Facing retirement comes with many challenges, and having a sound financial plan is crucial. It certainly pays off to get the advice of a financial planning professional. A Northwestern Mutual study found that 71 percent of American adults believe their financial planning needs improvement.
Smart Advisor cautions there are six pitfalls to avoid when it comes to selecting a professional financial advisor:
- Be Sure to Hire a Fiduciary Financial Advisor.
- Don’t Hire the First One You Meet.
- Avoid Someone Whose Strategy Doesn’t Align with Yours.
- Ask About Their Professional Credentials.
- Fully Understand Their Advisor Fees.
- Hire Only Someone Who is Fully Vetted.
A fiduciary financial advisor must adhere to strict standards designed to protect your interests as well as theirs. Knowing the financial planning tests they’ve passed and the licenses granted will also ease your mind.
It ultimately comes down to picking someone who appreciates your risk tolerance and a person you are comfortable with.
Council of Seniors Works to Get What Seniors Deserve
Additional retirement income can offer more flexibility in your budget. Council of Seniors works tirelessly to get Congress to pass The SAVE Benefits Act. You can’t always depend on the annual Social Security cost-of-living adjustment (COLA) to keep up with inflation. It’s fallen short in a number of years. If we succeed in getting this legislation passed, you’ll be reimbursed the $581 that belonged to your benefit all along.
Don’t delay in signing our petition. Washington politicians need a wake-up call about how many Americans want action.
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