When it comes to choosing a financial retirement advisor, there are a few important factors to keep in mind. It’s not a decision to be taken lightly, as your retirement advisor will be responsible for helping you manage your finances and plan for your retirement.
The most important thing is to find an advisor who you can trust and who has your best interests at heart. That means finding someone who is fee-only, as opposed to commission-based. You also want to make sure that your advisor has experience working with clients in your situation.
Research, research, research
The first place to start is with your own research. There are plenty of online tools that can help you figure out how much money you need to retire. For example, the Department of Labor’s website has a retirement calculator that will help you figure out how much income you’ll need in retirement based on your current savings, Social Security benefits and pensions. If you’re having trouble figuring out what type of investments are best for you, check out some of the other resources on our list below.
Look for an advisor who specialises in retirement planning
There are many different types of financial advisors out there, but only a few specialise in retirement planning. If someone says they’re an economic advisor, then they probably aren’t the right fit for you — unless they’ve got some serious credentials under their belt.
Check their credentials
Check their credentials, but don’t stop there. A big part of your retirement planning experience will be about building a relationship with your advisor, so make sure you trust them. Ask for references and find out what kind of training they have received in the past.
Find a certified financial planner
A financial broker is a licensed professional who helps you plan for your financial future. They are trained to help you make informed decisions about your money and investments and can provide advice on how to achieve your goals.
Get referrals from friends or family
Ask the people you trust for recommendations on their experiences with a financial retirement advisor. They will give you an honest answer and can help steer you away from any shady operators in the industry. If you don’t have anyone in mind, ask around at work or look up a list of local planners on the Financial Planning Association website. You can also search through the CFP Board directory to find someone near you who fits your needs.
Related Sources: Financial Management Strategies, Best Financial Advisor for Retirement