We spend so much of our lives working with the hopes that one day, we will eventually be able to rest and live comfortably. With so much on the line, individuals are often overwhelmed by the concept of retirement planning and have trouble breaking down some of its key concepts. Retirement planning can certainly seem like a daunting task, but it is important to remember that there are professionals that are dedicated to helping people make good choices with their retirement plans. In this article, Gary Scheer provides a few things to look for when evaluating if a retirement advisor is a good fit for you.
Gary Scheer recognizes that there is no substitute for a vast experience pool when evaluating a retirement advisor. While you certainly want someone that has years of experience in the industry, it is equally important to ensure that an advisor has experience working with plans that fit a similar description as your own. An advisor should also be capable of helping you reach your retirement goals and make your own plan as effective as possible. In order to ensure that an advisor has the knowledge and experience that fits your needs, Gary Scheer suggests asking an advisor for examples of how they have assisted individuals with a similar portfolio streamline their retirement plans to see if they provide a satisfying answer.
Experience and qualifications typically go hand in hand when it comes to retirement advisors, and Gary Scheer recommends making sure that any retirement advisor you may hire has industry-standard credentials. There are many certifications within the financial planning industry including CPA, CFP, CFA, AIF, AIFA, and others that demonstrate that an advisor has the qualifications necessary. Remember that you are trusting an advisor with your livelihood and, therefore, you should not be shy about asking them questions pertaining to both their certification and experience.
Gary Scheer acknowledges that both experience and qualifications are great metrics for choosing a retirement advisor but notes that both factors mean nothing if you can’t stand the person advising you. There are key qualities that make an advisor a great asset beyond their technical qualifications, and many of these qualities are linked to their people and business skills. For example, a great retirement advisor is able to consistently be available to make sure that you are going on the right track. Because many people seeking a retirement advisor do not have excessive knowledge about finances, an advisor will also be patient in explaining plans and developments to you and should be able to do so in such a way that you understand things every step of the way. On a rudimentary level, experts recommend choosing someone that you feel as though you can trust and do not mind spending time with and receiving counsel from.