Communicating with a Financial Professional
Be certain your financial professional is asking the right questions.
People generally expect financial professionals to focus on the fiscal side of their clients’ retirement plans. Without a doubt, ensuring clients have adequate savings to continue living comfortably is extremely important, and advisors do their best to help clients attain this security. But a deeper knowledge and understanding of the people they serve can help them provide an even higher level of service.
So let your financial professional get to know you not only professionally, as a client, but on a personal level as well. As a starting point, here are a few important things to share when you meet to talk about your retirement:
Activities – Discuss the activities you plan to participate in most during retirement. Your advisor may assume that golf, social activities and traveling will take up the bulk of your time. While sometimes that’s an accurate prediction, it’s often too simple. If that’s the case, provide a longer list of things you plan to do in the future.
Passion(s) – What did you enjoy most about your life’s work? Perhaps you could find a way to focus on that area in a new arena. Or is there something you have always wished you could do or a cause you’ve always wanted to become involved in? Share any visions you have for personal growth or things you would like to do to make a difference.
Legacy – It’s essential to let your financial professional know what you want to be remembered for. No one enjoys talking about death, but letting your financial professional know what charities or causes you want to benefit will ensure your estate will get distributed as you wish.
As a rule of thumb, you should remember communication is the most important aspect of retirement and estate planning. Express your complete desires to your financial professional, even those you may think are less important. With nothing left unsaid, your financial professional will get to know you better, understand your wishes fully and be better equipped to help you make important financial decisions.
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