This article was authored by Dean Vagnozzi, a 15-year veteran of the financial services business and seasoned financial planner. Dean doesn’t believe in maxing out your 401(k) and paying off your house, but that’s the Dean Vagnozzi method, and it’s a plan that’s proving more beneficial for his customers as he continues to develop and add hundreds of new clients year. We hope you appreciate his wisdom. Without further ado, please welcome Dean Vagnozzi, who is single-handedly transforming the way we see retirement…
Without adequate preparation for retirement, your golden years might be a tragedy. Sadly, far too many individuals are clueless about retirement preparation (see Dean’s view on retirement planning). Many retirement and financial planning specialists offer them with perks and drawbacks that they may not completely comprehend. Years later, too many families find themselves in trouble: they haven’t saved nearly enough, they have enormous tax obligations when they retire, or they don’t know how to access their essential retirement savings.
Today, it is more necessary than ever to plan for the future; but, if you have no clue what you will need when that time arrives, you may struggle. Choosing the appropriate financial adviser may have a significant impact on your financial perspective and future.
Financial Condition of the Advisor
You may have heard the saying, “Never trust a slim chef,” since cooks consume their own meals and, if it’s excellent, will likely be carrying excess weight. The same holds true for your financial advisor: if their financial advise is as excellent as they say, they should be in decent financial health. Examine the status of your financial adviser. You want two things: first, to locate someone who is competent and capable of growing your portfolio, and who has shown this ability; and second, to know that your financial adviser is not relying on your funds to pay his bills.
The Ideal Setting
You will delegate many of your financial choices to your financial adviser. In many instances, you will provide the company access to your accounts and funds. That implies you want a business that is built for success, not one running out of someone’s basement or spare room. Remember a few of things.
Bureaucracy and red tape are undesirable. When you must through a large level of bureaucracy every time you need to access your assets, it might take you longer to make crucial financial decisions, which could eventually set you up for failure.
Look for an established company with the necessary resources for success. You don’t want a company that’s just getting started; instead, go for one with an established investor base. This may result in a more broad platform and, ultimately, greater security for your finances and financial choices.
Find a company whose main loyalty is to its customers. Numerous financial advising firms collaborate directly with large banks and other companies. While this might offer a corporation with a greater financial backing, it also implies that, in many situations, the firm’s first commitment is to these larger firms, even if it results in significant losses or disadvantages for its clients. Instead, search for a company that prioritizes its customers.
Inquire About a Proven Record
Examine the current accounts under administration, obviously with any identifiable information deleted. You want to see what your financial advisers have accomplished for other clients: how they have taken their existing funds and enabled them to increase their assets and portfolios while still achieving their present financial objectives. You don’t need to know every detail of the account, and the company shouldn’t discuss it since it’s private information, but you do want to see that the firm has a successful track record.