What to Look for in a Financial Advisor
Tim shares what to look for in a retirement specialist and how the right guidance can help you optimize your retirement savings and avoid costly mistakes.
If you are evaluating advisors, preparing for retirement, or want a clearer understanding of how financial planning should work, this is a great place to start.
I have found that navigating the financial landscape in this country can be quite confusing and daunting to most people. It can be very tough to differentiate between the institutions: banks, Wall Street firms, independent firms, insurance companies, in order to find an ideal advisor to meet your needs.
3 Must-haves for a Financial Advisor
While there are many firms that do comprehensive work similar to ours, there are many more who are like wolves in sheep's clothing. These first three, in my humble opinion, are table stakes if you're looking for a financial advisor at all.
1. Fiduciary standard
My firm is a fiduciary, which means we are legally obligated to put your interests ahead of ours.
2. CFP® designation
I am a CERTIFIED FINANCIAL PLANNER® professional, also known as a CFP® professional. Anyone serious about financial planning should work with a CFP® professional as a bare minimum, in my opinion.
3. Real tax planning
I would say that roughly two-thirds of advisors don't do real tax planning. This is crazy to me because using the tools that can limit and lower lifetime tax liabilities can save tens of thousands of dollars and often hundreds of thousands or even millions of dollars in taxes over the course of a 20-plus year retirement.
If your advisor isn't asking to see your tax return, it is not real tax planning. It's that simple.
What Separates ERWA from Other Advisors?
These next few items are what separate my firm specifically from the pack and are niche specific.
1. Focus on retirees
First, we only work with those in or close to retirement. We have this specialized niche of optimizing investments properly, aligning risk, and minimizing taxes for our retirees or those close to retirement.
All we do is retirement planning. After all, you wouldn't go see your primary physician or prompt care if you need heart surgery, right?
2. Limit clients
Number two, we limit or properly throttle the number of new clients that we take on in order to consistently deliver the highest level of value and personalized service for our clients.
Many big firms don't have the capacity to provide the level of comprehensive service that we provide at my firm. They have to meet certain revenue or sales-based quotas. It's easy to become just a number to them.
3. Invest in technology & education
Last, but certainly not least, we invest in industry-leading technology, education, and coaching to ensure that we are at the top of our game with all things related to finances in retirement.
So, if you are interested in lowering your tax bill, investing even better, and creating an income stream in retirement without getting hosed in taxes, you're in the right place.
We're based in Morton, Illinois, but we have clients in many states throughout the country. So yes, we can work virtually with you without you ever having to leave your home, if you prefer.
You only get one retirement and we help people retire every single day. Let us help you maximize and optimize what you have already created.
A CERTIFIED financial planner™ professional can help you plan for your retirement. Schedule a call today so we can talk about your situation.