4 Reasons Why Wealthy Pre-Retirees Need a Fiduciary

Common misconceptions about fiduciary advisors often revolve around concerns about fees or the assumption that every financial professional operates under a fiduciary standard. However, it’s important to recognize that not all fiduciaries are alike.

For wealthy pre-retirees, securing your financial future requires more than just smart investing—it demands comprehensive planning and guidance. Partnering with a fiduciary advisor can enhance your financial security and provide peace of mind, knowing that your retirement plan is in capable hands.

Here are four compelling reasons why partnering with a fiduciary advisor is crucial for pre-retirees.

1. A Fiduciary Prioritizes Your Best Interests 

A fiduciary advisor is a financial professional legally obligated to act in their client’s best interests. Unlike brokers, who may recommend products that earn them commissions, fiduciaries must provide unbiased advice to clients concerning financial planning. Their commitment to prioritizing their clients sets a fiduciary advisor apart from other financial professionals. When seeking guidance, wealthy individuals turn to financial advisors at a much higher rate.

In fact, 70% of millionaires work with a financial advisor, compared to just 37% of the general population. Moreover, over half (53%) of wealthy individuals consider their financial advisors their most trusted source of financial advice. This level of trust and integrity is particularly reassuring when navigating the intricate landscape of retirement planning. This commitment helps ensure that your financial goals are the top priority in every recommendation and strategy they provide.

One of the key advantages of working with a fiduciary advisor is their personalized approach. They invest time in comprehensively understanding your financial situation, goals, and concerns. If you’re approaching retirement, a fiduciary advisor can help craft a retirement plan that reflects your wealth management and goals.

2. Fiduciaries Help You Stay on Track

Sticking to a well-crafted investment plan becomes critical as retirement approaches, especially for wealthy pre-retirees. A fiduciary advisor assists in developing and maintaining a disciplined investment strategy tailored to your specific retirement goals and financial situation. These financial professionals provide ongoing monitoring and adjustments to your portfolio to ensure it remains aligned with your long-term goals, considering shifts in market conditions and personal circumstances.

For affluent individuals nearing retirement, the stakes are higher, and the complexity of managing substantial assets can be daunting. A fiduciary advisor helps mitigate these challenges by offering a proactive retirement strategy, keeping you focused, and avoiding common investment mistakes. By continuously evaluating and fine-tuning your investment plan, a fiduciary advisor navigates the intricacies of the market, aiming to optimize your financial outcomes and secure your wealth as you approach retirement.

3. They Do More Than Just Investment Management 

While investment management is a significant aspect of their role, fiduciary advisors offer a broader range of comprehensive services that address all areas of a wealthy pre-retirees financial life. This includes:

• Retirement planning: Creating strategies to help provide a steady income stream throughout retirement. This includes creating a plan that balances investments, savings, and withdrawals to help sustain your desired lifestyle.
• Estate planning: Protecting your assets and distributing them according to your wishes in the most tax-efficient manner. This involves drafting wills, setting up trusts, designating beneficiaries, and planning for potential estate taxes to help ensure your loved ones are cared for.
• Tax planning: Wealthy individuals often face complex tax situations. Fiduciary advisors can provide sophisticated tax planning strategies to minimize liabilities and maximize after-tax returns, keeping you compliant with evolving tax laws.
• Risk Management: Protecting your wealth involves more than just diversifying investments. Fiduciary advisors assess and manage risks through insurance solutions, asset protection strategies, and contingency planning to protect against unforeseen events.
• Lifestyle Management: Fiduciary advisors work with you to integrate your lifestyle aspirations and legacy goals into your financial plan. Whether it’s funding education for grandchildren or supporting causes you care about, they help ensure these objectives are part of your overall financial strategy.

By offering comprehensive services, fiduciary advisors provide holistic financial guidance that goes beyond investment management. This helps wealthy pre-retirees in navigating their financial landscape, helping them achieve their long-term goals.

4. They Help You Save Time and Reduce Stress

Managing a substantial portfolio and planning for retirement can be both time-consuming and stressful. Financial markets are volatile, and emotions can lead to poor investment decisions. A fiduciary advisor provides rational advice to help you avoid panic selling during downturns or impulsive buying during upswings. They can also help ensure decisions align with your long-term goals, not short-term market fluctuations. By handling everything from monitoring investments to staying updated on financial regulations, a fiduciary advisor saves you time and provides peace of mind, knowing your finances are expertly managed.

What to Expect When You Meet with a Fiduciary Advisor 

When you meet with a fiduciary advisor, you can expect a thorough and personalized approach to your financial planning. For over 30 years, Agemy Financial Strategies has helped clients plan and prepare for retirement. Our fiduciaries offer comprehensive financial services to help educate clients on the best options for meeting their financial needs.

Here are just a few of our customized retirement planning services so our clients can get sound advice and gain knowledge in the following areas:

• Goal Setting: We will help you establish clear and attainable retirement goals, crafting a personalized financial blueprint to realize your retirement lifestyle aspirations.
• Risk Assessment: Identifying potential financial risks is the cornerstone of our approach. We’ll work with you to develop sound strategies that not only identify these risks but also help mitigate them.
• Portfolio Management: Our experience extends to implementing and managing a diversified investment portfolio meticulously aligned with your long-term objectives and risk tolerance.
• Regular Reviews: Financial landscapes are ever-changing. That’s why we’re committed to consistently monitoring and fine-tuning your financial plan to help ensure it remains in harmony with your evolving circumstances.

We understand that retirement planning looks different for each individual, and with that in mind, we carefully craft your plan to meet your specific needs. For a complete list of our service offerings, see here.

Final Thoughts

Choosing to partner with a fiduciary advisor is especially beneficial for wealthy pre-retirees. Fiduciaries offer knowledge in managing complex financial situations and navigating retirement planning intricacies.

By working with the fiduciary advisors at Agemy Financial Strategies, you can access personalized guidance to align your investment strategy with your retirement goals. Our commitment extends beyond financial management; we focus on reducing stress, saving time, and helping ensure your financial future remains secure.

Contact us today to schedule a complimentary consultation and take the first step toward a secure and prosperous retirement.