麻豆传媒

Working with a financial professional

As a business owner Sarah Boothby is very comfortable with making financial decisions. But when it comes to her retirement planning she brings in a financial professional. 

鈥淭he thing I really appreciate about her is we're kind of the same age and we're going through some of the same things in life, so I've been really open with her,鈥� says Boothby, a self-employed executive recruiter in Portland, Oregon. 

鈥淭here's a lot of confidence in us having very similar lives and knowing I can rely on her and she's going to give me good advice.鈥�

Establishing that kind of close relationship with a financial professional is key 鈥� especially for women 鈥� according to new research from The Harris Poll in partnership with 麻豆传媒 that surveyed more than 1,000 investors age 55 and older with personal investable assets of $1 million or more.¹

The survey found that women are more likely to work with a financial professional (75 percent) than men (63 percent), and 58 percent of women investors attributed their success at building savings to their work with a financial professional, compared to 45 percent of men who said the same. 

In fact, half of the women in the survey attributed their financial success to advice they received from their financial professional, while only 37 percent of men said that was the case.

Finding someone you can work with

So how do you find a financial professional you can work with?

One of the simplest approaches is to do what you鈥檇 typically do before hiring anyone doing work for you 鈥� ask friends and family if they have someone they鈥檇 recommend. Be sure to do background checks. Online searches are a great place to start: Look for any disciplinary actions or lawsuits that might be red flags. Then meet with them in person to discuss your needs and see if you鈥檙e a match.

Ideally, you want to find someone you like. That may sound basic, but in a relationship like this, you鈥檙e going to discuss some of your biggest goals and concerns: How to save for a home, your children's education, your retirement savings and an estate plan. You'll want to feel comfortable discussing significant milestones and trust that this person can help you achieve your goals. 

Then be clear about the rules of engagement. Since your financial professional鈥檚 advice will be based on what they think you鈥檙e trying to accomplish, it鈥檚 important that they fully understand your goals, your tolerance for risk and other important factors that can play a determining role in your portfolio.

Don鈥檛 hesitate to ask questions. Learning more about retirement is part of the working relationship and you want to be sure that you fully understand how your money is being used to help achieve your financial goals.

Questions you may want to ask

Not sure where to start? Here are some suggested questions from the Financial Industry Regulatory Authority (FINRA), a nonprofit organization that oversees brokers. This list offers a good place to start:

• What experience do you have working with people like me?
• Do you have any disciplinary actions, arbitration awards or customer complaints? If so, please explain them. (Also compare their responses to information found in and other third-party sources.) 
• Do you or your firm have an overarching investment philosophy?
• What type of investment products and services do you offer? Are there any products or services you don鈥檛 offer? Why?
• Do you or your firm impose any minimum account balances on customers? If so, what happens if my portfolio falls below the minimum?
• How do you get paid? Do you receive commissions on products I buy or sell? Do you receive a percentage of the amount of my assets you manage, or get a flat or an hourly fee? Any other method?

Teaming up with a financial professional is a smart strategic move and may lead to better success in reaching your financial goals. And when it comes to retirement, that鈥檚 the real goal. If you need to find a financial professional, here are some tips to help find someone who鈥檚 the right fit for you. 

Want the most from your retirement? Get smarter with Smart Strategies from 麻豆传媒. Your source for tips, tools and financial solutions that can help you live your best life.

¹This online survey was conducted within the United States by The Harris Poll on behalf of 麻豆传媒 from January 30 - February 15, 2024, among 1,004 investors aged 55 and older with $1+ million in personal investable assets.