Financial Advisor, Financial Planner, Wealth Advisor, Wealth Manager, Wealth Planner are a few of the job titles investors are forced to decipher while they search for a professional to oversee their life savings. What services do they offer? What are their credentials? What approach will they take to managing my investments? These are just a few examples of the important questions that need to be answered before agreeing to enter a relationship with an advisor.
In a world where not every advisor is required to put your interests ahead of their own, an added layer of anxiety are the intentions and motivations of the person sitting across the table from you. Does he/she just want to sell me something? Are there conflicts of interest that could impact the advice that is delivered? How much will I really be paying?
Job titles and compensation models aside, the right advisor should feel like a partner. Someone who is not just telling you what to do but guiding you toward what is best for your unique personal situation. The world of investments and financial planning is already complex enough as it is. Families today want to understand their options and be educated on the pros and cons of competing solutions to life’s biggest decisions.
The stakes are never higher than when it comes to planning for a successful retirement.
We believe advisors should be framing retirement planning as an ongoing and evolving conversation. It is not a linear life event. It is not solved by a single product or investment strategy. Many advisors lay claim to being “retirement experts” but simply just present a simple retirement projection as a means to manage your investments, sell mutual funds and annuities, or even a life insurance product.
We want to put context to what a real retirement advisor should be considering alongside of you so that you’re prepared to evaluate your current retirement plan and determine if there are gaps you need to address.
Here is a resource we call the Burney Wealth Management Retirement Checklist. It is a great starting point to addressing some of the most relevant and important retirement planning topics:
A list of questions everyone should consider on the path to financial wellness in retirement:
A good life doesn’t plan itself. Be diligent and proactive to make sure you are addressing all areas of your retirement picture, not just the ones that the financial services world put an emphasis on to sell you products or ideas.