Retirement Plan Consultants: 5 Tips for Hiring Your Best Option

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According to one report, 2024 is poised to be a landmark year for prospective retirees. Next year, there will be a point when more than 12,000 people will turn 65 each day. In all, that means around four million individuals will reach retirement age by the end of the year.

In fact, according to numbers from the U.S. Census Bureau, all Baby Boomers (defined as those born between 1946 and 1964) will be 65. Are you ready to bid adieu to the working world and start your golden years?

Before you do, you need a strategy in place. Retirement plan consultants can help you define what your ideal retirement looks like, and then put a roadmap in place to help you get there.

Not sure how to find a team that meets your needs? Today, we’re sharing five considerations to keep in mind as you begin researching your local options.

  1. Work With a Fiduciary

There are many financial planning specialists who may offer their services to current and upcoming retirees. Yet, before you trust your sensitive personal and financial information to anyone, it’s important to make sure they have your best interests at heart.

That’s why we recommend working only with advisors who are recognized as fiduciaries. Put simply, a fiduciary is someone who manages money and/or property for someone else. When you designate someone as your fiduciary, they don’t just have a moral obligation to take care of your assets — they have a legal one, too.

When they accept this role, these individuals are required by law to manage those assets according to your benefit, not theirs. According to the Consumer Financial Protection Bureau, a fiduciary has four basic roles. These include:

  1. To act only in your best interest
  2. To carefully manage your money and property
  3. To keep your money and property separate from anyone else’s
  4. To keep true and complete records related to your money and property


You might think that all financial advisors have the power to act as fiduciaries, but this isn’t the case. While someone who advises without fiduciary responsibility isn’t necessarily working against you, it’s critical to have those safeguards and protections in place, especially when your retirement fund is at stake.

  1. Understand All Services Offered

Before you hire a retirement plan consultant, you should understand the full breadth of services that the firm can offer. This way, you’ll know exactly which features you can access once you pay your consultation fee.

If you’re unsure about the level of support you’ll receive, go ahead and ask. Some consultants will provide asset management only, while others may be willing to offer additional types of assistance, such as tax preparation services.

Most companies will have this information directly on their website. For instance, if you want to learn more about the services we offer at RPWM, you can head to our “Services” tab. There, you’ll find a drop-down menu of our options, including retirement planning.

If you see a particular service that appeals to you, ask if it’s included in the provided fee structure or if will be charged separately. If it’s included in what you’re already paying, it’s wise to leverage the service if you need it! If not, understand that you may incur an additional cost for the service if the firm takes an a la carte approach.

  1. Learn the Fees

When you trust someone to help you navigate your retirement plans, you need to know how much their services will cost. While this might sound like a reasonable prerequisite, many individuals choose to move forward with a team simply because their credentials are impressive or their offerings align with their needs.

There isn’t a one-size-fits-all service charge that will apply to all investments. Instead, most consultants charge a range of different fees depending on the investment products and services you select. Before signing on the dotted line, take the time to ask about any extra charges you can expect down the road.

This helps you avoid any unwanted surprises and gives you confidence that you’re making a wise financial decision. You may find it helpful to compare fees across several different retirement consultants to make sure you’re getting a fair deal.

  1. Find Your Points of Contact

Any time you make a hiring decision, you need to know exactly who will be providing the service you need. This is true whether you’re scheduling a home project or planning for your retirement.

Sometimes, the person you speak to on the phone will be the same one who personally handles your account. However, this isn’t always the case. In addition to the service you’re planning to use, it’s also helpful to know who the point of contact is for other services that you might be interested in down the road.

For example, you may only need retirement planning now. Yet, you may also be interested in investment management or estate planning services at some point in the future. When you know the main contacts for each department, you’ll have someone to call with your questions and concerns.

  1. Meet in Person

Often, the best way to find a great fit for your retirement planning is to meet with a few of your top contenders in person. When you schedule an initial consultation with a firm, you have the opportunity to learn more about the team, as well as the experience and background of the planners you’d be working with.

This also gives you time to ask questions, share more about your perspective, and explain the goals you have for your retirement years. Take note of how you feel before, during, and after each session. If you feel disrespected, belittled, or ignored in any way, then take that as a sign that you should continue your search elsewhere.

Retirement Plan Consultants in Brazoria County

Are you a current or upcoming retiree who lives in or around Southern Houston, TX, or Brazoria County, TX? If so, we’d love to learn more about you!

Our retirement plan consultants are trained, skilled, and experienced in every aspect of this next step. We’ve developed a proven, five-step process to help you put your retirement goals into actionable terms, and we’re here to help you on this journey.

To learn more, schedule a 15-minute consultation with us today!

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