For seniors and retirees, no matter what your financial situation, finding someone who can help manage your money is important. You need someone who can build a financial plan around portfolio income, rather than income and work. Retirees with significant assets will need help with wealth management, while those who live on a budget need someone who can help make the most of Social Security. Here are a few things to think about if you are looking for a financial advisor who specializes in senior care.
Ask for Referrals
The best place to start is by asking around. Like with all professional services, from lawyers and doctors to financial advisors, look for the people that your friends and contacts trust. If you have other retired or senior friends who use a financial advisor, see who they know and rely on.
Institutions can help with this in particular. If you have any organizations in your area that specialize in the needs of seniors and retirees, ask if they have recommendations. This can often be a good place to start, and can be a great way to decide among your existing options.
Define Your Goals
Every household has different financial goals. And that will inform what you need from a financial advisor. For example, do you want to maximize your personal wealth? Do you want to build a strong estate for your heirs? Are you trying to maximize your personal income, and do you want tax planning?
Before you find a financial advisor, figure out what you need them to do, so you can then determine which specific service they could help you with.
Look at an Advisor’s Client List
As you consider a financial advisor, consider who works with them. How many seniors and retirees do they advise? Do they work with related groups?
The more seniors that an advisor works with, the more experience they’ll have with the needs of this group and the better-positioned they are to help you.
How Well Can They Anticipate Your Needs?
You want someone who can help you build a plan. When you sit down with a financial advisor, look for someone who can explain the needs and financial landscape for senior citizens. This is a very important part of any advisor relationship.
While you know your goals, you shouldn’t be expected to know everything about money management. So look for someone who can add new information. For example, if you haven’t considered estate planning, do they raise the issue for you? If you only have a pre-tax 401(k), do they raise the possible benefits of an early-retirement Roth conversion?
Look for someone who doesn’t just respond to your requests, but who offers new information and options as well.
Look for an Asset Manager
In your working life, the biggest two issues tend to be tax management and savings. Most people look for a financial advisor who can help manage income and save it well. But once you retire, that script reverses. Instead of income, you live off of assets and portfolio management. So you will need someone who specializes in that field.
For seniors and retirees, look for a financial advisor who specializes in asset management and investment income. This could entail, for example, explaining how to build an income from a series of bonds and equities. But no matter what your specific needs are, find a financial advisor who can help you understand your money, and focus on the stage your money is at now.
Bottom Line
Finding a financial advisor who specializes in seniors is much the same as looking for a doctor or a lawyer who can help with your personal needs. Use dedicated services, like SmartAsset’s matching tool, ask your friends and groups, and look for someone who works with people in your situation.
Tips on Selecting a Financial Advisor
- Finding a financial advisor you can trust really comes down to asking the right questions. Here’s a list of questions that you could pose to a prospective advisor.
- A financial advisor can help you build a comprehensive retirement plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
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