7 Things To Look For When Choosing A Retirement Specialist

March 8, 2022

7 Things To Look For When Choosing A Retirement Specialist

Building a financial advisory group consisting of qualified and trusted experts is an effective way to ensure your wealth is maximized and protected. Just as the medical world has specialists trained in the nuances of a particular illness or condition, the financial services industry offers a variety of experts in the many phases of a person’s economic life.

For example, my practice specializes in creating income streams for retirement, emphasizing assisting government employees. Other advisors focus primarily on the “accumulation” years and typically specialize in securities. While it is true that nearly all financial professionals understand the basics of each financial phase, many of them tend to study and perfect only one specific area or product in the wealth lifecycle. When the time comes for their clients to retire, some advisors may lack the knowledge, skillsets, tools, and products needed to do the best job for their clients.

A lot of advisors are very good at helping their clients grow and save their money, while others are great at utilizing safe money products to keep their clients from running out of money when they no longer get a paycheck. If you are within 5-10 years of retirement, it might be time to consider adding a retirement and income-focused planner to your wealth team.

Here are seven things to look for in a retirement professional:

  1. Your retirement advisor must have the ability to offer and explain various types of safe money vehicles, such as annuities and life insurance.
  2. The retirement advisor you add to your team must have impeccable online credentials. Google candidates to see if they have an internet presence which could include published articles, videos, blog posts, or podcasts.
  3. They need a willingness to work with other specialists on your team and ensure that every cent of your savings is working as hard as possible.
  4. A safe money specialist must have a consultative approach to finances. Avoid retirement planners who seem too focused on one particular product or company over another.
  5. It’s a real plus if the advisor has professional credentials, certifications, or specialized training.
  6. It’s in your best interest that your retirement specialist is an independent agent or broker. That means they can offer more options to help you achieve your goals.
  7. Look for an expert who allows you to make decisions that feel right to you, even if you decide to do nothing.

The takeaway: Modern financial and retirement planning is complicated. It requires a team effort to ensure that your wealth grows safely, with less risk, and in a more tax-advantaged fashion.

Adding a specialist in safe money strategies will help you create the kind of life you want when you leave the workforce and begin the next phase of your life. Always choose a client-focused advisor who puts your needs and interests first and will recommend the right products, not just those that pay the most commission.