Role of the Advisor during the investor's life journey
If we view retirement planning as part of a three stage cycle it helps define the role of the financial advisor at each stage of life.
The pre-retirement stage is one where wealth accumulation is the primary focus. At this point the primary responsibility of the advisor is to
- Build portfolios
- Grow investments
- Discuss retirement and education (college) goals.
As we get to the point of actually retiring the role of the advisor changes:
- Know the retirement date
- Develop income plan
- Refine estate plan
After you retire the advisor is responsible for:
- Manage income plan
- Facilitate legacy plans
- Develop ties with heirs