How to Choose the Right Financial Advisor When You Are in Your 60s

Why Choosing the Right Advisor Matters More Now Than Ever

By the time you reach your 60s, you have spent decades building what you have. The decisions you make now about who guides your financial life can have a lasting impact on your retirement security, your peace of mind, and the legacy you leave behind. Choosing a financial advisor is not just a practical step. It is one of the most important decisions a man can make at this stage of life.

The financial industry is full of qualified professionals and, unfortunately, a fair number of people who are more interested in earning commissions than helping you. Knowing how to tell the difference is essential.

Understand the Different Types of Financial Advisors

Not all financial advisors are the same. The titles used in this industry can be confusing, so it helps to know what you are looking at before you sit down for that first meeting.

A fee-only financial advisor charges you directly for their time and advice. They do not earn commissions by selling you products. This structure tends to reduce conflicts of interest and is often recommended for retirees and those approaching retirement who want objective guidance.

A fee-based advisor, on the other hand, charges fees but may also earn commissions on certain financial products they recommend. This is not automatically a bad arrangement, but it is worth understanding how your advisor is compensated before you trust them with your savings.

Brokers and financial representatives who work for large financial institutions may be working under a suitability standard rather than a fiduciary standard. The difference matters. A fiduciary is legally required to act in your best interest. A suitability standard only requires that a recommendation be generally appropriate for you, not that it is the best option available.

Look for the Fiduciary Standard

When you are interviewing potential advisors, ask directly whether they operate as a fiduciary at all times. Some advisors switch between fiduciary and non-fiduciary roles depending on the type of transaction. You want someone who holds themselves to the fiduciary standard consistently.

Certified Financial Planners, or CFPs, are held to a fiduciary standard when providing financial planning services. The CFP designation requires significant education, examination, and ongoing continuing education requirements. It is one of the more reliable credentials to look for when selecting an advisor.

Questions to Ask Before You Commit

Before you hand over any account information or sign any agreements, sit down with a potential advisor and ask some direct questions. A good advisor will welcome this kind of conversation. Here are some worth raising:

How are you compensated, and will you put that in writing? What credentials do you hold, and are you a fiduciary at all times? How many clients do you currently work with, and how often will we meet? What is your experience working with men in retirement or near retirement? Can you provide references from current clients?

Pay close attention to how an advisor responds to these questions. If they become evasive or dismissive, that tells you something important about how they will treat you as a client.

Watch for Red Flags

Some warning signs should make you step back and think carefully. Be cautious of any advisor who pushes you to move quickly, guarantees returns on investments, or downplays your questions. Legitimate advisors understand that you need time to think and that your questions deserve clear answers.

You should also be skeptical of anyone who tries to consolidate all of your accounts under their management before they have even had a chance to understand your full financial picture. A trustworthy advisor takes time to learn about your income, your expenses, your goals, and your concerns before making any recommendations.

Use Free Resources to Verify Credentials

Before you commit to working with anyone, take a few minutes to verify their background. The Financial Industry Regulatory Authority, known as FINRA, offers a free online tool called BrokerCheck that lets you look up any registered broker or investment advisor. The Securities and Exchange Commission also maintains an investment adviser public disclosure database that is free to use.

These tools can show you whether an advisor has had complaints filed against them, whether they have faced any disciplinary actions, and what licenses they currently hold. It takes only a few minutes and can save you from a great deal of trouble down the road.

The Right Advisor Works With You, Not Over You

The best financial advisors do not just manage numbers. They listen. They explain things clearly without making you feel uninformed. They check in regularly, update your plan as your life changes, and respect that the money they are working with is yours, not theirs.

At this stage of life, you deserve an advisor who treats you as a capable, intelligent adult and who earns your trust over time through consistent, transparent, and thoughtful guidance.

Please note that this article is intended for general informational purposes only and does not constitute financial advice. Every man’s financial situation is unique. We strongly encourage you to consult with a qualified, licensed financial advisor before making any decisions about your retirement savings, investments, or financial planning strategy.