What Should You Do When Your Financial Advisor Retires?

People retire all the time and it is all but natural for one generation of people to pass and give the reigns of their industry to the next generation. The same is the case with your financial advisor. The problem occurs when your financial advisor is close to your age and retires just when you need them the most.

This is the time of your own retirement when you have to take important financial decisions. Here are a few of the steps that you may take if you find yourself stuck in this unfortunate situation:

Discuss Succession Beforehand

Most problems occur because you neither your advisor have given a head to the thought of problems at the time of retirement. Always ensure that you ask your financial advisor about their plans to retire. You can then ask them to plan your retirement as well if you are comfortable with them and would find it difficult to work with a new financial advisor.
Create Long Term Retirement Plans

You need to always create long term retirement plans and only try to perform small changes in the plan when you actually retire. This way you will ensure that you are not suddenly surprised by the retirement of your financial advisor. If you have learned about the retirement of your financial advisor, then you should finalise the retirement plan before the actual retirement takes place. There can be a time though where you may have failed to learn about the intermittent retirement of your financial advisor which will truly put you in hot waters.

Turning to an Internal Team

If you are working in a large organisation then it must house financial experts as well. If your personal advisor has retired now and you have no clue about arranging your future finances, then it is best to employ the help of the internal team which is available at your workplace. Sometimes, your advisor may also inform you about a team that they had trained with their accounts for clients.

You should not necessarily appoint them as your future advisors, but take their help in order to understand if they can sufficiently cover your needs of financial advice or not. Most times, the members of this team may have worked as assistants to your financial advisor and already involved with maintaining your policies. You will be able to easily revert to them if that is the case.

Assessing Your Future Needs

The retirement of your financial advisor is the right time for you to once again take a look at your retirement plans and alter them if you find that you are in a different financial position than the one in the past when you planned your financial aspects.

You may often find that you are in a different economic condition and this may prompt you to alter your own retirement plans as well. You should perform a true assessment of your position with help from your retiring advisor or a team appointed by the advisor.

These are a few steps that you can take if your financial advisor retires and you are suddenly made to take an important financial decision.

Laura Wilson

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