5 Tips on How to Find a Retirement Planner

Most people desire retirement for the comfort and ease that comes with it. But to ensure that you make the most of it, you must take the required steps well in advance. These steps lay the foundations of a secure and adequately funded retired life. A very critical measure in retirement planning is to engage with a qualified and experienced advisor. A retirement planner acts as an anchor of your financial journey in the initial years to help you sail effectively through the glorious, non-earning days of your life. Moreover, the complexity of retirement planning can be eased by the expertise of these advisors, ensuring that you gain more. Hence, selecting an efficient professional is central to your desired plan.

Here are 5 tips, which can help you find your perfect planner:

• Check credentials
  Trusting your money with a stranger can be challenging and daunting. A retirement planner has the necessary qualifications and experience to help you advance in your retirement journey smoothly. But it can be very confusing to find the right one. Hence, the best method to select the ideal retirement planner is to check their credentials.
  A CFP (Certified Financial Planner), a PFS (Personal Financial Specialist), or a CFA (Chartered Financial Analyst) is a respected standard for overall financial planning. A planner with these certifications has the suitable education, competency, experience, and ethics required for the job. They can help you with retirement planning and several other monetary aspects. Additionally, you can seek consultants that hold certifications, such as an RMA (Retirement Management Advisor), RICP (Retirement Income Certified Professional), or CRC (Certified Retirement Counselor) to gain proficient retirement planning advice.
• Seek referrals
  The next tip for finding the best retirement planner is to look for recommendations and suggestions from friends and family. You can seek suggestions from your colleagues since they would most probably already be engaged with a planner or be looking to connect with one for retirement. However, while seeking referrals, it is critical to remember that each person can have different financial standings and future goals. Moreover, the retirement plan, current liabilities, future expectations, etc. can vary from case-to-case. Hence, it is essential to seek referrals after making a comprehensive assessment first. The ultimate objective is to increase wealth for retirement and to ensure financial adequacy but without it causing a dent in your pocket.
• Tap on advanced online search tools
  This step involves checking advanced research instruments, such as online databases and advisor matching tools to find the best retirement planner for your needs. These platforms determine your requirements and then deploy complex back-end algorithms to find the perfect match for your retirement planning process. WiserAdvisor’s Advisor Match Tool provides pre-screened options for your overall financial and retirement-specific needs. The assessment is based on factors such as experience, compensation arrangement (fee-based or fee-only), and licensing and disclosures related to SEC/FINRA (Securities and Exchange Commission/ Financial Industry Regulatory Authority). The advisors also schedule a one-on-one call. However, the selection is completely based on your comfort and suitability.
  Alternatively, you can rely on online databases such as the WiserAdvisor Financial Advisors Directory, which contains exhaustive information on qualified specialists. These financial advisors and retirement planners have been selected after careful assessment of their certifications, credentials, licenses, ethic ratings, expertise, years of experience, etc. You can conduct a customized search on these platforms and find your perfect retirement planner.
• Conduct an exhaustive background check
  Once you have achieved the previous milestones, the process ahead is simpler. Whether you choose to rely on referrals or engage with someone suggested by online sources, the final evaluation is important. To be sure of your choice, you can conduct screening at an individual level. Try to authenticate all credentials, licenses, qualifications, etc. It is also beneficial to know if the person was subject to any criminal convictions or if any legal action/scrutiny was ordered by a regulatory or legal authority against the concerned advisor. Additionally, you can verify the discipline history, conflicts of interest, etc. on the FINRA Disciplinary Actions Online database. Based on this information, you can shortlist the retirement planner with much more ease and assurance.
• Evaluate the suitability of the relationship
  To confirm if the shortlisted candidate is the ideal partner for your retirement journey, you can set up an interview and assess some specific aspects of their services. First, see if you feel comfortable with the person and are able to ask questions and seek suggestions. This person is going to be the trustee of your retirement funds. Hence, being comfortable in their presence and seeing value in their advice is an important prerequisite.The second thing which is good to know is the pay structure. Even though the payment arrangement is no reflection of the other person’s competency, it is still essential to understand. The fee charged can impact the advice rendered by the professional and your overall budget. Generally, retirement professionals follow different relationship structures, including commission, flat-rate, hourly fee, etc. based on the client’s need, financial goals, and budget. In a commission-based pay, the retirement planner is paid every time a transaction is executed. In such a case, the opinion of the planner can sometimes be prone to bias. On the other hand, in a flat-rate, the retirement planner charges an annual fee. This is suitable if you are close to retirement and need consistent advice on how to manage your funds. Each arrangement has its pros and cons. Therefore, it is advisable to assess its suitability as per your needs, budget, comfort, and preferences.

  Third, it is appropriate to engage with a retirement advisor who is also a fiduciary. A fiduciary retirement planner has lawfully pledged to act in your best interest at all times. These professionals have a fiduciary duty under the Investment Advisers Act of 1940 to always place the interest of the client before their own. By engaging with such consultants, you can be confident that the advice rendered is in your favor.

To sum it up

Retirement planning can be complicated, and people often procrastinate to start it. However, it is beneficial to begin early to set a strong base for a happier future. Engaging with the ideal retirement advisor can help you to live a comfortable life with adequate funds. So, it is advisable to secure your money into the hands of a trusted, qualified Financial Advisor who can support you in building your retirement wealth.