Best financial adviser for retirement | 5-step checklist

Finding the right financial professional to help you with retirement planning can be... unsettling. Where to start? What criteria should you use; what questions should you ask to ensure this is the right person, and the right firm, for you? 

This post provides a clear, structured approach to finding the best financial adviser to help you plan your retirement. The key questions to ask, the answers to look for.

For more in-depth discussion of each step, see our companion post on finding the right financial professional for planning your retirement.

Financial Adviser vs. Retirement Adviser: How to Choose the Right One

A financial adviser provides broad financial planning services such as investment management, tax planning, and estate planning. A financial adviser may provide general retirement advice but their main focus is on wealth accumulation and portfolio growth.

A retirement adviser specializes in retirement income planning, helping clients convert savings into sustainable income, optimize Social Security and pension drawings, manage withdrawal strategies, and reduce retirement-specific risks. A retirement adviser:

• Focuses on retirement income distribution
• Specializes in pre-retirees and retirees
• Emphasizes income sustainability
• Builds structured income withdrawal strategies

How to Find the Best Retirement Adviser for Your Needs

To choose the right financial adviser for retirement:

1. Define your retirement goals and income needs
2. Verify their retirement planning experience and  
3. Check their credentials, such as FCA approval in the UK; and in the US: CFP®, RICP®, CFA®) and confirm fiduciary responsibility - that they are required to act in your best interest
4. Understand how the adviser is paid
5. Review their retirement income planning process

Choosing an adviser with retirement income expertise is especially important within 5–10 years of retirement.

What Does a Retirement Income Planning Process Include?

A retirement income planning process includes analyzing income sources, building a sustainable withdrawal strategy, managing taxes, planning for inflation and healthcare costs, stress-testing the plan against market volatility, and conducting ongoing reviews to ensure long-term financial stability.

A Strong Retirement Planning Process Should Include:

• A written retirement income plan
• Cash flow projections, including varying portfolio performance
• Tax-efficient withdrawal sequencing
• Social Security optimization strategies
• Risk management for market downturns
• Regular plan reviews and adjustments

What Credentials Should a Retirement Adviser Have?

A retirement adviser should hold recognized financial credentials applicable in your country. For example, in the UK, FCA (Financial Conduct Authority) accreditation.

Other credentials, particularly applicable in the US: CFP® (Certified Financial Planner), RICP® (Retirement Income Certified Professional), or CFA® (Chartered Financial Analyst). These designations indicate formal training in financial planning, retirement income strategies, and investment management.

Fee-Only vs. Commission: Which Is Better for Retirement Planning?

Fee-only advisers are paid directly by clients and do not earn commissions from selling financial products. Commission-based advisers earn compensation from product sales. Many retirement planners prefer fee-only advisers because compensation is typically more transparent and reduces potential conflicts of interest.

Note: In the UK, since 2013 independent financial advisers (IFAs) and restricted advisers must use "adviser charging" rather than commission for investment products, ensuring fees are transparently agreed upon upfront.

When Should You Hire a Retirement Adviser?

A good time to consider hiring a retirement adviser is 5–10 years before retirement or when transitioning from saving to withdrawing assets. A specialist can help create a sustainable income strategy, manage tax exposure, and reduce the risk of running out of money.

Red Flags When Choosing a Financial Adviser

• Promises of guaranteed high returns
• Lack of fiduciary commitment
• No written retirement income strategy
• Pressure to purchase products immediately
• Unclear fee structure

Please note: The opinions stated in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. It is highly recommended to seek financial advice before making major decisions about your pension and work status.

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