How To Find A Personal Financial Advisor for Seniors

Achieving money is one thing, but managing one’s personal finances is a very different challenge. After making money, a lot of our capital gets spent on taxes and debts, along with other aspects we cannot control such as medical bills and prescriptions. In old age, a number of these debts need to be paid alongside other financial requirements.

As seniors age, their willingness and knowledge regarding their assets appear to fall by the wayside. After a while, family members are often enlisted to secure and manage their money. In some cases, this can be helpful. You don’t have to pay your family members, however, if you are not equipped in personal finance and money management, you may not be able to provide the best results.

Therefore, you should enlist the aid of a professional Personal Financial Advisor. However, a more pressing task occurs concerning the manner in which you can acquire a financial advisor. There are a variety of options nowadays, yet finding a personal finance professional to help you can often feel like attempting to find a needle in a haystack. No reason to worry. The process is rather easy. Hence, here are a few tips to help you find an advisor for you.

Consult Your Friend-Group or Referrals

As a senior, it is likely you have a number of friends and family members who are actively seeking or have sought aid from a Personal Financial Advisor. In order to find the best advisor for you, consult with these individuals.

Ask about their experience and attain any referrals they might be able to provide. From your friends and referrals, you should be able to come up with a list of prospective advisors to choose from.

If you trust their opinion, their hands-on experience will be able to provide you with a better idea of the process. You should ask about how your prospective advisor worked, their benefits and short-comings. From this perspective, you may be able to achieve a better understanding of which advisor will be able to help you.

Referrals are the easiest way to find people. As you were referred to this individual, the person who referred you to them may also gain benefits from the referral – a win/win for everyone involved.

Conduct a Basic Search

If you don’t have access to referrals or if you do not know anyone that might have used a financial advisor in the past, you can conduct a simple internet search. Using popular search engines, you can find a plethora of advisors in your area. From these results, you can create a shortlist of preferred advisors.

A number of these results also depict accredited companies. From there, you can view their website and acquire their contact information to talk further. There is also a chance these companies may even provide a free consultation, but you won’t know unless you ask.

Conversely, you might be able to acquire professional help from flyers and posters around the area. Look out for these advertisements. Unfortunately, you cannot always trust the professionalism of companies that distribute their services through flyers. It becomes much harder to verify and rate services that are not online. Furthermore, their lack of representation online might pose as a red flag. A business without a website doesn’t infuse the consumer with a sense of security. If you don’t feel secure doing business with such a company, do not inquire further.

It might benefit you to ask around your local community regarding potential money management services. Conducting such an inquiry may not garner the best results, especially from potential thieves posing as financial professionals, therefore, your due-diligence in this sphere will improve the likelihood of finding a great advisor.

An internet search is always the best way to go. Search engines are easy to use and provide a wide range of viable advisors.

Interview Prospective Advisors

Lastly, after creating a thorough shortlist and removing adverse or incompetent people from your list, you should conduct interviews with your selected professional and experienced advisors.

During these interviews, you should get a feel for the person while envisioning a potential relationship with them. You will be working in close proximity to this person. If you feel you cannot trust them, do not give them access to your funds. You need to be able to trust your advisor.

Likewise, you should ensure your prospective advisor is fiduciary. Fiduciaries are professionals who are legally required to work in the best interest of the client. While a non-fiduciary advisor may not propel you into adverse situations, they may suggest products or services that may benefit them in the long-run. To ensure your proposed Personal Financial Advisor is fiduciary, conduct a NAPFA search or create your shortlist based on advisors who require a fee-only.

Finally, inquire about their experience. The more experienced the individual is, the more likely you will achieve the best results. Furthermore, the experience will also provide better efficiency and effectiveness in your results. By doing business with an experienced professional, you will be saving yourself from issues further down the line.

Financial Security is not guaranteed and even harder to maintain in old age. Starting early with an advisor will help you to establish systems and budget to help you pay your debts on time while ensuring excess capital for a rainy day. An advisor may also help you invest your resources in order to get the most out of life. By adhering to these tips, you are enabling yourself to see the fruits of your success.

If you are looking for help in this department or simply looking for a place to start, contact the professionals at The Seniors’ Answer. They are committed to answering your questions about senior care and they are dedicated to providing personal life management and assistance to senior citizens in the South Florida area.

The Seniors’ Answer serves as a one-stop shop for all your needs. Growing old is a beautiful process, and The Seniors’ Answer provides the best and most effective aid whenever you need them. Choose The Seniors’ Answer as your ally for all your endeavors.