It has been said that most people spend more time planning a two-week vacation than they do planning their retirement. And, while many people believe that the insurance or financial advisor that they have chosen “has it all worked out,” just the opposite may actually be true.
For instance, with so many financial “tools” available at advisors’ fingertips today, it can be overwhelming for consumers to determine which one(s) may best move them towards their ultimate goals.
Because of that, a number of investors will simply take their advisor’s recommendations at face value. But this may not necessarily be the best thing to do, as there are some advisors who base their recommendations not so much on their clients’ goals, but rather on the amount of commission or fees they will earn.
Common Traits of the Best Financial Advisors
In order to make sure that you don’t get unnecessarily separated from your money, there are some common traits that you can look for in a financial professional. These are traits that many of the best financial advisors will typically share.
First and foremost, the advisor will follow the fiduciary standard. What exactly is a fiduciary? In their most basic sense, a fiduciary is someone who holds a legal and/or ethical relationship of trust with one or more persons.
In the financial arena, for instance, fiduciary duties exist in order to make sure that those who manage other people’s money act in their customer’s best interest, rather than serving their own.
As an example, instead of trying to sell from a limited number of products that the advisor has available (particularly if none of these products will really be beneficial to the investor), a fiduciary will instead search from a wide range of options until he or she has found the one (or ones) that suit the investor’s needs the best.
Another common trait of the best financial advisors is that they are transparent regarding how they get paid. This means being clear right up front about commissions, fees, and/or other payment methods.
That being said, top advisors will also work to construct a plan that meets your specific needs. This involves truly listening to your short and long term goals, as well as being mindful of your risk tolerance, time horizon, and other key factors. With that in mind, if an advisor recommends that you purchase a product before they even ask you any questions, it could be best to turn and run – not walk – the other way!
Finding the Financial Advisor – and Products – That Work for YOU
Just as you would do some homework before you choose a doctor or a lawyer, the same should hold true when choosing who will handle your money. Today, with many Baby Boomers in the midst of converting their savings over into an ongoing retirement income stream, it is essential to find financial professionals who have access to good solid income-producing vehicles.
That’s where the Annuity Gator can help.
For many years, we have focused on providing in-depth annuity information – and we do so in an easy-to-understand, conversational way. That way, you know exactly what you’re looking at, as well as whether or not it may work for you.
Because we are not tied to any one annuity company, we can help you to compare a number of different annuities in a transparent and unbiased manner. Doing so can help you with narrowing down which annuity will work the best for your circumstances…or if an annuity is even right for you at all.
If you’d like to learn more about annuities without worrying about being “sold,” feel free to reach out to us any time using our secure contact form.