Is Your Current Advisor the Right One for Your Retirement?
In the financial world, there are two general categories of financial advisors. You have advisors that focus on growth and accumulation and building a portfolio, and then you have advisors who focus on preservation and income and how the money you saved will effectively be distributed. As you get closer to retirement, it is important you have an advisor who specializes in protecting your financial security as well as generating income.
According to an article written by Smart Money Magazine, even if you have a good relationship with your financial advisor, it may be time to consider if that advisor is the best person to get you through your later life. Once you reach the point of financial security, making the transition of your advisors makes sense because you have reached a new stage in your life. Your priorities must shift to how you will maintain financial security so you do not outlive your savings and how you will begin drawing income from your portfolio.
For example, when you were young, a family pediatrician provided you with the help you needed when it came to your health, but once you become an adult, you needed a doctor with a different set of skills. That same kind of thinking applies to your retirement and in our office, we are retirement planning specialists and we focus on the second half of your life.
So, is your current advisor the right one for you retirement? Do you even know? If not, I suggest you give us a call (775) 853-9033 to schedule a Complete Planning Review of your portfolio. I encourage you to also tune into Redefining Retirement this Sunday on Channel 2 News at 5:30 p.m. as we further discuss if your advisor is the right one for retirement and three red flags that help indicate if it’s a good idea to get a second opinion on what to do when it comes to your retirement planning.