The Interview: Choosing the Right Financial Advisor Part 1

Wednesday, September 2, 2015 | Leave a comment

When transitioning into the retirement phase, many investors finally take a detailed inventory of their assets and judge the performance of their financial advisor more critically. As a near-retiree, you find yourself in need of a new level of expertise from your advisor. Now that it’s time to think about an income-generating plan, how do you know if you’re on the right track?

Use these interview questions to determine if your financial advisor is prepared to handle the needs that are specific to the retiree or if it¹s time to look elsewhere. The advisor who is well versed in retirement-specific planning should be able to answer these questions without hesitation.

  1. Can you help me strategize to maximize my Social Security benefit?
  2. When should my spouse and I begin our Social Security benefit?
  3. What is your strategy to avoid declines?
  4. What will happen to my portfolio if there is a sudden market drop?
  5. What is my income-generating plan?
  6. Pay raises: What are we doing to offset inflation?
  7. How often will I hear from you with an update on how my accounts are doing?

Now you have the list. But how do you know if your advisor has answered these questions correctly? Stay tuned for part two of this series when I will explain how my retirement-specific firm, right here in Omaha, Nebraska, deals with these important financial planning questions.

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