Is it time to hire a financial advisor to help you shore up your retirement savings? If you’re worried about a savings shortfall, I’d say you can’t afford NOT to have one — and here’s why
In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to discuss what to consider when hiring a financial advisor to help with your retirement savings shortfall. A financial advisor will help you understand where your money is going, map out a long-term strategy for meeting your financial goals and help you choose sound investments to meet your needs.
I’ve published a few articles on how to interview a financial advisor, which offers suggestions for questions to ask when meeting with prospective professionals. I also have another article on how to decide if you need to hire a financial advisor.
Take your time and interview potential financial advisors. Make sure to choose a financial advisor who’s savvy and is thinking about the “big picture.” (You do know people are living to 100 these days, right??
Your financial advisor should be able to explain why they’ve chosen to put you in the investments they’ve selected. Make sure you understand what’s involved in these investments, as well. Don’t get too concerned about short-term investment performance… Remember, we’re in this for the long haul.
If you don’t feel comfortable with a prospective financial advisor, no harm done. Keep searching until you find a professional that puts your mind at ease and comes up with a strategy that hits the mark.
Financial independence is unbelievably liberating. Having a plan for the future is the only way to shore up your financial security.
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