Financial advisers specializing in the elderly are professionals who are dedicated to achieving financial security for their client's retirement. They strive to achieve this goal through strategic financial management of a senior's income and assets. In their role as retirement planners, they assess the elder's needs and objectives, and evaluate the long-term adequacy of their present financial situation to meet their future goals. If determined inadequate, they work with the client to find a more suitable long-term plan and develop an investment portfolio to accommodate this plan. They also address the burden of estate taxes, in an effort to reduce them, and accentuate the overall long-term financial benefit. Furthermore, financial advisers assist seniors with getting money out of their homes through reverse mortgages and cash from their life insurance policies.
Similar principles apply to selecting this type of professional consultant as to that of an elder law attorney. The areas of expertise that are provided by these two professionals may at times overlap, however, certain financial issues may be better tackled by a financial adviser. Ask questions pertaining to your personal financial situation, in addition to "How many years of experience do you have working with seniors?" and "What percentage of your time is devoted to retirement planning?". It is important that you are comfortable talking with this professional. In order to build trust and confidence, it may be appropriate that you ask to speak with some former clients.
At a time when income from working is concluded, and retirement has finally arrived, it is even more important to have a financial adviser strategically manage your income and assets. The advantages of hiring a senior financial adviser are to determine the best long-term retirement plan for you and maximize your financial strength through developing a suitable investment portfolio.
The fees vary widely. As with elder law attorneys, there are different methods of payment required by the consultant. Some charge by the hour, others may charge a flat fee, and many also receive commissions or percentages. Whatever fee plan that is arranged with your financial adviser, it is important to ask for the arrangement in writing.