Are you getting the right kind of financial advice?

By Nathan R. Frederico, RICP®, CFF®

Imagine needing help with a major roofing leak during monsoon season in Southern Arizona. You’ll have a decision to make when getting the repairs done. You could do it yourself, hire it out, or let the problem get worse. Most of us, would probably hire it out, but who do you call? You most likely wouldn’t call an electrician, or a plumber, but instead, one who was trained and certified in roofing repair. It’s a job you’d want an expert to handle so that you shouldn’t have any problems in the future.

Usually when looking for help, whatever the issue may be, it’s important to deal with experts whenever possible.

The definition of an expert, or sometimes known as a specialist, is someone who has achieved or demonstrated a specific skill set in a focused discipline or area. Whereas, a generalist, on the other hand, is someone who has a broad range of skills, but perhaps not focused on any one area in particular.

Everywhere we turn, we are surrounded by “specialists” and “generalists”.  There are different kinds of doctors, lawyers, party planners, pilots, engineers, and yes, even financial advisors.  Each that specialize in a certain area of their craft.

When it comes to financial planning and advisors, most of the time it’s not obvious what kind of advisor you are dealing with. How do you know what they specialize in? If any? 

Over my years as a financial advisor, it’s easy for me to tell what an advisor specializes in, but for the common retiree or investor? Probably not so much.  In financial planning, a “generalist” advisor can serve a variety of financial needs, but most often don’t dive deep into one specific thing.  And then there are the specialists, the advisors that have the credentials, experience, and knowledge in a specific area of financial advice.

For example, I’ve seen many advisors that can help start a financial plan for you, talk about life insurance, perhaps reduce or avoid debt, and get you on the right financial path. I’ve also seen advisors that just want to manage as much of your money as possible, charge fees or commissions for the service, and not really get into anything else. Then there are the specialized advisors can help with legacy planning, or wealth transfer help. And finally, some advisors, like me, focus on retirement income planning and everything retirement brings, in order to help their clients transition from their savings years to their spending and preservation years. Each type of advisor has a different set of tools and expertise needed for the complex problems that they face.

It’s incredibly important, as you look for the right kind of financial advice, that you find the right financial expert that can help.

So to those about to retire, or that already have, working with a specialist in retirement planning is absolutely essential to your success. You will want an advisor that understands all the complex ins and outs of retirement taxes, 401ks, IRAs, pensions, Social Security, Medicare, how to protect and grow your money so it lasts, and more. In addition, you’ll want an advisor that utilizes all of the tools and resources in the financial world, and understands annuities, investments, and other options that can provide you with the right plan that matches your needs.   

At Mayfield Financial, for over 25 years, we have been committed to serving Southern Arizonans as retirement planning experts. As retirement specialists, we have the experience and knowledge in all things retirement including – RMDs, QCDs, 401k rollovers, NUAs, Beneficiary IRAs, Roth IRA conversions, IRA management, and more.  In addition, with our RetireArmor SM protection process, we can help our clients:

  • Shield a portion your assets from market volatility
  • Protect from high fees
  • Defend against taxation overreach
  • Secure a foundation of income
  • Preserve your family legacy

To further continue our high level of commitment to our clients, I’m pleased to announce our affiliation with Ed Slott’s Elite IRA Advisor Group. Ed Slott, is considered by many to be “America’s IRA expert”. Mr. Slott, also a CPA, provides expert level IRA and 401k tax planning advice and strategies for retirees and advisors all over the country. He has a number of PBS special that airs frequently, where he dives into unique retirement planning topics that just make sense. In addition, our advisors are continually training with Ed Slott and his group, to further our knowledge and experience in the area to make sure our clients stay ahead of the curve.

In summary, if you are in need of retirement planning advice, make sure you work with an expert. You only have one retirement, and it’s important to have the right team behind you every step of the way.