The financial decisions you make today can change the way your life looks for many tomorrows to come.
A good financial adviser can keep you on the right course, and stop you from panicking when the investing environment turns stormy.
For that reason, 63% of retirees who are interested in working with a financial adviser say they want someone who can suggest an investment strategy that helps their retirement savings withstand market volatility, according to a recent Edward Jones study dubbed “The Four Pillars of the New Retirement.”
By contrast, just 9% of retirees interested in an adviser said they want someone who can provide guidance in determining the optimal timing to start taking Social Security.
Among retirees who are considering a financial adviser, the things they want professional help are:
- Advising on an investment strategy for my retirement savings to withstand market volatility: 63%
- Determining how to best draw from investments in retirement: 50%
- Minimizing income taxes in retirement: 47%
- Planning for long-term care expenses: 33%
- Picking out the best Medicare plan and Medicare supplements: 13%
- Determining the optimal timing to start taking Social Security: 9%
How to find the right financial adviser
Choosing the right adviser takes a bit of work. Many people find that out the hard way. They simply choose an adviser based on the advice of a friend of a friend. Or worse, they cross their fingers and choose anyone, hoping for the best.
If that sounds like you — and you are unhappy with your current adviser — you might want to check out our story “5 Signs It’s Time to Fire Your Financial Adviser.”
Money Talks News founder Stacy Johnson cautions that some types of financial advisers are more likely to provide you with objective advice than others. For more on his take, read “How Do I Find a Good Financial Adviser?“