Retirement is one of the many changes in your personal and professional life that requires planning and foresight to handle new developments. It is important to identify the various sources of income, make an estimate of expenses, and come up with a viable plan that ensures a sound financial future.
Retirement planning is not necessarily influenced by age, life or circumstance for that matter. It is an ongoing activity and there is no one way of planning your retirement.
Once you have a clear idea as to what you can expect, it is imperative to find an expert to put your plan into action. Some of the best financial advisors, especially those who specialize in retirement planning and portfolio management will help execute your plan.
Qualities to look for in a retirement advisor
Reputation
When you want to hire someone who gives you sound financial advice, it is always a good option to consider referrals from friends and family for the best retirement advisors. You might hire an advisor in his or her individual capacity or consider someone who is working for a partnership firm or company. Either way, it is imperative to do your research.
Approach matters
Reputation is one of the factors. You must also hire someone who sports a can-do attitude and takes a proactive approach when it comes to analyzing every conversation, situation, and decision. Communication is the key while discussing financial matters and a good financial advisor must be able to communicate these matters in a language you understand with clarity.
Patience is a good virtue
Every situation will demand a different approach to arrive at a logical conclusion. Taking decisions that can change the course of your retirement require a lot of retrospection to ensure you get a good deal at the end. Hire the best retirement advisor who is willing and able to spend the requisite amount of time to arrive at these conclusions patiently.
Must be confident
The advisor must have confidence in his or her logical inference to arrive at the best possible conclusion. Confidence is important to communicate certain decisions after taking into account the various scenarios for your retirement. Trusting your advisor to manage everything will be beneficial in the long run.
Qualification
The best retirement advisors must possess the relevant qualifications that certify them to give financial advice in the first place. Qualification and experience that is recognized by the industry are a prerequisite to work. Common certifications include Certified Financial Planner (CFP), Financial Management Advisor (FMA), and Personal Financial Planner (PFP) among many others. Make sure you to do a thorough background check when it comes to certification.
Financial analysis
It is the duty of your financial advisor to take a holistic approach while assessing your current financials to arrive at decisions that will benefit your future investment opportunities. The assessment does not pertain only to banking, insurance, and credit needs. The financial planner must also take into account spending habits, pending debt obligations, and life goals.
Additional support
In some cases, additional support and expert advice of other professionals working in the industry will help chart a better course for a sound financial future. The person you plan to hire to manage your retirement portfolio must be able to collaborate with other best retirement advisors. They must be willing to take into account observations that can have a significant impact on your portfolio.
Focus in one direction
Retirement planning advice given by any advisor must align with your financial goals for the future. The best retirement advisors must be able to develop and implement strategies in your portfolio to consider multiple possible avenues for investment and returns.
Putting your interest first
One of the main qualities of an advisor while giving retirement planning advice is to put your interests and needs first. It is their duty to spend the requisite time and efforts to tailor the retirement portfolio to suit your future needs. While their compensation is important, it should not be the deciding factor that determines the ability of the best retirement advisors.
Best retirement advisors
When you know what to look for in a potential financial advisor, the next pertinent question is where can you find one. Depending on the reputation of the firm they represent, the typical account size handled by financial and wealth advisors, and total assets under management, here are the best retirement advisors in the country among many others. They mainly focus on private wealth and asset management when it comes to planning your portfolio.
- Jeff Erdmann for Merrill Lynch
- Christopher Errico for UBS
- Brian Pfeifler for Morgan Stanley
- Andy Chase for Morgan Stanley
- Patrick Dwyer for Merrill Lynch
- Mark Curtis for Graystone consulting
- Rod Westmoreland for the First Republic
- Charles Zhang for Clarfeld Financial advisors
- Greg Vaughan for Morgan Stanley
- Robert Skinner for the First Republic
