Is There a Difference Between a Financial Advisor and a Retirement Planner?

You’re almost ready to retire, finally in the home stretch. You can see the finish line, and once you get there, the rest of your life will be nothing but playing golf and sipping piña coladas. But before the rest is in your financial advisor’s hands, it helps to understand the difference between a financial advisor and a retirement planner: a financial advisor may help with broad financial planning and investment management, while a retirement planner typically focuses more specifically on turning savings into retirement income and coordinating Social Security, Medicare, taxes, required minimum distributions (RMDs), pensions, estate planning and withdrawals.

Your financial advisor got you to retirement… but can they get you through it?

Many people who first see a financial advisor are looking for help with growing their retirement savings. But helping you accumulate wealth in your working years and helping you transition into spending it in retirement requires different skill sets. And not all advisors are created equal.

Maybe you’re looking for an advisor for the first time as you get closer to retirement, or maybe you’ve been seeing the same advisor for years. Either way, you’ll want to make sure they can help you plan out the next steps in your financial life, because retirement is a whole different ballgame.

In other words, the financial advisor vs. retirement planner question is less about choosing a title and more about finding the right expertise for this stage of life.

Financial Advisor vs. Retirement Planner: Side-by-Side Comparison

Here are three questions for you to consider on your search for the right wealth planning team.

1. What are the specializations of different wealth planners?

Unlike the legal or medical industries, job titles in the financial industry are a bit more ambiguous. With general titles like “advisor” or “planner,” you may find that financial professionals exist in a broad category that encompasses multiple schools of expertise. It can make filtering through all the professionals at your disposal a little confusing.

A “retirement planner” is generally a descriptive title, not a single standardized license, so it’s important to evaluate the person’s registration, services, credentials, compensation and retirement-specific experience—not the title alone. FINRA also offers a professional designations database to help investors understand the letters that may follow a financial professional’s name.

That’s why it’s important to look for a comprehensive financial planner—someone who can look after every aspect of your financial life. As you were saving for retirement, you may have used an investment manager to keep your investment portfolio up to snuff. But after you retire, you have more things to think about, like:

•  When (and how much) to draw from your retirement accounts
• How to create a retirement income withdrawal strategy across taxable, tax-deferred and tax-free accounts
• How Medicare enrollment and potential income-related costs may affect your retirement plan
• How pension elections, annuities or other guaranteed-income sources fit into your plan
• How required minimum distributions (RMDs) may affect your taxes and cash flow
• How tax planning can help you manage retirement income more efficiently
• When to start taking Social Security
• Estate planning considerations
• Life insurance policies

Finding someone, whether it’s a single person or an entire team, who can advise on every one of these considerations (and more) will be one of the most invaluable things you can do for your retirement.

Learn more about how Wealth Enhancement can help you with comprehensive financial planning.

2. Which financial advisor credentials actually matter?

Let’s say you find an individual or firm who claims to be an expert in every field of financial planning and management… It’s one thing for them to say it. It’s another thing for them to prove it.

Do your research. Look into their credentials. Do they have a CERTIFIED FINANCIAL PLANNER™ (CFP®) designation? Are they a Certified Public Accountant (CPA)? What about a Certification in Long-Term Care (CLTC®) designation? These designations can help you determine if the financial professionals you’re looking into are qualified to look after your wealth.

Additionally, you might find that there are still a lot of qualified advisors out there with the necessary credentials. Beyond certifications, you can also look into accolades:

• Has the advisor received any awards or honors?
• Have they been recognized in their field by some governing body?
• Do they have the approval of other financial professionals?

This can help narrow your search and ensure that any potential advisor you investigate is not only qualified to handle your retirement, but also a trusted option at the top of their field.

3. Do wealth planners focus on money, or do they focus on you?

When looking for a financial advisor to get you through retirement, you want to make sure they’re not just focused on your money. You want to make sure they’re focused on you. This last consideration is arguably the most important because, in a certain way, it encompasses all others.

You may find that your current advisor (or a prospective advisor) doesn’t see you as anything more than assets to manage. They may do a “good job”, but there’s more to it than that:

• Are they proactive about checking in, giving advice, and listening to your needs and wants?
• Do they act as a fiduciary when providing financial advice, and can they clearly explain when that standard applies?
• Or are they trying to sell you on proprietary products that may do nothing for you… but will earn them a nice commission?

A good retirement planning conversation should go beyond investment returns. It should include how you want to spend your time, how much income you need, what risks could disrupt your plan, which accounts to draw from first, how taxes may change over time and what legacy you want to leave.

You worked hard for your retirement, and you shouldn’t settle for anything less than what you deserve.

If you’re seeking a professional advising relationship with a competent financial advisor, backed by a Roundtable™ team of financial specialists, reach out today to learn how Wealth Enhancement can help you through the retirement of your dreams.

Financial Advisor vs. Retirement Planner FAQs

1. Is a retirement planner different from a financial advisor?

Yes. A financial advisor may provide broad financial planning, investment management and wealth advice, while a retirement planner typically focuses more specifically on retirement income, Social Security, Medicare, taxes, pensions, RMDs and estate planning.

2. Is “retirement planner” a license?

Not necessarily. “Retirement planner” is generally a descriptive title, not a single standardized license. Review the person’s registration, credentials, services, compensation model and retirement-specific experience before hiring them.

3. When should I hire a retirement planner?

Consider hiring a retirement planner as you approach retirement, especially if you need help deciding when to retire, how much you can spend, when to claim Social Security, how to manage taxes or which accounts to draw from first.

4. Which credentials should I look for?

Credentials such as CFP®, CPA, ChFC®, RICP® or CLTC® may be relevant, depending on the services you need. Look for credentials that align with retirement income, tax planning, estate planning, insurance or comprehensive financial planning.

5. Are financial advisors and retirement planners fiduciaries?

Some are, but the title alone does not answer the question. Ask whether the professional acts as a fiduciary when providing financial advice and whether that standard applies at all times or only in certain circumstances.

6. How do financial advisors and retirement planners get paid?

They may be paid through asset-based advisory fees, hourly fees, flat planning fees, commissions or a combination. Ask what you will pay, what services are included, what conflicts may exist and how recommendations are compensated.

7. What should a retirement planner help with?

A retirement planner may help with retirement income withdrawals, Social Security timing, Medicare decisions, pension elections, RMDs, tax planning, portfolio risk, insurance, estate planning and legacy goals.

8. How do I choose between a financial advisor and a retirement planner?

Choose based on your needs. If you want broad help across your financial life, a financial advisor may be appropriate. If you are nearing retirement or already retired, prioritize a professional or team with strong retirement income planning experience.

Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor and affiliate of Wealth Enhancement Group®. Wealth Enhancement Group is a registered trademark of Wealth Enhancement Group, LLC. 

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. 

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