How to Choose the Best Retirement Financial Adviser

Considering how important retirement is, you may want to seek a retirement financial adviser who understands all your options and the right strategies to help you prepare well for retirement. 

As retirement approaches, it’s important to have a retirement plan in place to help you navigate your finances throughout your retirement years. With a plan in place, you can shift your focus to looking forward to spending your retirement years doing the things you love and not worrying about your money running out. 

However, seeking the right financial adviser when planning for retirement is not as easy as you may think. A financial planning relationship is a very personal relationship so it’s important to find someone you can trust.

Since everyone’s financial situation is different and unique, it’s important to find the right adviser for you – an individual who you can relate to is on the same page and can help you with your retirement plans, an adviser that can support you to reach your personal objectives and help you achieve financial security.

If you aren’t sure how to choose a financial adviser that will encompass all these qualities, read below.

Selecting the Right Retirement Financial Adviser

Finding the right financial adviser can sometimes be difficult. It’s important to be able to trust your financial adviser, so you can feel assured that your finances are being handled by someone who has your best interest as their number one priority. 

Here are 4 tips to consider when choosing your financial adviser:

1. Be Ready with Retirement Planning Requirements

Depending on your current finances and financial needs, not all financial advisers may be suited to help you. There are a variety of specific financial services that some financial advisers may or may not specialise in.

You may want to consider enquiring by phone call or better yet, checking if the adviser has the option for you to book a free discovery call.

A complimentary discovery call allows you to get to know the adviser and vice versa – the adviser can better understand your financial situation and whether financial advice is the right solution. It also provides you with the chance to evaluate if the particular financial adviser is someone who you would like to work with long-term.

Once you have found an adviser that you would like to work with when planning for retirement, it’s important you have all the requirements ready.

A retirement financial adviser will likely ask you for the following as part of the initial retirement planning process (ie. during your discovery call):

  • Personal Details
  • Employment Income
  • What you are hoping to achieve
  • What assets you have, super, bank accounts, shares, property, inheritance etc. 
  • Any debt you may have
  • If you have any personal insurance cover
  • If there is anything unique to your situation that may need to be considered.

To speed up the retirement planning process, make sure you have everything available or accessible to you. Doing so will make it easier for both parties, making the whole process more streamlined and efficient.

2. Let Them Know Your Financial Goals

Once you have found an adviser, let them know what you need and want to focus on as part of your retirement plan. It’s important not to rush the process and ask them certain questions such as, what kind of services they can offer and let them know what type of guidance and involvement you expect.

Your personal objectives and lifestyle goals will help guide your retirement plan.

Consider some of the following questions to help you determine your financial goals:

  • Do you have a certain retirement age in mind?
  • Do you want to retire early?
  • How much income would you feel comfortable with weekly or monthly for your retirement?
  • Do you have a current investment strategy you wish to maintain?

3. Talk to Them about Your Retirement Savings, Budget and Cash Flow Management

When discussing your financial needs and retirement plan, it is crucial to consider your budget.

Letting your financial adviser know your financial capacity will give them an idea about what financial goals are easily achievable and which may require some budget optimising and debt reduction strategies.

The best debt reduction and management strategy will be one that is personalised to suit your individual needs.

Seeking the right financial adviser for retirement planning can provide you with simple, yet effective debt reduction and wealth creation strategies, allowing you to live a financially stress-free retirement.

4. Work with Your Adviser

When you find the right financial adviser, they can provide you with the roadmap to achieve a secure financial future through effective retirement planning.

However, it’s important as a client that you follow the roadmap and ask questions along the way. The right Financial adviser will hold you accountable and provide constant review ensuring your plans are tweaked to cater to your changing needs throughout retirement, all of this will help you feel reassured that you are on track to achieving your financial goals and have enough retirement savings to last your lifetime.

Trust your financial adviser and be firm in letting them know what your financial needs are.

A relationship with a trusted financial adviser can add so much value, especially in retirement. However, finding the right one may also be challenging. You need to ensure that they can work with you and that you can trust them.

Ready to plan for Retirement? Seek Personal Financial Advice from Prominent Financial Services

Prominent Financial Services understands that financial advice can seem daunting and overwhelming, they will work with you and guide you through the entire process.

Prominent Financial Services helps people manage their money more effectively, by educating them around retirement to ensure they have a quality lifestyle and don’t run out of money once retired.

Need financial advice in Adelaide?

Prominent Financial Services would welcome the opportunity to help you. We provide financial advice and guidance to ensure our clients are financially educated so that they can make smart financial decisions. 

Book a ‘Free’ Discover Call Today!

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