Choosing a financial advisor


I once heard a pastor discuss “The five F’s of a person’s life.” These included: Faith, Family, Fitness, Fulfillment, and of course Finances. While all are important, today I want to discuss the idea of choosing a financial advisor to help you navigate the challenges of retirement. Few things in life command as much of our time and attention as does money. We must learn to earn, share, spend, save and invest. Learning to use money properly is a process like any other skill, but because of the personal nature of money many people choose to not use a financial advisor except to purchase the requisite financial products that they determine they want to own. Most people use a bank for their checking or savings, a stock broker to purchase securities, an insurance agent to purchase insurance, a real estate agent to purchase properties, and some type of tax professional to file taxes, with little regard for how each product or service affects the others! This is not as big of a problem when we are in the accumulation phase of our financial life as it is when we are preparing for or entering the distribution phase. At this point we not only need to know how to take care of our money, but we need to have the strategies in place to make sure our money now takes care of us. Having a financial advisor with these skills can mean the difference between a successful retirement and one filled with stress.

Choosing a financial advisor can be an arduous process and you obviously want someone who is competent, and knowledgeable with a good reputation. But more importantly you may want to consider someone who has a legal requirement to act as a fiduciary vs. simply being required to find a product or service that is suitable for you.

Over the next several articles, we will be covering additional topics that will be of interest to anyone who is retired or planning to do so in the next 3-7 years. We will explore social security elections, Medicare choices, long term care, income planning strategies (including alternative investments), estate planning and wealth transfer ideas, as well as how to use professional money managers to your advantage.

Securities offered through Center Street Securities, Inc.(CSS), a registered Broker-Dealer & member FINRA & SIPC. Investment Advisory Services offered through Center Street Advisors, Inc. (CSA), an SEC Registered Investment Advisor. Wealth Concepts Group, CSA & CSS are independent of one another

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