Q: I work with an advisor with whom I feel pretty comfortable but wonder if there is any critical info he might be missing because he rarely deals with federal employees. Is there something in particular I can ask him to check into, to make sure?
A: No, I don’t know any question that would identify every possible Federal Retirement issue he may be unfamiliar with.
Let me say, I am concerned that you are working with an advisor that is a perfect match to the average river boat helmsman I discussed in the workshop, Federal Retirement Treasure Map. He’s great at navigating riverboats on a familiar river, which he has traversed over and over again. But, your ship has sails and is located on a wide open ocean that he is totally unfamiliar with. This may pose a substantial risk to Feds that engage in such an alliance.
He may mean well and be rock solid with his knowledge of general investing. But, if he doesn’t know federal benefits inside and out, you should be seeing a big RED FLAG. He simply has the wrong skill sets for your needs. It could be like going to a podiatrist to have brain surgery. Yes, he’s a doctor, but not the right doctor to perform this task.
Remember, comfort can be a disguise for complacency. While loyalty is often an admirable personal trait, this is YOUR retirement! Can you afford to leave its well-being in the hands of someone that doesn’t fully understand your ship or the seas that lie ahead?
Finding someone that does understand, instead of being concerned that your advisor, “might be missing” something, seems to be a wise conclusion. If you can’t find a qualified financial advisor with the necessary knowledge about the federal retirement systems, give me a call. I am on record – If a Fed contacts my office needing the help of a properly equipped advisor, we will either help them ourselves or help them look for someone that possesses the required skill set.
Disclosure: Investing involves risks, including the loss of principal. Securities offered through LPL Financial, member FINRA/SIPC.