YOUR MONEY


Retiring Soon? BY SARAH LI CAIN M


ost people can get through their working years pretty well without a financial


adviser — but when you retire, financial planning is essential. After all, it’s the first time in your


life when you’ll see your nest egg systematically go down instead of up over time. But how do you find a financial


adviser you can trust? That’s the challenge, and making a mistake can cost you big time. That’s because most financial


advisers charge using an assets under management (AUM) model — a fee based on a percentage of your assets. A 1% fee doesn’t sound like much,


but that’s 1% you must pay every year. And over time, 1% can make a huge difference in whether you can meet your financial goals.


TYPES OF ADVISERS Not all financial advisers are the same. The term is a catchall that describes all types of financial professionals who


74 NEWSMAX MAXLIFE | JUNE 2025


How to find a financial adviser you can trust. ::


provide advice. Some may even simply be trying to sell you financial products — no different than a commission- based car salesman. Others may have a lot of training


in one area — say, taxes or asset allocation — but have limited knowledge of Social Security, for example. There are certifications you


can look for, though, for experts who have gone through more extensive training. Both a chartered financial consultant (ChFC) and a certified financial planner (CFP) are credentials financial pros can get by passing rigorous exams and meeting education and experience requirements.


Generally, someone who is


a ChFC or CFP can give you guidance on retirement withdrawal strategies, portfolio allocation and management, tax planning, and sometimes estate planning. Many financial pros also have additional designations, such as a retirement income certified professional (RICP). These advisers have extensive training and experience in retirement planning. Some designations, such as a


certified divorce financial analyst (CDFA), may have little to no training in finances and are only knowledgeable about the law or accounting. Still others, like chartered life underwriters (CLUs), are


There are also financial advisers who are tax professionals. The gold standard for a tax professional is an enrolled agent — a federally licensed tax professional specializing in taxation who can represent you before the IRS.


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