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How to choose the right financial advisor for retirement

by , 08 October 2014

There comes a time in everyone's life when one starts thinking more seriously about retirement.

Whether retirement is quickly approaching and you feel that you are falling behind on your savings, or you want to make sure your retirement savings strategy is on the right track, it's recommended that you get in touch with a financial advisor who can help you choose the most suitable saving and investment options for retirement.

How does one go about choosing a retirement financial advisor?
 
Here are some important aspects to consider before making such an important decision.
 
1. Choose a financial advisor with a solid reputation
 
Since you will be giving this person full control of your retirement savings and future savings, you need to check their credentials and make sure they are who they claim to be. Always check references, visit the advisor’s office, and check out the Financial Services Board to see if the person is licensed and regulated.
 
2. Choose someone who discloses their fees upfront
 
Respectable financial advisors disclose their fees upfront, without you having to ask. Stay away from advisors who charge per commission depending on the investments you choose because they are likely to trick you into making bad investments for their own gain. Only accept financial advisors who charge a fee and who tell you upfront how much it will cost.
 
3. Choose someone with an impecable record
 
It is a huge red flag if a financial advisor has been flagged or reported to the authorities for illicit behavior or irregularities. Check with the FSB whether the financial advisor you are planning to hire has had any complaints filed against them.

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4. Choose someone who is perfectly capable of handling your retirement investments
 
Your financial advisor will be trusted to successfully manage your investments and increase retirement savings, so you can enjoy a happy and comfortable retirement. This is a tough job to handle, so make sure that the person you choose is highly responsible and capable. You should check to see if the said advisor has an FSP2 category license.
 
5. Choose a financial advisor who belongs to the Financial Planning Institute 
 
If you want to be able to trust your financial advisor, make sure he or she is a member of the Financial Planning Institute. You can check to see if they have the CFP trademark on their website, business cards, and other promotional materials.
 


How to choose the right financial advisor for retirement
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