What You Deserve In Retirement

In contrast to the divided world we live in, one thing that’s easy to agree on is that the standard services a financial advisor provides are, well… far from standardized.  Services offered by advisors are truly, “all over the map”.

I could imagine new home construction in the 1900s before building codes.  Every home builder would do something different in the absence of a minimum standard.  You would likely end up with a house, but it may be of questionable quality.

The financial advisory world is in the 1900s.  Yes, you can hire an advisor. Yes, you can get advice.  But no, there is no standard set of services a client should expect. So let’s set a standard right here and now.  This is especially important for those in the later stages of retirement planning.

Here are the things you absolutely need from an advisor:  

 

You need a simple explanation on how your advisor is compensated.   

Of course an advisor will be compensated for his/her ongoing retirement management services but none of the expenses you pay should ever be complicated nor undisclosed.

Quality advisors are paid in straightforward ways and, importantly, don’t have conflicts of interest. Make sure your advisor’s compensation structure is clear and simple enough to explain to your spouse.

 

You need clear financial explanations from your advisor.  

Asset allocation, tax-deferred, total return, real return, equity, fixed income, risk tolerance, ETF’s, asset segmentation, factor investing, indexing, bond ladder, Russel 3000,  growth vs value, etc…

You don’t want an advisor that batters you with financial jargon.  You need an expert in retirement planning and management to guide you while also explaining things in terms you can understand.

 

You need an straightforward report that measures your progress against your retirement plan.  

No, performance isn’t the only thing when it comes to a successful retirement but unless you know how you are doing against the plans you’ve created, how can you judge if you are getting good value or making the appropriate progress?  

 

You need to know how your investments are performing versus appropriate benchmarks and your retirement plan.

 

So if you agree that you need those things, let me go one step farther and say you deserve these things.  Say it out loud.  You owe it to yourself.

 

“I deserve a fee structure I can explain to my spouse or friends.”

“I deserve explanations from my advisor that I can understand.”

“I need a simple report so I can understand my progress vs my plan.”

 

Now, as you know, this isn’t a comprehensive list of things you need from an advisor.  But without this as a basic foundation, how will you remain confident in retirement?

Now, at least, you know what you deserve.

Please Note:  Speak to your tax, legal or financial advisor for specific advice about your particular plans and situation.

John Bubello Retirement Financial Advisor

John R. Bubello CFP®

I specialize in Retirement Planning & Investment Management.

My clients worry less, maximize their money, avoid mistakes and retire with clarity and confidence.

The Retirement Income Blog

Advice and perspective for the soon-to-be-retiree

Creating a retirement plan requires making some complicated decisions about our financial lives.

But complicated doesn’t have to mean confusing

My goal is to break down key decisions and concepts, frame them in the context of your retirement, and help you make smart, confident decisions about your retirement.

Because you only retire once.

A Personal CFO for Your Retirement

It’s understandable that people are confused on how they benefit from working with a financial advisor.  Some advisors pick stocks or mutual funds. Others sell products like annuities or insurance.      Some advisors do much, much more.   I work as my client’s...

read more

How To Work With John

I specialize in retirement, and I work with clients as they prepare for, transition into, and enjoy their retirement. There are many ways to work with a financial advisor and to prepare for your retirement, so I wanted to explain the specific services I provide and...

read more

Make no assumptions. Instead “Think Again”.

During a never ending flow of outsized opinions...where opinion is news and the news is opinion, “Make no assumptions” may be the timeliest advice of all.    Political beliefs.  Life choices.  Retirement financial decisions.   For this reason a conversation...

read more