Podcast Center
Video Center
Webcasts
Resource Center
Events
October 23, 2014 at 10:40 AM
As the United States approaches an unprecedented point in its history – what many are calling a retirement crisis – attention for retirement planning is at an all-time high.
The baby boomers are retiring, about 10,000 every day for the next several years, and their greatest fear is that they’ll outlive their retirement funding; of course, money is an issue for just about everyone else, too. Most people have a sense that they could be doing more with their money – more savings, better investments, etc. – much the same way that they know that they could be healthier. But on both accounts, taking action is a different story.
As with health, failure to take action on your finances will, over time, cost you, he says. While educating yourself on money matters has tremendous benefits, you’ll ultimately want a certified and experienced professional who manages money for a living. A strong client-advisor relationship is fundamental for success, says Friedman, who offers the following four tips for hiring an advisor you can trust and building a strong relationship:
Ask a would-be planner what he or she is reading.
Would you trust an advisor who doesn’t read? While experience is valuable, the most reliable form of knowledge usually comes from reading books and trade publications. The former deals in well-established information, while the latter explore new directions in the industry.
I would want to know that an advisor reads books on the best thinking on wealth management, economics, investment and retirement planning. Ideally, your advisor would also attend, participate and learn from others at seminars. In other words, good advisors are engaged in continual learning, not resting on what they learned 10 years ago.
