When it comes to human behavior, there is a long list of things that never seem to change. Among the top 10 is our deep reluctance to admit that we sometimes need help. The crazy thing about it is that this reluctance only comes into play when it concerns the areas of our lives that are most important. A Sunday afternoon duffer will move heaven and earth to get tips from some “Tiger Woods Wanna Be” on how to shave a few strokes off his game. Yet the same man often must be dragged kicking and screaming to the doctor for a check up. Quite likely he would be equally reluctant to seek professional help if he is unsure about how to handle his retirement savings, i.e., about how to create an income stream that will last throughout his retirement years.

 If you have questions (and most retirees do) about finding reliable help in this area, then read on.

In my experience as a financial advisor I have run into all kinds of investors. Some like a more conservative approach, some more aggressive, some only invest when there’s a full moon and the stars are aligned with Venus. Thus I have grown to understand that there is no one way to pick a financial advisor or one investment plan that will fit all types of investor personalities.

 Advisors come in many different shapes and sizes and carry different titles and educational backgrounds. I have in my carrier come across everyone one of them and believe me there are good and bad everywhere.

First, decide exactly what kind of advice you are seeking.  Perhaps all you want is someone who can give you an educated second opinion on a recent investment decision. If, however, you are looking for a firm or individual to provide you with on-going, long term investment advice to help you achieve your financial goals, you will need to do some real research. This decision is too important to be treated lightly. Your aunt’s sister’s brother-in-law may have worked for Merrill Lynch for 30 years, but that doesn’t make him an expert on what you need to ensure your financial future.

Get detailed information on background, qualifications, and efforts to keep abreast of changes and developments in the field. Ask as many questions as you feel are necessary. The best planners and money managers welcome questions, as a sign of your knowledge and willingness to work closely with them. Don’t forget to ask about certifications for those who will be working directly with you.

Pay particular attention to the level of experience of the person or firm. Ask how long the planner has been in practice. Ask about experience in retirement planning, the number and types of firms with which he has been associated, and how that experience relates to his or her current practice. Ask about the planner’s experience (or the experience of the firm) in dealing with retirees and other clients whose financial situation is similar to yours. 

 There is no substitute for experience when it comes to the financial markets. When finding an advisor to assist you, it’s best to pick someone who’s been around the block a few times.