Description: Senior financial advisors are professionals who are dedicated to
achieving financial security for their client's retirement. They strive to achieve this
goal through strategic financial management of a senior's income and assets. In
their role as retirement planners, they assess the elder's needs and objectives, and
evaluate the long-term adequacy of their present financial situation to meet their
future goals. If determined inadequate, they work with the client to a find a more
suitable long-term plan and develop an investment portfolio to accommodate this
plan. They also address the burden of estate taxes, in an effort to reduce them, and
accentuate the over-all long-term financial benefit. Furthermore financial advisors
assist seniors with getting money out of their homes through reverse mortgages and
cash from their life insurance policies.
Selecting: Similar principles apply to selecting this type of professional consultant as
to that of an Elder law Attorney. The areas of expertise that are provided by these
two professionals may at times overlap, however certain financial issues may be
better tackled by a retirement planner. Ask questions pertaining to your personal
financial situation, in addition to "How many years of experience do you have
working with seniors?" and "What percentage of your time is devoted to retirement
planning?" It is important that you are comfortable talking with this professional and
it might be appropriate in order to build trust and confidence that you ask to speak
with some former clients.
Benefits: At a time when income from working is concluded, and retirement has
finally arrived, it is even more important to have a financial advisor strategically
manage your income and assets. The advantages of hiring a senior financial advisor
are to determine the best long-term retirement plan for you and maximize your
financial strength through developing a suitable investment portfolio.
Fees: The fees vary widely and as with Elder Law attorneys there are different
methods of payment required by the consultant. Some charge by the hour, others
may charge a flat fee, and many also receive commissions or percentages.
Whatever fee plan that is arranged with your financial advisor, it is important to ask
for the arrangement in writing.
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