0:01 You know, there are so many different reasons somebody might want a financial advisor and so many specializations that advisers can offer.

0:10 So I get this question a lot.

0:12 Do financial advisors actually specialize in certain areas of expertise?

0:18 I can think of a lot of different personal financial challenges where you might want a financial advisor or a Financial planner involved, you know, sometimes it's just to get a pair of fresh eyes and a perspective on the big picture or you might need to be super focused on solving one particular ongoing concern.

0:40 Maybe you have kids, maybe life has just become a balancing act financially, things like how do you invest and fund a college education at the same time without risking your own retirement so that your kids don't have to take care of you later.

0:55 But when you might need very specific advice that's outside the normal stocks, bonds, asset allocation, you know, financial planning, it could be something like deciding whether you want to invest in a rental income property, and you're not sure if the timing is right right now.

1:14 So if that's the case, you would want to work with a financial advisor who understands the current market and knows how to analyze real estate investments.

1:25 Financial advisors are not all the same.

1:29 Just as you or I have our specific challenges that require a certain area of expertise, advisors have different areas that they're going to know best.

1:38 You'll find some advisors are specialists, which means they're going to be different in terms of who they help.

1:45 Take somebody considering.

1:46 Retiring outside the US knowing that every country is totally different means the financial advice that comes from the adviser has to not only be someone who specializes in international tax planning but has the local knowledge for the specific country where you want to move one tax misstep can cause a lot of.

2:07 Problems for you.

2:08 Or say you're a small business owner or self-employed, you don't have a 401k the same way other people do, but you have the same needs and you have totally different ways to save for retirement and taxes that you have to look at differently.

2:21 You know you're going to be best served by finding an advisor who has that specialized knowledge and works with that type of client.

2:28 So, If you're going through a divorce, for example, it's gonna help you to know that there are advisors who specialize in helping you figure out the best path forward financially, and I'm talking about during the divorce process, not just after.

2:43 And for those of you who are just closing in on retirement, you need your adviser to be able to answer this one question.

2:51 Do I really have enough money to last through retirement?

2:55 When can I realistically stop working and show me how I'll never spend through my savings?

3:02 The closer we get to retirement, the more serious the need for accurate detailed financial advice that's fully transparent, because the financial advice that you get when you're about to stop working for good and take that last paycheck.

3:17 That advice can make or break your retirement, and by then you can't afford to make those big mistakes because you don't have enough time to recover from big losses.

3:27 So it's likely the most important advice you're ever going to get is right at that point, and it requires a qualified expert who specializes in tax efficient withdrawal and social security claiming strategies.

3:39 Now whenever you're thinking about hiring a financial advisor, I urge you to think about what you really want to accomplish and how you envision that adviser helping you the most.

3:51 Take your time, thoughtfully consider, you know, do you have specific issues and challenges so that you can make sure that you align those challenges with the adviser who has that specific expertise because there's a constellation of different general and specific advice and even when you're in your twenties and all you want to do is learn.

4:12 And pay down student debt.

4:13 You can even find an accredited financial coach who charges a very small fee just to help you get started.

4:20 So financial advice needs to be nonthreatening.

4:24 I want you to keep in mind that advisors are working for you to solve your problems and realize your vision, no matter how much or how little money you have.

4:34 So here's the takeaway.

4:36 There's no one type of advisor that works for just everybody.

4:40 It's really important to choose wisely, and vetting starts with the following three tips.

4:46 Number one, you have to make sure that it's a registered investment advisor you're working with.

4:52 Number 2, that the advisor is fee only and fiduciary 100% of the time.

4:59 And that they don't get paid commissions to sell anything, including maybe especially insurance.

5:04 And number 3, you can find out both these things easily by looking at the background records that are right on the SEC's website.

5:12 Type in the name of the individual adviser and then type in the firm.

5:17 This is not their marketing.

5:19 Material.

5:19 This is the report they have to file with the regulators, but you're the one who needs to read this because it's your money.

5:26 Now maybe you need a specialist or maybe you need a generalist for just holistic advice.

5:30 You have to just be sure that it's an expert who's qualified and who's going to put your best financial interests first.