Best Fiduciary Financial Planner in St Petersburg FL
Best Fiduciary Financial Planner in St Petersburg FL
We all have hopes and dreams — dreams that are often dependent on solid retirement plans.
And that’s where a financial advisor comes in.
You may have a good idea of where you want to go in life, and you may have set some financial goals to get there — but as the old saying goes: Without a plan, a goal is just a dream.
What Is An Investment Advisor?
A Registered Investment Advisor (or RIA) offers clients advice and recommendations specifically about investments.
They take the finances you have in long-term savings, and put them to work in the investment strategy best suited for your needs.
Most investment planners do everything from making recommendations on where to invest, to actually buying and selling securities for their client, to everything in-between.
It all depends on what works best for the client’s financial needs and preferences. Some people like to be more hands-on with their investments, while others prefer to leave it to the professionals.
While becoming an RIA doesn’t require any specific training or qualifications, investment advisors must register with the Securities and Exchange Commission (or their respective state’s securities board).
Additionally, they also must comply with the Advisors Act and file reports regularly with both their clients and the authorities.
That transparency is key in building a trusting relationship between planner and client.
Ask questions to learn more about how your investment planner operates, what services they offer, and how they are compensated.
What is a Fiduciary Financial Advisor
A fiduciary financial advisor is one who acts in utmost good faith, in a manner he or she reasonably believes to be in the best interest of the client. As a Registered Investment Advisor, we act as fiduciaries to our clients.
According to a recent survey, 93% of Americans think investment advisors should always be required to act in your best interest. This is the true definition of a fiduciary. Think of how your physician or an attorney or a CPA behave. They always act in your best interest and they’re held to that standard.
Financial Planning and Retirement Planning in Saint Petersburg Florida
The demographics of retirement and a ‘retired person’ is rapidly changing worldwide.
Over the past 200 years, there have been remarkable changes in health and wealth around the globe. Now, there is a converging demographic between countries, thanks to world aid and trade, and technology. Human life expectancy is increasing; in just the United States, thirty years have been added to our life expectancy over the past 100 years.
Retirement is no longer viewed as winding down one’s life like it was in the 1950’s. Today’s pre-retirees are making plans for their second phase of life. According to Age Wave, the nation’s foremost thought leader on issues relating to an aging population, today’s pre-retirees view retirement as an ‘Aspirational Life Stage’:
- 20% plan to ‘wind down.’
- 23% plan to continue working at least part-time.
- 57% think retirement will open a whole new chapter in life as they reset their expectations and priorities and plan for their future.
This same study reveals that during retirement, personal well-being, contentment, fun, and happiness increase and anxiety decreases. The top objectives of pre-retirees include:
- Refocusing on relationships with family and friends
- Finding an ‘encore’ job
- Continue learning (many intend to take classes or obtain another degree)
- Improving their health and fitness
- Rediscovering hobbies
- Enjoying liberated leisure
- Living with purpose and giving back to others and society
The good news is that humans are living longer and that all of the above objectives are possible in retirement for those that plan, have good health, and the financial resources when they retire.
The ‘Boomer Generation’ has the greatest outlook for long life, since they will outlive previous generations by almost 40%, compared to their great-grandparent’s generation.
How Financial Professionals can help you : Best Fiduciary Financial Planner in St Petersburg FL
The bad news is that having regular employment, good health, and the premature depletion of retirement assets can deter anyone’s retirement plan. Regardless of intentions to retire at a later age compared to previous generations (age 69 or into their 70’s), unplanned events continue to contribute to earlier retirement, despite even the best retirement planning. The pre-retirement generation faces circumstances that many of them didn’t anticipate:
- Increased Longevity: Living longer but with growing healthcare costs for supplemental insurance outside of Medicare.
- Economic Instability: A rocky economy and volatile stock market as they enter retirement or while accumulating retirement assets.
- Failing to Plan or Lack of a Plan: Not saving enough to offset the disappearance of pension payments for their entire life. 42% with no retirement savings, and 38% have less than $100,000 in retirement savings.
Financial professionals can help Americans ‘get on the right track’ when they ‘advise’ and align clients’ expectations with realities. This same research reveals that financial professionals shouldn’t only offer ‘Retirement Plan A’ that intends to cover thirty years or more, but address that clients may need to resort to ‘Plan B.’
A financial advisor’s job is to additionally provide clients with an adjusted contingency plan full of options. If you’re in need of financial planning with a contingency plan, now is an excellent time to plan for ‘Plan B’ before you enter retirement – and we are here to help.
How To Choose A Financial Advisor
Not all financial representatives are bound by the same rules.
About 83% of advisors follow the suitability standard, which allows them to promote their own company’s investment products—while earning a commission on what they sell—provided the investments are suitable for their clients’ goals. By contrast, says Matt, he and other Registered Investment Advisors (RIAs) are required under the fiduciary standard to put clients’ best interests ahead of their own.
Three questions to ask yourself:
- Am I getting clarity or confusion out of our conversations?
- Do the investment options in front of me feel relevant to my personal situation?
- Is my advisor proactively working to guide me through the various stages in my financial life?
What should happen before you invest any money?
Before you invest, before you invest any money, what should happen in that relationship and that discussion, what should take place?
As an advisor and a wealth manager, we wouldn’t dream of building a portfolio or providing investment advice until we really understood a client’s situation.
We use the example of a contractor who wouldn’t dream of starting to build your house until he had a detailed set of plans to work from.
Now, a word of warning here, make sure you put your guard up if you’re talking with an advisor and one of the first things they start to reference is an investment product.
If they go right to features and benefits, it’s likely they’re not going deep enough into your own financial situation to ensure you really got the right solution in front of you.
How should an investor evaluate their advisor and the advice that they’re receiving?
First of all ask like three questions.
The first one, am I getting clarity from my conversations with my advisor? After leaving a meeting, I don’t think you should be confused.
The second question that’s good to ask is are you getting good insight about the various options in front of you? Your advice should be cutting-edge. It should be applicable to your personal situation.
And the third question that’s good to ask is my advisor in regular partnership with me? Meetings, proactive contact, help guide you through the ages and stages of life that you’ll inevitably face. This accountability on both sides of a relationship is so critical.
Mintco Financial Fiduciary Financial Planning in St Petersburg Florida
We’re different than simply an investment advisor. They focus mainly on the market and a response to them. We at Mintco Financial focus on all aspects of your financial life including the markets.
Contact us for your first meeting or drop us a line.
Email us firstname.lastname@example.org