Senior Finance Advisor

Oct 23, 2020

3 min read

Senior Financial Advisor vs Financial Advisor

If you’re a senior or nearing retirement age then your financial needs will differ from those who are in their 20s, 30s, or 40s. It’s important that you find the right advisor to suit your individual needs.

Can all financial advisors be senior financial advisors?

It’s true that most certified financial planners have experience with retirement planning regardless of if it’s their area of expertise or not. Financial planning is essentially your current strategic plan based on your current paycheck, how you spend and budget, and making smart (but sometimes risky) investments to help ensure a healthy financial future.

Those who are nearing or at retirement age are less likely to take part in higher-risk investments. Also, as you approach retirement age, it’s important to maximize your ROI so that you can cover costs, inflation, and other unexpected expenses throughout your retirement. The balance between a lower investment risk while still maximizing your return can be tricky, so an advisor skilled in retirement planning can help you make the right decisions.

Investments aside, senior financial advisors will also be able to help with issues like estate planning, wills and trusts, Social Security benefits, and even end-of-life planning. While all financial advisors will be somewhat versed on these topics, you want to find an expert who specializes in senior planning.

How to find the right senior financial advisor

Finding a financial advisor is a personal decision and not every senior advisor will be able to help you. We’ve compiled a list of qualities and questions to ask your new potential advisor. Be mindful that even those who are experts in senior planning may still not be a good fit for you and your needs. This relationship between a financial advisor and their client is personal, so you may need to meet with a few different planners to understand all of your options.

Qualities to look for in an advisor include:

  1. They are qualified.
  2. They ask the right questions.
  3. They pay attention and thoughtfully listen to your situation.
  4. They treat you with courtesy and respect.
  5. They are good educators.

Questions to ask a potential advisor include:

  1. Are you a fiduciary?
  2. What are your regulatory controls?
  3. What are your experience and credentials?
  4. How often do you communicate with clients?
  5. How readily can I access my information?
  6. How do you use technology to benefit your clients?
  7. How do you make money and what are your fees?
  8. How do you help clients with taxes?
  9. Who is your ideal client?
  10. What other services do you provide?
  11. What is your succession planning?

As a senior, finding the right financial advisor is critical

It’s essential that once you are about to retire, are retired, or are a senior you have a financial plan in place. A senior financial advisor will be better suited to your current needs than one who also works with younger investors who are just starting out in their portfolios. Senior advisors will be able to help with lower risk investments, estate planning, will and trust planning, Social Security benefits, and more.

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