November 2022
BBK Wealth


Unsuccessful people make decisions based on their current situation; successful people make decisions based on where they want to be...

Retirement Plan Financial Advice

Is a Financial Advisor Worth it in Retirement?

Working with a financial advisor is a commitment that not only requires your time but also your money. You may be wondering if paying a financial advisor is the right choice and if it’ll be worth the investment – especially in retirement when your income is about to DROP.

If you’re on the fence about teaming up with a financial advisor, it’s important to consider where you are now and where you want your money to be in the near future. A financial advisor can walk you through complicated financial scenarios or give you investment advice. Here’s how to decide if working with one is the right choice for you.

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What do financial advisors do?

How can they help me in retirement?

A financial advisor in the most general of terms is a professional that works closely with clients to determine their financial goals, as well as help them create a plan to reach their goals. On a daily basis, these professionals can help you with various financial decisions, including creating an investment plan for retirement, saving money to buy a home or investing in a business.

It’s important to note that a financial advisor is not the same as a financial planner. While financial planners offer similar services and advice, advisors usually work on a short-term basis and provide advice on specific financial investments and products.  If you lead with thoughts and concerns about performance – this is the right place to be.

Conversely, financial planners typically work with clients on a long-term basis and take the approach of improving your entire financial life, not just specific aspects of it.  If you lead with thoughts about long term concerns – this is the place for you.

Be sure to understand if the financial professional you want to work with is an advisor or planner before employing their services.

As you prepare for retirement, identify what you want help with most.  If you need advice on choosing investments suitable for your age and risk tolerance – any advisor can help you.  Be aware of commissions!  They silently can destroy your retirement.  I prefer liquid and low cost investments.

Don’t be short sighted – plan for where you want to be.  Investment selection works consistently better when it is one of the last steps in retirement planning.  Focus on your financial purpose – 

Do I even NEED a Financial Advisor

Retirement Plan Financial Advice

Should I hire an advisor or go it alone?

Just about anyone can benefit from working with a financial advisor. The people who benefit the most are typically people who aren’t comfortable making financial decisions on their own or need help navigating a specific investment decision.

If you’re going through a major life event, you may be better suited to work with a financial planner. Major life events can include purchasing a home, nearing retirement, managing credit card debt, paying off student loans, saving for college or something as simple as creating a budget.

BBK Wealth has no minimums and both investment management and planning options available

Are Financial Advisors Worth It?

Not Always

If you’re having a hard time making financial decisions on your own or aren’t sure where to start with your planning adventure, working with a financial advisor may be worth the time and money.

However, if you’re already on a solid financial path, you might not benefit much from teaming up with a financial advisor. For example, if you already follow a retirement plan or don’t have a significant amount of debt to pay off, then you may not need expert advice.  You may benefit more from a few hours sitting down with an expert.

When you decide to work with a financial advisor, it’s important to find one that aligns with your money principles and philosophy. For example, if you strive to be an ethical investor, you’ll want to pick an advisor who has knowledge of ethical investing and will be able to tailor your portfolio to these specific needs. You should also work with a financial advisor who won’t push you to work toward your financial goals faster than you’re comfortable with.

I personally strive each day to remove urgency from financial planning.  Life is long….

Whether or not a financial advisor will be worth your money depends on your specific situation and the financial advisor you choose to team up with. If they align with your goals, listen to your needs and act in your best interests, they will most likely be a good financial investment.  If you work with BBK – it will be great!

Retire Now with BBK Wealth

Retirement, especially now, is tough.  Let us lend you a guiding hand.

We provide complete, rapid and uncompromising support when you need it and will help you identify all the sources of income and related tax savings.

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