Six Steps to Finding the Right Financial Professional for You
STEP 1: DON’T GO IT ALONE!
There are many decisions you need to make when preparing for retirement. Finding the right professionals for guidance and advice is critical to finding the right answers for your situation. Search for professionals you can trust and who focus on providing information, strategies and products that are focused on retirement and retirement income planning. These experienced professionals won’t typically be found in the form of your favorite bank teller, your average insurance agent, nor at the local coffee shop, beauty salon or golf course.
We believe that a complete review consists of working with an experienced team of professionals. Professionals that have experience dealing with the special and unique challenges you will face to and through retirement. TFG Wealth Management works exclusively with individuals and families that are within 10 years of retirement or have already retired. We have help hundred of individuals successfully retire.
STEP 2: IF IT SOUNDS TOO GOOD TO BE TRUE, IT PROBABLY IS.
Unfortunately, some of you may have heard about retirees who made poor decisions because they bought into a “great opportunity.” For instance, if you hear about an investment that guarantees anything over 6 percent when you know darn well the bank down the road is paying 1-2 percent on CDs, you better think twice. That’s a giant, waving red flag. When you hear something that sounds good and you want to believe it, ask more questions like: “So, what are the strings attached?” If someone tells you, “No strings,” then most likely you need to turn and run.
There are many financial products with different benefits and features. It is important to understand the details, benefits, and restrictions. How they pertain to your individual situation. You need to know what they are and if they are acceptable to you and in line with your planning goals. Always use and trust your own good judgment and common sense.
STEP 3: UNDERSTAND COMMISSION BROKERS.
As a consumer, it’s important to understand how your financial advisor is compensated. Why? Because if you are paying fees for advice from a financial advisor, you may want to feel that the services and value you receive are commensurate with the amount of fees you are being charged. Keep in mind the cheapest option is not always the best.
We find most folks that meet with us have no idea what they are paying in fees. The “Investment Fee Analysis” in our Plan Smart Retire Well process can show you how much you are currently spending in annual fees on your portfolio.
STEP 4: BE CAREFUL WITH ONLINE “RESOURCES.”
Information should be viewed with a skeptical eye. Today, it is not uncommon for retirees to jump online to do research. The critical question is, are you getting information from a credible source? This can be difficult to decipher online. In the old days, you could at least depend on sites with URLs ending in .org or .edu extensions. Unfortunately, many of these education or non-profits are merely marketing funnels for brokers and insurance agents.
Online resources can provide you some background information but finding a team of professionals to talk with is what you need when you have questions specific to your situation.
STEP 5: DEMAND PROOF!
There’s nothing worse than getting sold a bad idea. Slick talk can be very persuasive, but it may have negative financial consequences. When seeking professional advice, we recommend that you assess just how experienced your potential advice giver really is.
Will they put your plan in writing? How often will your plan be updated by the advisor? Can you fire them at anytime if you become unhappy? Are you a fiduciary?
These are just a few of the very important questions you should be asking.
STEP 6: BE SMART AND TRUST YOUR FEELINGS.
Everyone deserves a second opinion. But can you get a second opinion from the person who gave you the first? Of course not.
We believe that everyone who walks through our doors should be treated as if they were a member of our own family. We invite you to come meet us. Let us help you feel more comfortable and confident about your own future. If you are concerned that your current financial professional may not be the right person for you anymore, then we hope you will come see us. Call us at 866-296-8156 or email us at tfg@tfgwealth.com.
