If you’re not an expert in financial matters, choosing a retirement income advisor to manage your money can be a tough decision. Being aware of these common blunders can help you find peace of mind, and potentially avoid years of stress.

Retirement is a critical time in life when you want to ensure that you have enough financial security to live out the rest of your years comfortably. Choosing an advisor is a major life decision that can determine your financial trajectory for years to come.

The right retirement planner can help you make the most of your savings and investments, ensuring that you have a steady flow of income even after you retire. However, making the wrong choice can have disastrous consequences, leaving you struggling to make ends meet.

Here are the top 4 mistakes that retirees should avoid when selecting a retirement income planner:

1. Failing To Ask About Fees

Before you choose a retirement income planner, you need to understand exactly how they will be compensated. Some planners charge fees based on the assets they manage, while others charge an hourly rate or a flat fee. It’s important to understand any other fees or expenses that may be involved, such as trading costs, account management fees, or advisor-sold insurance products so you don’t get any nasty surprises.

Ultimately, the most important thing is to find a retirement income planner who you trust. Someone who understands your needs and goals, and who is transparent about their compensation. Armed with the right information, you can make an informed decision that will help ensure a secure and confident retirement.

2. Not Choosing a Fiduciary

Before selecting a retirement income planner, it’s essential to research their track record and experience. This will give you an idea of their expertise and their ability to help you achieve your retirement goals. Currently, many advisors have to act in your “best interest,” but what that entails can be almost unenforceable, except in the most egregious cases. You’ll need to find a real Fiduciary.

By definition, a Fiduciary is an individual who is ethically bound to act in another person’s best interest. Fiduciary financial advisors must avoid conflicts of interest and disclose any potential conflicts of interest to clients. This level of trust and transparency is essential for a successful retirement income plan, as retirees need to feel confident that their financial advisor is working to help them achieve their goals and secure their financial future.

Additionally, choosing a Fiduciary can help retirees avoid potential conflicts of interest. With a Fiduciary on their side, retirees can focus on enjoying their retirement years, knowing that their financial future is in good hands.

If your advisor is not a Fiduciary and constantly pushes investment products on you, it may be time to look elsewhere.

3. Ignoring Communication Style

Selecting a retirement income planner is not just about finding someone who knows the financial markets. You should find someone who you feel comfortable working with and who you can communicate with effectively. Take the time to meet with potential planners in person and ask about their communication style. Do they prefer to meet in person, via video conferencing, or by phone? Do they provide regular updates and reports?

This will ensure that you receive timely and relevant information about your retirement income plan and that you are always in the loop. Good communication and transparency will help you make informed decisions about your financial future and achieve your retirement goals.

4. Not Considering Your Needs and Goals

When it comes to retirement planning, there is no one size fits all solution. Every individual will have unique needs and financial situations. When you’re considering a retirement income planner, take the time to find someone who is willing to understand your retirement dream and provide guidance on how to make that dream a reality.

Be sure to discuss your specific financial situation, risk tolerance, and long-term goals with the planner before making a decision. Don’t forget that needs change over time. The right planner will be there every step of the way to regularly review and adjust your financial plan as needed.

Ultimately, by working with a planner who truly understands your financial situation, you can feel confident that you’re taking the right steps towards a successful retirement.

Final Thoughts

Selecting a retirement income planner is a critical decision that can have a major impact on your financial future. By avoiding these common mistakes, you can ensure that you make an informed decision that helps you achieve your financial goals and enjoy a comfortable retirement.

At Eric Scott Financial, we understand the importance of a well-planned and secure retirement. Fortunately, our firm has years of experience with retirement income planning. We strive to help our clients navigate the complexities of financial planning for their golden years.

As Fiduciaries, we take our responsibilities seriously in order to protect our clients against various risks and challenges that come with getting older. Our ultimate goal is to ensure that you live a comfortable and worry-free retirement.

Give our office a call at (435)773-9444 to schedule a complimentary strategy session and take the first step towards a confident retirement.


Investment advice is offered through APO Financial Services, LLC (“APO”) 10155 Westmoor Drive, Suite 175, Westminster, Colorado 80021-2627. APO Financial Services is an investment adviser registered with the Securities and Exchange Commission (SEC). Registration with the SEC as an investment adviser should not be construed to imply that the SEC has approved or endorsed qualifications or the services Eric Scott Financial and/or APO Financial Services offers, or that its personnel possess a particular level of skill, expertise or training. Additional information pertaining to APO’s registration status, its business operations, services and fees, and its current written disclosure statement is available on the SECs Investment Adviser public website at https://apofinancial.com/disclosure/.