It’s never too late to make plans for your retirement, even if you just retired.
“There are plenty of people who choose to wait,” says Matthew Goedde, CFP, a financial professional at AXA Advisors, LLC.
“These are individuals who have been saving for their entire lives and have done a good job. But the next step is the distribution phase and there are so many more pitfalls that can come up during this phase. The professional’s job is to help you navigate through those pitfalls so they don’t become a problem.”
Everyone takes a different approach to retirement planning. But no matter the process, there is almost always something to be gained from sitting down with someone who does it for a living.
“The financial professional’s job is as much about helping you accumulate and protect your wealth as it is about managing it,” Goedde says. “A lot of people think you have to be rich in order to work with a financial professional. But part of the job is to help you define your goals, prioritize your objectives and develop a road map to your definition of wealth.”
Smart Business spoke with Goedde about how to find the right financial professional to suit your needs.
Where is a good place to start when looking for a financial professional?
You have to ask a lot of questions to find out whether or not the professional will be a good fit. What you are trying to figure out is if the professional has the experience, knowledge and skills to best help you. How long has this person been in the financial industry? Is this someone who has advanced skills and the ability to explain complex concepts in everyday terms?
Look at the tools and services that would be available to you and the different investment vehicles that exist through this person.
Would the professional work alone or is he or she part of a team that would help you?
In the middle of all that, you’re going to want to know about the compensation for services that are provided.
If you don’t have a specific person in mind to speak with, look at referrals from family and friends or colleagues at work. Referrals from co-workers can often be very helpful, especially if your employer has specialized benefits such as a pension or bonus plan.
What are some red flags that should make you wary?
Communication is the key. If there is a breakdown and you don’t feel satisfied or don’t understand the advice the financial professional is giving you, it’s probably not a good fit.
If it sounds too good to be true, it probably is. If they are putting pressure on you in any way or hasn’t asked you a single question, but is already going into a sales pitch, it’s probably time to take a step back.
What materials can you bring to your first meeting with a financial professional?
It’s great to have any financial statements on hand from any current accounts that you have. You should also be prepared to share as much information about your attitude and your core beliefs when it comes to investing.
It’s definitely not a cookie-cutter approach. The professional needs to get a feel for what you are trying to accomplish and use the right tools to help.
What if you’re considering a change after years with one financial professional?
You always need to look out for your own best interests, but be sure to keep communications open with your current professional. It might be that he or she doesn’t realize that you want to be contacted twice a year instead of once a year. A communication breakdown is something that potentially can be worked out so you can keep moving forward.
Matthew T. Goedde is a registered representative who offers securities through AXA Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC and an agent who offers annuity and insurance products through AXA Network, LLC. Investment advisory products and services offered through AXA Advisors, LLC, an investment advisor registered with the SEC. AXA Advisors and AXA Network are affiliated companies and do not provide tax or legal advice.
AGE 102242 (3/15)(Exp 3/17)
Insights Wealth Management is brought to you by AXA Advisors, LLC
