WHO Should I Ask for Financial Advice?

Money is a tool to help you live your amazing life of purpose. Seek a financial advisor who asks you deep discovery questions and shows genuine interest in your dreams, goals, and concerns.

Choose an advisor that uses next generation software to build simulations and builds a custom plan for your situation. Are they consultative in their approach, patient in explaining options, and willing to show you the reason for their recommendations?

Ask what types of products a financial advisor uses to build retirement plans. You can expect to find advisors who specialize only in investments, only in insurance and annuity products, and those who specialize in both.

By integrating investments, insurance, and annuity products, the potential exists to develop more efficient retirement income strategies that support a higher income level and could help alleviate risk than investment-only strategies (Optimizing Retirement Income by combining Actuarial Science and Investments by Wade Pfau May 2015).

Why does integration of products potentially generate more income? Investments are an Accumulation product. Insurance and Annuities are an Actuarial Science product, which is designed for the distribution phase of life (think pensions). When you combine the two types of products, greater income potential and risk alleviation results. Therefore, I recommend choosing an advisor who uses both Accumulation and Distribution products for building the most efficient retirement plan.

If you value trusted referrals, ask to be introduced to their network of professionals.

Choose an advisor that you trust will provide a substantial value to you, and makes you feel they are working for you!