DO YOU HAVE THE RIGHT FINANCIAL
ADVISOR FOR RETIREMENT?
|
Sandy Hornor | CEPS
|
Tessa Hall
|
Podcast: Play in new window | Download
Subscribe: RSS
About This Episode
The financial advisor who was right for you 10 or 20 years ago may not be the right fit for your financial life today. As wealth grows and retirement approaches, financial decisions often become more complex.
In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with Sandy Hornor, Managing Director of Wealth Management at BWFA, about how to evaluate your current financial advisor. They discuss trust, communication, comprehensive financial planning, tax strategy, fees, and whether your advisor has grown alongside your needs. Sandy also shares one revealing question to consider: if you were starting over today, would you hire the same advisor again?
Explore how BWFA can help you plan for your financial future by visiting our Financial Planning page.
Frequently Asked Questions About Changing Financial Advisors
How do you know when it’s time to change financial advisors?
It may be time to consider changing financial advisors when your current relationship no longer meets the complexity of your financial life. As retirement approaches, your needs may expand beyond investment management to include retirement income, Social Security, taxes, health care, and estate planning. An advisor who was appropriate earlier in life may not provide the comprehensive guidance you need today.
What should you expect from a financial advisor as you approach retirement?
A financial advisor should help you understand how your investments fit within a broader retirement plan. That may include determining how much you can sustainably spend, planning for Social Security and health care, evaluating taxes, and updating your financial plan as circumstances change. The advisor should also communicate proactively rather than relying solely on scheduled meetings.
Should your financial advisor coordinate your investments, taxes and estate planning?
Financial decisions should be evaluated across investments, financial planning, taxes, and estate planning because a decision in one area may affect the others. For example, an investment decision can create tax consequences, while estate planning decisions can affect how assets are managed or transferred. BWFA uses a coordinated approach that brings these areas together and, at the client’s request, works with the client’s estate planning attorney.
What questions should you ask when evaluating your current financial advisor?
Consider whether you trust your advisor, receive proactive communication, understand your fees, and have an updated written financial plan. You should also consider whether your advisor has grown with your financial needs and whether your family knows who to contact if something happens to you. One final question may be particularly revealing: If you were choosing a financial advisor today, would you hire the same person again?