Finding a Financial Advisor
Finding a financial advisor to work with is a decision that should not be taken lightly. The person you choose can affect when you can retire, how you can spend your retirement and what you’re able to leave behind when you’re gone. Life is too short to spend worrying about your finances and if you will outlive your retirement money.
Choosing a financial advisor can be overwhelming, so here are a few tips for things to look for when doing your research:
- Is the advisor a fiduciary?
- How is the advisor paid? Fees or commissions?
- How will the advisor communicate with you?
- What is the advisor’s experience, credentials and track record?
What if there was one firm that could handle your financial planning, your estate planning, your investment management and your taxes? May seem like a dream come true, but firms that offer these family-office style services do exist – they’re rare, but they can be found.
The concept stems from the Royal Family, where one person attended to all the family’s financial needs in the 1800s. The concept caught on, and quite frankly, it makes sense.
Your financial planning is connected to your estate planning, which is connected to your cash flow and how you spend your retirement. For example, if one of your goals is to save for your children’s college funds, this will affect how much you can save, what you can leave behind when you’re gone and how much money you currently have for your day-to-day budget. To us, it makes sense that all needs are coordinated in one place.
Global View is one such firm that offers family-office style services outside Charleston, SC, with an estate attorney, accountant and a team of paraplanners in house to assist clients.
Who should be on your financial planning team?
At Global View, we take a team approach to financial planning. A financial advisor is the quarterback, if you will, but there are some key players that you also need to reach success.
An estate attorney can help you coordinate your plans for your assets after death. This can include your will, your beneficiaries and the legacy you’re able to leave.
An accountant can help you with tax benefits, cost-saving programs and day-to-day budgeting and expenses.
A paraplanner, or a team of paraplanners like we have at Global View, offers another set of eyes and ears on your account, making sure you get what you need, when you need it and that all Is are dotted and Ts crossed.
The right support staff ties it all together.
There is a lot of “financial advice” out there, so beware. You can get anyone to say anything if you choose the right medium. For example, some will tell you to think before making a financial decision, while others will offer hot leads on stocks that you “need” to jump on “now.”
When looking for advice, make sure your advisor is affiliated with a trusted resource and has the experience to make good decisions and offer sound advice.
When it comes to your finances, a well-trusted financial advisor can give his or her clients the peace of mind that their future is taken care of and an expert is overseeing their cash flow. An investor should be comfortable knowing that when a change, issue or concern does come up, a financial advisor will communicate it and have a strategy for what to do. That’s a financial advisor’s role, after all.
Read our tips to stop worrying about our money in the below blog posts.
Where you plan to spend retirement is an important question. Do you plan to move to a different state where the cost of living is lower and you can get more for your money? Will you be able to take advantage of senior programs, military benefits or special programs designed for your new home state? Are you looking for better weather, specific doctors or an area where senior living is celebrated? Does the place you plan to spend your retirement allow you to do all the things you hoped to be able to when you’re no longer working, like golfing, hiking or boating?
The Carolinas are a popular destination for new retirees, as North and South Carolina offer a little bit of everything – culture, history and beauty. And Greenville, SC and Asheville, NC are common places many new residents plant their roots.
Finding a financial advisor who understands the local benefits (such as tax strategies and military benefits) can save you a lot of money when you move. Look for a well-established firm in your new location and see if they can better serve you in your new home.