Baby boomers who are looking ahead toward their golden years may want to consider hiring a financial advisor who can help them arrange their assets for retirement living. However, there are many different kinds of these professionals and it's important to pick the person who's right for one's needs, according to AARP.org.
Start the search by visiting several different advisors and asking about their experience and specialty.
Some exclusively work with high-income clients, while others may have an expertise in another area. Either way, older adults should make sure that the professional's skills match up with their own portfolios.
One should also be in-the-know as to how their financial advisor wants to be compensated. The news source suggests that someone who is honest will outline the plan so that both parties can understand the expenses involved.
Checking a broker's past business deals is also possible using the Financial Industry Regulatory Authority (FINRA). This can reveal fines or discipline charges that may have been levied against a financial advisor.
When planning for retirement, it's also recommended that baby boomers live frugally and create a savings account that won't be touched until the time is right, according to U.S News & World Report.