You’ve worked hard for decades, and now you’re approaching retirement. Maybe you’ve recently retired. If you’re looking for help managing your money in retirement, a financial advisor can be a substantial asset.
The right advisor can help set you up for long-term financial success. They can provide guidance for such aspects as tax planning, investing, and asset protection. When it comes to such important matters, you don’t want to trust your money to just anyone. You want someone who has your best interests at heart. Here are a few tips to help you find the right financial advisor.
Look for Someone Local
While you could hire a financial advisor anywhere in the country, there’s a couple of significant benefits of going local. For one, you’re in the same time zone. You don’t have to worry about missing office hours because of a time difference. Another benefit to hiring someone in your area is that you can schedule in-person meetings, which can make going over your financial information much easier.
Understand What You Need
Determine what type of services you need from a financial advisor. Some specialize in specific areas, so having someone knowledgeable is a major plus. Before you hire someone, know what types of services you require.
Learn the Different Types of Advisors
Not all financial advisors are the same. Understanding the different types of advisors that are out there will help you find one that meets your specific needs:
- Robo-advisors are automated advisors that work in some situations, but that may not be ideal for more in-depth or complex advice.
- Fee-based (or fee-only) advisors charge clients an hourly rate or based on a percentage of the assets they manage for you.
- Commissions-based advisors earn money from a third party from the sales they achieve.
- Registered investment advisors (RIAs) are companies that provide fiduciary financial advice.
No matter what type of financial advisor you ultimately choose, one thing to ask is if they’re bound by fiduciary duty. These types of advisors are legally required to work in your best interest. Other types of advisors may be held to what’s called a suitability standard. What this means is that they’ll suggest something suitable to your needs, but it may cost a lot more (or give them a higher commission).
Find Someone You Can Talk To
It doesn’t matter how smart or well educated a financial advisor is if you don’t feel comfortable with them. When it comes to discussing such personal matters as money, you need to have someone you feel comfortable with and can talk to without reservations. The more comfortable you are, the more financial success you’ll likely have.
The Right Financial Advisor Can Make All the Difference
Finding the right financial advisor will take a bit of time, but it’s well worth the effort. With a trustworthy person by your side working with your best interests in mind, you can enjoy retirement to the fullest.
If you’re looking for a financial advisor in Las Vegas, Sky Oak is here to help. Contact us today to find out what we can do for you.