I am 56 and looking for advice about retirement planning and investment planning, including tools like annuities, longevity insurance/long-term care insurance. How do I find advice that is not based on what an adviser is selling?
“To plan a confident retirement I suggest you should interview two or three financial planner/advisers,” said FPA member Gary Jurden, CFP®. “You mentioned annuities and long-term care insurance, both products that I use with clients and believe in. When interviewing a financial planner, product sales should be low on the list of recommendations. The financial planner should explain how they work and any fees they would charge. Look for someone who will do financial planning first to find out where you are in terms of readiness for retirement. Then based on the plan, a number of products should be discussed so that you can make an informed decision on which recommendation you should go with.
“Also in interviewing financial planners, find out their history and education in financial planning. By asking questions in the interview, you should be able to make a good decision on who to work with. You will hopefully be establishing a relationship with someone to guide you into and through retirement.”