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Tips for Picking a Financial Adviser to Help You Plan for Retirement

By Lisa Michaels, Brand Ave. Studios contributing writer

Inflation, market volatility, and unexpected expenses can all threaten the financial security of retirees. To avoid these risks, many retirees turn to financial advisers for guidance. However, not all financial advisers are created equal, and picking the right one can be a daunting task. Continue reading for three tips on how to pick a financial adviser who can help you live better in retirement.

Do your homework

Research different financial advisers and their credentials. Look for advisers who specialize in retirement planning and have relevant certifications, such as certified financial planner. Also, check their experience, track record, and online reviews. It’s important to ensure that the adviser you choose has a good reputation.

Look for a personalized approach

Retirees have unique financial situations, and a one-size-fits-all approach is not suitable for retirement planning. When choosing an adviser, look for someone who will take the time to understand your financial goals, needs and concerns. They should be able to provide personalized advice and solutions that fit your specific situation. Avoid advisers who offer canned solutions or try to sell you products that you don’t need.

Seek fiduciary responsibility

A fiduciary is an adviser who is legally required to act in your best interests. This means that they must put your needs above their own and disclose any conflicts of interest. When choosing an adviser, make sure they are a fiduciary. You can ask them directly, or check their registration with the Securities and Exchange Commission. Avoid advisers who work on commission or have conflicts of interest, such as selling their own products.

Picking a financial adviser is a crucial step in planning for retirement. By doing your homework, looking for a personalized approach, and seeking fiduciary responsibility, you can find an adviser who will help you enjoy a better retirement. Remember, retirement planning is not a one-time event but an ongoing process. Regularly meeting with your adviser and following their advice is critical to achieving your financial goals and maintaining your financial security in retirement.

This content is for informational purposes only and should not be construed as financial advice.

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