If you live in Phoenix or Scottsdale, Arizona – or are planning to move there for your retirement – you’re likely looking for a local retirement planner. With so many options available, how do you ensure you find the best one? To start, you can always consider working with one of Arizona’s top fee-only fiduciary advisors: ARQ Wealth Advisors.
ARQ Wealth Advisors’ team of Financial Advisors have an average of 15 years of experience and specializes in retirement planning, investment planning, tax planning, asset management, and comprehensive wealth management services. Schedule a free consultation today or call (480) 214-9572 to get started.
Otherwise, let’s explore a few tips to help you find the best retirement planner in Phoenix.
Look For A Comprehensive Retirement Planner in Arizona
Many people make the mistake of focusing solely on retirement when choosing a financial planner, often seeking out a specialist who can advise on retirement-specific investments. However, it’s often more beneficial to work with a comprehensive financial planner rather than a narrow specialist.”
Why? Retirement planning encompasses nearly every aspect of your financial life. While managing retirement accounts like IRAs and 401(k)s is essential, these accounts are just one component of your broader financial picture. A well-rounded financial plan includes savings, spending, cash flow, financial goals, risk tolerance, and investment management—areas that a comprehensive planner will thoroughly evaluate.
Investing always carries risk, so your financial planner must understand all aspects of your life that could affect your financial decisions. This enables them to balance your risk tolerance while keeping you on track to reach your long-term financial goals.
A retirement planner should also understand your personal aspirations. Do you want to travel in retirement? Start a business? Have a second home by the beach or in the mountains?
Your personal life also influences retirement decisions. Are you married? Do you have kids? Do you have adequate life insurance for your spouse, children, and other loved ones? Are your possessions and housing properly insured?
What’s your tax situation? Can it be optimized? “While Arizona is a relatively low-tax state, a good financial planner will have a thorough understanding of your tax environment, enabling them to provide tax-efficient strategies as well.
Non-retirement investments are another critical piece of your retirement puzzle. What assets do you have? Do you plan to leave them to individual family members? Is there an estate plan to do so? If not, you can save yourself and your family a lot of heartache by having one. A comprehensive financial planner can guide you in developing an estate plan that meets your needs.
Know The Differences Between Standards
When you’re shopping for a retirement planner, it’s essential to know that financial advisors all have different standards. Some retirement planners are fiduciaries, which means they must follow a fiduciary standard. Others are not. Following a fiduciary standard means the advisors must put their client’s interests above their own. They must provide sound and accurate advice and follow a high standard of care and trust. For example, a fiduciary must disclose any conflict of interest when they discuss investments with you. The U.S. Securities and Exchange Commission (SEC) regulates larger Registered Investment Advisers (RIAs) with $100 million or more in assets under management (AUM), while state regulators are responsible for overseeing smaller RIAs.
Many retirement planners who are not fiduciaries must follow a suitability standard, which the Financial Industry Regulatory Authority (FINRA) oversees. Although any investments or products they advise for you must suit your goals, these advisors do not need to place your interests above their o
The difference between fiduciaries and non-fiduciaries is best illustrated with an example. Suppose you choose a retirement planner with the title “retirement wealth advisor.” They might be a broker who can buy and sell mutual funds and ETFs for your retirement and other accounts. If they know your goal is steady income in retirement, they might recommend dividend-focused mutual funds and bond ETFs rather than aggressive growth options, following the suitability standard.
However, when selecting dividend-focused funds, they might choose options that generate higher commissions for themselves, even if other choices would better align with your interests. In contrast, a fiduciary is obligated to select the option that best serves your needs, ensuring your interests are placed above their own
Know How To Assess Qualifications
All the possible titles you may see when searching for a retirement planner in Phoenix – retirement planner, retirement wealth adviser, retirement specialist, financial specialist – do not necessarily indicate a comprehensive level of knowledge or fiduciary status. How do you make sure the planners who find do have comprehensive knowledge? How do you find out the standards they follow?
One method is to look for a certified financial planner (CFP®) designation. To become a CFP®, advisors must complete the Certified Financial Planner Board of Standards requirements. These requirements include:
- Completing courses
- Passing the CFP® Board’s exam
- Working several years in the financial planning industry
- Upholding the CFP® Board’s standards of conduct
The CFP® exam covers retirement planning, financial planning principles, investments, education planning (for college savings), risk management, insurance, tax planning, estate planning, and professional conduct and regulations.
ARQ Wealth Advisors is a team of experts passionate about helping investors achieve their financial goals. The team includes Certified Financial Planner™ professionals (CFP®s), Chartered Financial Analysts® (CFA), Retirement Income Certified Professionals ® (RICP), and Accredited Investment Fiduciaries ® (AIF).
Choose A Retirement Planner Based In Or Near Phoenix
When choosing a retirement planner, you’ll encounter many options. As you explore, you may come across many online planners and advisors who are based in somewhere other than Phoenix or Arizona. However, critical retirement considerations—such as taxes and living expenses—can vary greatly depending on your location. Working with a local financial advisor is essential for navigating the specific tax landscape, and retirement expenses unique to Arizona are a host of options when choosing retirement planners. Once you start to look, you may find many online planners and advisors who are not necessarily local to the Phoenix area or even Arizona.
Local planners are also likely to be aware of upcoming tax changes and can provide guidance tailored to these developments. Additionally, they can offer more accurate insights into retirement costs specific to Phoenix.
A local retirement planner is also likely to be accurate on costs. Phoenix’s retirement costs are lower than many places in the nation. For example, real estate costs may be more affordable than in some states. However, other costs, such as utilities and healthcare, can run higher than the national average. A planner familiar with costs in Phoenix will give you a more accurate sense of how far your cash flow will go in retirement. This is especially true if you plan to use a fixed income – such as bonds, a pension, or Social Security – to fund your retirement.
Interview The Candidates
Before selecting your financial advisor, interview local retirement planners in Phoenix. You want to assess their experience, practice, and how they will address your specific financial needs.
Questions include:
- How long have you been practicing?
- Who is your ideal client?
- How often do you communicate with clients?
- Could you explain a specific concept to me in a way that’s easy to understand?”
- How are you paid?
“At ARQ Wealth Advisors, you can expect:
- Highly personalized service and a strong focus on your individual goals
- Expert advice from our credentialed and experienced professionals
- Ongoing support and guidance to help you stay on track with your financial plan
- Access to financial advice beyond the standard scope of service (such as questions on refinancing your mortgage, for example)
- Regular communication to keep you informed and engaged
- Prompt responses to your calls and emails”
To start planning your financial future with ARQ Wealth Advisors just schedule a free consultation today. Or, call (480) 214-9572 to learn more about our advisory services.
