Whether you’re just starting your professional career or nearing the end, you must consider how you will prepare for retirement. After all, investing in your retirement is one important decision you’ll make in your adult life — it’s not something you want to mess up.
Therefore, a quality investment professional is critical for long-term financial planning. Choosing a financial advisor is almost as important as a company choosing an excellent chief financial officer. What makes a good advisor? How can you find a trustworthy retirement investment professional in Texas?
What is a Retirement Investment Professional?
A retirement advisor, or retirement investment professional, is a financial advisor who helps clients prepare for retirement. They help clients think through all aspects of retirement income planning, including tax, insurance, and investment management.
Not all retirement investment professionals are the same, though. Some focus more on wealth accumulation for individuals who have 15 or more years before retirement. In contrast, others hone in on clients working on their retirement income planning at the end of their professional careers.
These professionals can also carry one of several professional designations. Usually, these titles help distinguish retirement investment professionals’ expertise and specializations.
Some standard credentials include the following:
- Certified Financial Planner (CFP)
- Certified Retirement Financial Advisor (CRFA)
- Retirement Management Advisor (RMA)
- Retirement Income Certified Professional (RICP)
In Texas, retirement advisors must earn at least a bachelor’s degree before taking the CFP exam. They must also complete 6,000 experience hours in financial planning (or a 4,000 -hour apprenticeship) within five years of completing the exam to earn their certification. This makes it easier to trust retirement investment professionals in Texas who have earned their CFP certificate — their experience speaks for itself.
What Retirement Advisors Do
Retirement investment advisors are equipped to help people set and meet their financial goals for retirement. They can help you determine your priorities and desires for retirement so you can plan accordingly with your retirement investments. Then, as you get closer to retirement, they can help you focus on your long-term goals so you can enjoy retirement without worrying about your finances.
Although the exact services a retirement investment professional provides can vary, they generally do the following:
- Help you determine your savings goals for retirement
- Guide you on action steps you must take to achieve your retirement financial goals
- Pinpoint gaps in your plan for retirement savings
- Provide advice on maximizing tax-advantaged accounts, like IRA or 401K funds
- Find ways for you to pay down debt before retirement
- Recommend asset allocations that balance rewards with risk
- Provide information about products that can help you preserve your retirement income
Additionally, retirement advisors can help you plan for the impact of retirement withdrawals on your taxes so you can factor that into your financial planning. They will also help you determine where your social security income will fit into your overall retirement plans.
Why Do I Need a Retirement Investment Professional?
Managing investments and retirement funds is complicated. It requires extensive knowledge in many areas related to personal finance, savings accounts, and speculative investing. Only some have that level of expertise. Therefore, you may need to gain the appropriate skills and knowledge to allocate funds.
Even if you have background knowledge in retirement investments, you need to remove yourself from the situation to think things through rationally. Many people become emotionally invested in their money, and rightfully so. However, if you want to plan appropriately for your retirement, you need to remove emotions from the equation and think about the situation from a logical perspective.
A financial advisor can objectively assess your current retirement plan and determine whether your savings strategy will meet your future goals. They can also review your investments and help you decide which assets need to be changed or updated. A skilled advisor will also help you see what’s realistic and will prioritize everything based on what’s most important to you.
How Do I Find a Reputable Investment Advisor in Texas?
Although it is crucial to understand what retirement advisors do, it’s just as important to know how to select the best option for you. With so many retirement investment professionals in Texas, finding one you can trust may feel like hunting for a needle in a haystack. However, there are numerous things you can do to guarantee you find a reputable investment advisor in Texas.
Determine What You Need
Before you even begin vetting possible retirement advisors in your area, you must determine what you truly need from a financial planner. This will help ensure your money is invested wisely and all your questions are answered.
For example, certified public accountants (CPAs) are great at tax preparation but may have less to offer regarding retirement investments. Similarly, some advisors, such as Chartered Financial Consultants, complete many of the same coursework as other professionals. Yet, their credential only requires a limited amount of testing like that of a Certified Financial Planner.
Understanding the nuances of each professional’s job and credentials can help determine which type of retirement advisor will best meet your needs.
Ask People You Trust for Recommendations
Once you know the type of retirement investment professional you need, you can start researching possible options in your area. Google can be helpful with this. However, asking people you know and trust can be even better.
There are lots of people you can ask for recommendations from. You can ask colleagues at work, family members who live locally, or even close friends. Just make sure you trust the opinions of anyone you request, and follow some of the other steps we’ve outlined to make sure you select the best fit.
Evaluate Their Credentials and History
After narrowing your search to a few professionals, you can evaluate them more in-depth. You will want to first look at the specific credentials listed with their name to determine what services they offer and how much training they need to start. Consider how many years of experience they have and what they have accomplished during that time.
Their credentials aren’t the only piece of the puzzle, though — you must also look at their history in the industry.
To do this, you can use the FIRNA broker check site to look at what blemishes they have on their record. If they have just one or two minor complaints, it probably isn’t an indication of an issue. However, if they have significant flags on their record for being dishonest or mismanaging funds, you will want to consider this.
Ask the Right Questions
At this point, you’ve probably narrowed down the list of retirement investment professionals in Texas from a large number to just a few reputable advisors. So, how do you decide who you will trust in your future? You ask them questions to determine which would be the best fit.
You can ask them about their strengths and weaknesses and their direct experience. Sometimes even the best retirement investors on paper aren’t the best fit for everyone, which is essential to remember. By asking them questions about their experience with similar accounts and their approach to investing, you’ll see if this person is truly a great fit for what you hope to achieve.
Also, you can ask them about their level of communication. Will they meet with you regularly to discuss your accounts and recommend changes to meet your overall goals? How flexible is their schedule? Will they keep an eye on your accounts even if they aren’t scheduled to meet with you for quite some time? How will they communicate with you? Knowing this information will help you determine if this is someone you can work with.
Outlook Wealth Advisors: Quality Retirement Investment Professionals in Texas
Are you looking for trustworthy retirement investment professionals in Texas? Look no further than Outlook Wealth Advisors. Their primary goal is to help you preserve and protect your assets so you can enjoy the golden years of your dreams. Outlook Wealth Advisors will provide you with a thorough plan for your retirement along with ongoing guidance so you can hold onto your hard-earned money during your golden years.
Outlook Wealth Advisors can help you with retirement income strategy planning, investing and wealth management, asset protection, and estate preservation. The team has over 25 years of experience giving people the tools and services they need to save for retirement. The team is also comprised of retirement investment professionals with the credentials to back up their skills.
Your retirement planning is essential and shouldn’t be left up to anyone. You can feel confident that your dream retirement is waiting for you if you trust the Outlook Wealth Advisors team. They’re ready and willing to help you accomplish your goals, no matter how big or distant they seem.
