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Federal Employee Searching for an Advisor/Planner -Tips
IMPORTANT - Think long-term “relationship,” not a “sales transaction” when searching for an advisor. Relationships must be built on trust, communications and mutual respect. Sales Transactions only need a salesperson, a buyer, and product.
Feds should be searching for someone that they have a firm belief in; their reliability, truthfulness, and competencies. Your advisor should be someone you trust to help make critical financial decisions
What to look for
Note: An advisors focus and interest should be evident on their website.
Be aware, many advisors will “cast a wide net” to catch as many clients (federal and non-federal) as possible. With this type of advisor, the risk is the possibility they will spread their experience and knowledge base too thin and become a “Jack of all trades and master of none.”
We believe 10-years of experience is a good rule of thumb for selecting a financial advisor. It might be best to let the newer, less experienced, advisors cut their chops on somebody else’s financial future, not yours.
This doesn’t mean they are bad advisors, but, it could mean that your retirement may suffer merely because they don’t know what they don’t know.
Locating an Advisor to Interview
On their website, you will see if they work with federal employees and how prominent the federal workforce is to their business model. If they list no more than 3 niche groups and federal employees are one of them, they should receive a phone call from you. If however, they appear to be casting a wide net, by listing more than 3 groups, move on to the next search result.
Once a suitable advisor candidate is located, you should have a few questions ready before you speak with them. Below are a few sample questions you should be able to get answered on a phone call before you agree to a meeting.
3-Quick Questions - to ask a potential advisor
Note: If they struggle with any of these questions, it may be smart to take a pass and resume your search.
If the advisor has made it through the hoops of qualifying for a meeting with you, set it up. During this meeting, you should be prepared to go over your situation, your goals, and your needs. Then just sit back and listen to the advisor; do you trust them, are they knowledgeable and could you see yourself in a long-term relationship with them?
Feds should look for an advisor:
If you’re not successful in finding an advisor that meets the goals listed above, contact our office. You can reach out to Rand Silvey directly by emailing him at email@example.com or by calling 816-524-1515. Randy has been an advisor for over 16 years and enjoys working with his chosen niche, Federal Employees