This article should not replace the advice of a professional.
Life after 60 often brings new financial questions. Retirement may be near—or already here. You may be thinking about how long your savings will last, how to make the most of Social Security, or how to leave a legacy for your loved ones.
A good financial planner can make all the difference. But how do you choose the right one?
Here are the key things to look for:
1. Experience with Retirement Planning
Not every financial advisor specializes in the needs of people in or near retirement. Look for someone who regularly works with clients your age. They should understand topics like required minimum distributions (RMDs), tax-efficient withdrawal strategies, Medicare, and estate planning.
2. Clear Credentials
Financial planners may hold designations like:
- CFP® (Certified Financial Planner): Often considered the gold standard.
- CPA (Certified Public Accountant): Useful if you have complex tax needs.
- ChFC (Chartered Financial Consultant): Focuses on comprehensive financial planning.
These show a commitment to training, ethical standards, and continuing education.
3. Fiduciary Duty
This is a big one. A fiduciary is legally required to put your best interests ahead of their own. Not all financial advisors operate under this rule. Ask directly: “Are you always acting as a fiduciary?” A trustworthy planner will answer yes without hesitation.
4. Transparent Fees
Advisors are paid in different ways:
- Fee-only: They charge a flat fee, hourly rate, or a percentage of assets managed. No commissions.
- Fee-based or commission-based: They may earn money from selling products.
Many people over 60 prefer fee-only advisors, since it reduces conflicts of interest. Always ask: “How do you get paid?”
5. Comfortable Communication
You want someone who explains things in plain English—not jargon. A good planner should be patient, a good listener, and open to questions. After all, this is your money and your future.
6. Comprehensive Approach
Finances in retirement touch many areas: investments, taxes, insurance, health care, and estate planning. Look for someone who sees the big picture, not just investment returns.
7. Compatibility and Trust
This is personal. You should feel comfortable sharing your hopes, concerns, and even fears. If something feels “off,” it’s okay to keep looking. A strong relationship with your planner can last decades.
Final Thoughts
Choosing a financial planner isn’t just about numbers—it’s about peace of mind. Ask questions, take notes, and don’t rush the process. The right advisor will help you feel secure, informed, and confident about your future.
