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Are You Working With a Retirement Advisor Or An Investment Advisor?

Happy 2018! With the new year comes a time of reflection and refocus. In the financial industry, 2017 brought significant legislative movements toward a unified fiduciary standard for serving clients’ best interests, particularly regarding retirement assets.

In addition to finding a retirement advisor with a fiduciary commitment to serving your best interest, one of the biggest challenges people face as they approach retirement is a lack of coordination through comprehensive financial planning for reaching and sustaining their retirement goals. Coordinating investment, insurance, tax and estate planning needs while also providing the income needed to maintain your lifestyle requires great care and knowledge.

The truth is—the advisor who helped get you to retirement may not be the same advisor equipped to help get you through retirement. So, how do you know if you are working with the right financial professional for the next chapter of your life? One of the biggest signs it may be time for a change is if your financial professional is still focusing on products and returns rather than leading discussions around your more significant questions, such as:
• Will I be able to maintain my lifestyle through retirement?
• How do I preserve my IRA and 401(k) wealth from stock market losses, taxes, fees and penalties?
• How do I minimize taxes to maximize my retirement income?
• How do I efficiently transfer my wealth to my heirs?

Retirement should be some of the best years of your life. You owe it to yourself to find someone committed and equipped to help make that a reality! For more insight on this topic, download our report “10 questions to ask your financial advisor.”

Have retirement questions you’d like to see answered in future articles? Email Info@CRARetire.com.

Christian Cordoba, CFP®, RFC®, CFS, is a CERTIFIED FINANCIAL PLANNERTM, Master Elite IRA Advisor and founder of California Retirement Advisors.