As you approach the significant milestone of retirement, you will benefit from careful planning and expert guidance. Working with the right financial advisor will help ensure that you navigate this transition with confidence and maximize the potential of your retirement assets. Whether you are considering hiring an advisor for the first time, or you are exploring the possibility of switching advisors, we will outline 10 key considerations with a particular emphasis on the unique needs and strategies associated with retirement planning. By understanding these considerations and aligning them with your specific retirement goals, you can make informed decisions that contribute to a retirement free from worry and financial stress.
Retirement Expertise
The advisor demonstrates a specialized focus on retirement planning and strategies, with a clear emphasis on retirement-related services. Retirement comes with unique challenges, and you will be better equipped to navigate these complexities when you work with an expert.
Qualifications
The advisor holds relevant certifications, demonstrates a commitment to professional development, upholds industry standards, and adheres to a code of ethics. An advisor with relevant credentials who is dedicated to putting your needs first can earn your trust and instill confidence.
Communication Style
The advisor's communication style aligns with your preferences, ensuring clear and effective dialogue throughout the planning process. Keeping you informed and engaged will foster collaboration and create a strong foundation for the working relationship.
Accessibility and Availability
The advisor is committed to providing attentive service that address your needs promptly and at a place and time that are accessible to you. A strong commitment to client service means that you will receive timely advice and assistance as your plan evolves.
Relevant Experience
The advisor possesses substantial experience and crafts tailored strategies that align with your unique financial situation and goals. You will have a retirement strategy that accounts for the intricacies of your individual financial circumstances and gives you the greatest likelihood of success.
Investment and Risk Philosophy
The advisor's investment approach and risk management strategies align with your risk tolerance and long-term financial objectives. When this is the case, you’ll be better positioned to generate the returns and income that you need.
Tax Efficiency
The advisor incorporates tax-efficient strategies into all aspects of your financial plan to minimize your tax bill and maximize after-tax returns. When taxes are taken into account you’ll optimize your net returns, preserving more of your wealth for retirement legacy goals.
Legacy and Estate Planning
The advisor addresses your legacy goals and ensures a comprehensive estate plan is in place to protect and transfer assets efficiently. A well-crafted legacy and estate plan secures your wealth for future generations and aligns with your wishes for asset distribution.
Holistic Financial Planning
The advisor considers all aspects of your financial life, integrating various components into a cohesive and comprehensive plan that addresses investments, insurance, taxes, estate planning and your own objectives. Big-picture planning helps you make informed decisions that consider the interplay of various financial factors for the best possible outcome.
Compensation
The advisor's compensation is transparent and fair, ensuring a clear understanding of costs. This contributes to a trusting relationship and allows you to determine that the advisory services you receive provide sufficient value.
As you prepare to transition into retirement, you will want to consider working with a financial advisor who meets the criteria outlined in these ten key areas. Entrusting your financial future requires a relationship built on trust, open communication, and shared values. That’s another way of saying that all the technical ability should be wrapped up with a positive personal connection. Your financial advisor should not only possess the requisite skills but also be a trusted partner who understands and aligns with your dreams and goals, fostering a relationship that creates enduring financial success.
Note: The Government of Canada has a similar list, and the Ontario Securities Commission also has a list.
On our website, you can find more articles about Quiet Wealth and other financial topics. If you have questions about this article or would like a conversation about how these ideas apply to your unique situation, call us at 403-290-0940.
About the Author
Robert Hurdman is a seasoned Canadian financial advisor holding both the Certified Financial Planner® (CFP) and Chartered Investment Manager® (CIM) designations. He is dedicated to creating personalized financial plans for families and individuals, so that they can enjoy retirement without financial worries. He uses a tailored approach to craft comprehensive strategies spanning investments, taxes, and estate planning. Robert's commitment extends to ongoing guidance, collaborating with experts, and fostering trust-based, long-term relationships that prioritize clients' financial well-being.
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The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This blog was written, designed and produced by Robert Hurdman, for the benefit of Robert Hurdman, Certified Financial Planner with Quiet Wealth, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.