Retirement Planning: Three Questions To Ask Your Potential Financial Adviser

Retirement is one of life’s biggest financial decisions. But most of us feel off track in our planning. In fact, a recent survey by the personal finance platform Unbiased shows that only 21% of consumers feel confident regarding financial planning.

Other studies show the same. Independent studies have shown that approximately half of all Americans fear they cannot afford retirement. The same survey found that more than half of all consumers feel too intimidated to seek financial advice from an expert, even if they need it. 

Simply put, for most of us, the idea of consulting with a financial adviser is too intimidating. But it doesn’t have to be this way.  

Keeping your retirement on track with a financial adviser

For the upcoming generation of retirees, the idea of a pension coming from a company they worked at for 30 years is a tale from their parents’ generation or one straight out of a fantasy novel. Instead, today’s upcoming retirees must rely on years of strategic planning and saving to afford a comfortable retirement.

If approached the right way, working with a financial adviser on a retirement plan, whether in your 30s or decades later, can help you live an enjoyable life after retirement. 

Planning for retirement does not have to be as daunting as taking out a mortgage or even preparing your tax return. Speaking with the right financial adviser can simplify the process, help take the stress out of planning, and ensure your retirement plans are on track for later in life.

While there is no shortage of financial advisers ready to take on new clients, when it comes to your financial health in retirement, you must choose the right adviser for your specific needs. 

3 questions to ask your financial advisor 

Thankfully, it’s easier than ever to match with a financial adviser. And once you’ve found them, you’ll usually have an initial meeting to get acquainted and ask all your burning questions. 

We recommend starting with these three: 

1. Do you have a track record of success?

Yes, this may sound obvious, but not all advisers are alike. 

As you review potential advisers, ask them to provide examples of their results and how they compare with industry benchmarks. 

Remember, it is up to the adviser to win your business, not the other way around. So what can they show you to prove they know what they’re doing? 

2. Do you have customers in my age range?

The saying “age is just a number” does not always hold, especially when seeking a financial adviser. 

While you want to find an experienced adviser, what is equally important is their experience with people in your age bracket. For example, someone in their 30s is most likely thinking about retirement differently than someone in their late 50s. 

3. How wealthy is your current clientele?

In today’s society, we often avoid discussing our income level, savings and investments. The opposite is true when working with a financial adviser. 

While the adviser will want to know your complete financial profile, it’s equally important that you have an idea of their current client base. Similar to the age range of their clients, you’ll want to work with an adviser who has experience with people with the same income and savings level. If their client base is far below or above your income level, the adviser may not have the experience you need to meet your retirement goals. 

The list of questions you ask your potential financial adviser shouldn’t be limited to these three. You will also want to find out more information around costs, qualifications, and services. 

However, checking with an adviser on their track record for success, along with the age of their customer base and financial resources, is a solid place to start.

Finding your perfect financial adviser 

Knowing the questions you should ask when choosing a financial adviser is a big step in the right direction, but starting the search can feel daunting. 

A quick search in Google will yield pages upon pages of results, most filled with paid ads from adviser firms taking a shotgun approach to bring in new customers. Luckily, some alternatives can simplify the adviser search. 

Unbiased, which launched in the U.S. earlier this year, is one such option.

The Unbiased personal finance platform connects you with a financial adviser based on your economic standing, age, goals, location, and other factors. Unlike many of the established financial websites in the U.S., which aggregate and sell leads to financial advisers, Unbiased custom pairs you with a single adviser. 

As a result, you can seek financial guidance, knowing your financial adviser aligns with you and your goals. Constant calls from multiple advisers giving you the hard sell on taking a meeting can become a thing of the past.

Better still, while there may be a cost when you begin working with an adviser, connecting with them through most qualified platforms is free.

Make confident financial decisions

While saving for retirement is a key reason for someone to seek an expert financial adviser, those at Unbiased are capable of helping their customers with a wide range of financial matters, including advice on buying a home or investment property, investment accounts, and more. 

Unbiased is also known as a leading financial information resource for consumers. It provides users with a free, comprehensive library of information covering various financial topics to empower people to confidently make financial decisions. 

With many in the U.S. citing money and their pending retirement as a source of stress, having a financial plan in place for retirement under the guidance of an expert can offer feelings of freedom, empowerment, and peace of mind. 

Remember, as we get older, it’s not just our physical health we need to be mindful of; our financial health is just as important. 

[i] PWC: https://www.pwc.com/us/en/industries/financial-services/library/retirement-in-america.html