How to Plan Your Retirement With Financial Advisors

Tuesday, May 12, 2020, 6:00 AM | Leave Comment

The very reason why most of us hustle early in life to earn more money and save is to prepare for our much-awaited Retirement.

It’s one of the significant transitions in our life that could take place. Nothing beats reaping what you saw. Your assets are the fruits of your hard work.

Withdrawing assets is rewarding and exciting. However, we need to be wise and strategize the use of our assets. That’s the reason why we need reliable and professional Financial Advisors.

What is a Financial Advisor?

They are the “experts on money management”. They assess your existing assets and come up with saving and investing strategies to help you prepare for the future.

They are called in so many names such as Financial Analyst, Retirement Advisor, Personal Finance Specialist, and many more.

These professionals went through proper training to equip them with credible financial advising. They may work as a freelancer or hire as an adviser in a firm or bank.

In this article, we’ll give you beneficial tips to prep you upon your retirement plans. Let’s start by hiring the RIGHT FINANCIAL ADVISOR.

7 Important Tips to Consider When Hiring a Financial Advisor

  1. Choose whether to hire a Freelance or the ones Hired in the Bank

    You can find so many professionals and finance experts on Linkedin for example. Some of them may reach you out to offer their services. You may also hear from them through word of mouth from families and friends.

    You may also visit banks or insurance companies. They have credible financial advisors as well. On top of that, you’ll have the specific firm accountable once you hire one of their advisors.

    Make sure you pick the ones you’re comfortable working with.

  2. Ask Recommendations from Family and Friends

    Nothing’s better than “word of mouth. This saves you a lot of time and effort researching for professionals. A recommendation from someone you trust is such a relief especially if that person will have your asset’s information.

    Since they already went through it, you can take insights from them as well. You would have a better glimpse of what to expect when hiring one.

  3. Make an Appointment and do an Interview

    Make time to personally meet them before hiring. Website information is not enough to understand what you’re about to get yourself into.

    Ask questions like, “Why they do their job?”, “What’s in it for you?”, “Why do they consider themselves as an expert in this profession”, so on and so forth.

    This is to ensure that the Advisor will be there for you for the sake of you. They’re there to give advice for the best of your interest and not for their own good. This is a non-negotiable factor that needs to be considered the most.

  4. Do a Background Investigation

    If you’re hiring a freelancer, check for the credibility of his or her services. Is he legit? Is he not a fraudster? Is he certified and accredited to do the job. Double-check credentials and if you may ask for previous projects they’ve done successfully.

    If it’s a firm or bank, make sure they’re legit as well. Just because they’re a firm doesn’t mean they can’t scam you. Make sure they are registered and can legally operate. Check for any legal issues that they may have that can impose a possible threat.

  5. Ensure that Financial Advisors Have Zero Hold on your Assets

    Don’t hesitate to ask them this. Managing assets is way different from accessing and holding assets. It doesn’t work that way. It’s too risky and obviously not right.

    Letting a firm hold your money has a higher risk of embezzlement. Make sure you only hire firms who solely manage assets and not to access them. The goal here is to protect your assets and grow them. Not to put it at risk and waste it.

  6. Ask specifically for a Retirement Plan Program

    Make it clear to them that you need a Retirement Plan. Other Financial Plans are different. It may not work for your current priorities and expectations.

    Pre-retirement and retirement plans are different. It’s important to know that they’re not the same in use. Be transparent and direct with your expectations and requirements. A good financial advisor will always provide what you really need.

  7. Require a Comprehensive Financial Planning

    Comprehensive Financial planning is crucial for assets management. Hiring an expert for this matter and not only focused on retirement plans is a plus point. It’s good to be prepared for financial challenges.

    A good advisor can see this and help you see a better look at how your assets would look like in 5 or 10 years’ time. They know how to provide best advice on managing your taxes, cash flow, income strategy, planning, and asset reservation. Make sure you’ll hire an expert that can see this picture. A small mistake can greatly affect your assets if not being careful.

Every decision in like may impose its own benefits and risks. Planning for retirement is no exception. It’s good to know what you’re getting into and what will be the possible red flags ahead.

We hope that this article gave you a clear perspective to map out to-do lists. At the end of the day, the final decision lies in your own hands. May you find the right Financial Advisor to assist you with your Retirement Plan?

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