The most reputable financial advisors for seniors are the ones who are not only knowledgeable and qualified about retirement planning and after-retirement financial strategizing, but also the ones you can trust.
Choosing a financial advisor for your family is as important as choosing a doctor or lawyer. Financial advice, like medical or legal advice, can be critical and potentially devastating if you follow the wrong advice or financial strategy; especially seniors as they have less time to grow their investment portfolios. It’s important to take your time and do the due-diligence to choose an expert advisor to help you with your unique financial situation and needs.
The senior market in America represents a prime target for financial planners and professionals for many reasons. Long-term care, asset management and estate planning are just some of the lucrative services needed by the elderly, and a growing number of financial planning professionals and firms are able to specialize exclusively in this segment of the population.
Keep in mind that personal finance is a broad, complex and ever-changing field, yet just about anyone can call themselves a financial advisor. You need to be extra picky to find an advisor who is not only qualified, but also find one you can trust.
Here are a few things to consider to help you find an advisor who is right for you.
Finding a financial advisor is a very personal decision. Not every advisor should be treated equally. Here are qualities to notice when shopping for a financial advisor:
The financial advisor you choose should have integrity, a commitment to ethical behavior, and professional standards. You want an advisor who will put your needs and interests first, like a fiduciary. The most reputable financial advisors for seniors are well-informed, competent and seasoned in financial counseling and investment management.
Check any potential advisors’ credentials as some organizations offer easy-to-get credentials for a fee and small course, so you want to make sure you find someone who is truly knowledgeable. If you’re near retirement, consider finding an advisor who has specialized training in retirement planning, like a Retirement Management Advisor (RMA) or a Retirement Income Certified Professional (RICP). Here’s more information on finding the best financial advisors for retirement.
Seasoned financial advisors know what questions they need to ask potential clients to help them be successful in financial management. When it comes to individual retirement goals, spend and account assessment and overall financial planning, there are important questions to cover to discuss whether the advisor will be the right fit. A good advisor knows how and when to ask the important questions that draw you and your relative out so that they have all the information they need.
Communication, rapport and trust are keys to success when it comes to finding financial advisor. Choose someone with whom you and your family feel comfortable. Being open about your financial situation and retirement goals is crucial, so you need to choose someone with care. The advisor should be able to facilitate the communication.
When it comes to trusting someone with your finances, you need to find someone who you feel you communicate with and respect. If you feel as though they are not being treated with courtesy and consideration, find someone else.
A good financial advisor should be able to explain complex financial marketplace information in a way that makes sense. Most advisors send regular newsletters or quarterly updates on performance. They should also be able to sit down with you and discuss specific investment specifics, as well as be able to provide you with a brochure or education content related to investments.
A good financial advisor should be able to explain a proposed transaction and make sure you understand exactly what is going to happen, and in what time frame.
Here are additional articles that can help you find a financial advisor for your specific needs and financial situation:
With our trusted network of advisors, we’ll connect you with up to three established planners in your area.
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