a customized financial plan that meets your retirement goals. This involves saving money, investing and managing your debt.

Investment Management

Retirement advisors can help choose the best investments for your retirement portfolio. You can also get advice from them on how to rebalance the portfolio as you approach retirement.

Planning for Tax

Advisors for retirement can help minimize your tax liabilities in retirement. Advisors can also help plan for income taxes on retirement income and pensions.

Estate Planning

A qualified retirement advisor will help you create a plan for managing your assets after your death. This includes setting up trusts, naming beneficiaries, and creating a will.

Planning for long-term care

A retirement advisor can help you plan for long-term care. An advisor might review different insurance options and create a plan to cover long-term care expenses.

How to choose a retirement advisor

These are some things to consider when selecting a retirement financial adviser:

Decide what type of advice is needed: There are two types of financial advisor. They can give general advice or they can specialize in one aspect of retirement planning. It is important to seek out an advisor who can help you with specific areas of your finances.

Get to know the advisor’s investment philosophy: Make sure you communicate with them in a friendly and constructive manner.

Get to know about the credentials and experiences of potential advisors. Retirement planning can be a complicated topic so it is important to ensure that the advisor you choose has the appropriate licenses and certifications.

Ask about fees: Many financial advisors charge fees. These fees can be charged per hour, as a percentage (AUM), or flat rate. Be sure to ask about the fees in advance so that there is no surprise costs later.

Refer friends: Ask your friends for recommendations if they have worked with a retirement advisor. This is a great way of finding an advisor you trust and who will focus on your needs.

Interview multiple advisors: Before selecting a financial advisor, it is important to interview multiple candidates. You can compare experience, fees, and other factors. This is a great way to get to know each person and determine if you’d like to work together in the long-term.

JUST ONE CONVERSATION CAN CHANGE YOUR LIFE FOR THE BETTER

We’ll spend 30 minutes getting to know you—your situation, needs, and vision—then offer a strategic plan to reach your goals.
Recent Podcast

Sign Up for Prosperity Perspectives

Market updates, retirement planning tips, and investing insights

once per month straight to your inbox!

Share This