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and preparing to fulfill client wishes in
the event of their death. Someone who has genuine intentions and enjoys helping people retire. Finding an advisor of this nature who
is trusting and responsible may take time but should be well worth it in the long-run. The extent of his/her services goes way beyond planning for retirement. This professional should be the person to contact when you sell a business, have a large purchase you’d like to make, suffer a loss in the family, or even if you find yourself navigating a divorce. Point made; this individual should be someone you rely on for important life matters, not just an order taker to buy or sell securities.
WHAT TO LOOK FOR
Finding the right financial advisor is different for everyone. Chances are you don’t have the same retirement goals as your neighbor or your horse partners. How do you know if an advisor will be the right fit for you? There are a couple of important factors to consider when looking for an advisor:
• TRUST – first and foremost, finding someone you can trust is a very important factor. This individual will be handling your investments
on a daily basis. Hiring a trustworthy advisor can save you both time and stress. Spend time to interview and get to know a potential advisor
• RELIABLE INCOME – this person should have a great deal of knowledge regarding reliable income sources like social security, pensions, and income paying securities.
• ASSET ALLOCATION – the advisor should be reviewing the asset allocation of your accounts and also reviewing outside holdings you may have like a 401(k) or other employer-sponsored plans.
• RECEPTIVE – this may seem humorous, but the advisor should listen much more than they talk. After all, it’s your needs they should focus on, not their own.
• LICENSING – this should be a given, but there are cases when fraud is involved. Be sure that the advisor you’re considering is properly registered and is a fiduciary.
• GENERATIONAL PLANNING – a good advisor should also help you create and implement your estate planning wishes.
With the technology we have access to today, it would be easy to do a quick Google search and find financial advisors in your area. I find it more common that someone will get connected with an advisor through a friend, colleague, or family member. When you’re looking for a new doctor or dentist, you’ll likely ask someone you trust if they have anyone
they would recommend. Once you have two
or three referrals, set up a meeting and see how you feel. If you meet with any advisor and they immediately start talking about investment ideas and complex securities, you may want to move on to the next referral. A certain doctor that immediately wants to schedule surgery without getting to know you and considering other options and treatments might not be
the best choice either. If the advisor you meet with starts talking over your head or attempts to involve you in something you don’t totally understand, move on to the next referral. A quality financial advisor is someone, like a doctor or horse trainer, who cares about your unique situation and puts together a strategy
to help with your long-term planning. Finding the right captain to help you set sail on your retirement voyage can make an incredible difference in you and your family’s life.
FINANCIAL PLANNING
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