Besides the investment approach you take, the financial advisor you select to help you plan and saving for retirement is one of the most important decisions you need to make.
When trying to find a financial advisor, it’s important to find an advisor whose strategies are aligned with your needs. Another good idea when you’re looking for a financial advisor is to find one who is a fiduciary financial advisor. In other words, an advisor or financial planner who is legally obligated to always look out for your best interests.
Next, you’ll need to determine what that advisor specializes in. Advisors will typically specialize in growth-oriented investments, or in income-generating investments. Rarely will an advisor be well-versed in both.
Wealth Planning in Retirement
Growth-oriented investments can be suitable during our working years—when our goal is to accumulate and grow our savings as much as possible. And, since retirement is still decades away, we have the time to ride out a potential market downturn.
But as we near retirement and get ready to transition into the distribution stage of our lives—welose the luxury of time. And, if you haven’t made the switch to investing for income ahead of retirement and we experience a major market correction, you could be forced to liquidate a greater number of shares of your investments to generate the income you’ll need. Do this too many times and you could run the risk of cannibalizing your savings.
That’s why, as you near retirement, it makes sense to work with a financial advisor who understands the best ways to help preserve your principal, so you can use your savings as a renewable source of steady income you can count on.
Speak to A Financial Advisor
In one free, no-obligation consultation, our financial advisors can help to determine if you’re on the right path to enjoying the retirement of your dreams. If you’re not, we can help you make the necessary adjustments.