How Do You Choose a Retirement Planning Adviser?


Quick Answer

Choose a certified retirement planning adviser with proven credentials, advises CNN Money. Ask colleagues and friends for references, or search for planning advisers through the Financial Planning Association. Once you have some possibilities, interview a number of advisers, asking them questions about their process and fees.

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How Do You Choose a Retirement Planning Adviser?
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Full Answer

Although there are many possible credentials that retirement planning advisers may have, choose an adviser with credentials that take significant expertise and time to earn, such as the certified financial planner, chartered financial analyst or personal financial specialist certifications, reports CNN Money. For instance, a certified financial planner, or CFP, must complete a two-year certification course and remain up-to-date by fulfilling continuing education requirements, adds Suze Orman. Distrust retirement planning advisers that cold call you and attempt to solicit you as a client, as successful advisers have clients contact them.

When interviewing potential advisers, ask them how they are paid, cautions Suze Orman. Compensate them by fee only and not by commissions on investments the adviser makes on your behalf, as otherwise there is a conflict of interest. A quality retirement planning adviser is interested not only in the amount of money you have to invest but also in your health, your debts, your insurance needs and your responsibilities to dependents.

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