Seniors, in their old age, are no longer as capable as they once were to handle all aspects of their lives. Finance and wealth is one such area where seniors might need the assistance of a professional who is not only well-versed in the management of finances but is a person with the best interests in mind for his/her clients. Wealth management in California for people of ages between 60 to 75 years has become important as incidences of financial abuse is rising with each passing day. This kind of abuse is not just limited to California but to many other states where seniors with significant wealth reside.
A fiduciary is an individual who can help seniors by giving them sound financial advice and managing their assets. Below are some tips for seniors to find a person who can help manage them manage their wealth.
- You should ask your friends and family relatives if they know a financial advisor who is good at managing assets. Recommendations from people you trust can take you to a person who is reliable and qualified for handling you wealth. Do some further research on the Internet to see whether the individual is qualified enough to handle your asset types.
- Another thing that you can do if you couldn’t get any names from your friends and family is go through a few professional databases to look for certified financial advisors. If you did get names from you friends and family, you can run those names through the databases to check whether those individuals are certified or not.
- The most important thing is that a financial advisor should be a fiduciary as well. A fiduciary’s main job is to make the lives of his /her client as comfortable and easy as possible. They do not have any personal ulterior aims when they handle their clients. That is why it is best to go for a advisor who is a fiduciary. You can find fiduciary wealth managers in Ohio who have effectively handled cases like yours in the past and continue to do so quite easily.
- After completing the above mentioned steps, book an appointment with the advisor and come prepared with all your financial details and goals for the future. Ask questions and see if the advisor’s responses instill confidence in you or not and accordingly make the decision.