Top 4 Mistakes You Should Avoid When Selecting a Retirement Income Planner

If you’re not an expert in financial matters, choosing a retirement income advisor to manage your money can be a tough decision. Being aware of these common blunders can help you find peace of mind, and potentially avoid years of stress.

Retirement is a critical time in life when you want to ensure that you have enough financial security to live out the rest of your years comfortably. Choosing an advisor is a major life decision that can determine your financial trajectory for years to come.

The right retirement planner can help you make the most of your savings and investments, ensuring that you have a steady flow of income even after you retire. However, making the wrong choice can have disastrous consequences, leaving you struggling to make ends meet.

Here are the top 4 mistakes that retirees should avoid when selecting a retirement income planner.

1. Failing To Ask About Fees

Before you choose a retirement income planner, you need to understand exactly how they will be compensated. Some planners charge fees based on the assets they manage, while others charge an hourly rate or a flat fee. It’s important to understand any other fees or expenses that may be involved, such as trading costs, account management fees, or advisor-sold insurance products so you don’t get any nasty surprises.

Ultimately, the most important thing is to find a retirement income planner who you trust. Someone who understands your needs and goals, and who is transparent about their compensation. Armed with the right information, you can make an informed decision that will help ensure a secure and confident retirement.

2. Not Choosing a Fiduciary

Before selecting a retirement income planner, it’s essential to research their track record and experience. This will give you an idea of their expertise and their ability to help you achieve your retirement goals. Currently, many advisors have to act in your “best interest,” but what that entails can be almost unenforceable, except in the most egregious cases. You’ll need to find a real Fiduciary.

By definition, a Fiduciary is an individual who is ethically bound to act in another person’s best interest. Fiduciary financial advisors must avoid conflicts of interest and disclose any potential conflicts of interest to clients. This level of trust and transparency is essential for a successful retirement income plan, as retirees need to feel confident that their financial advisor is working to help them achieve their goals and secure their financial future.

Additionally, choosing a Fiduciary can help retirees avoid potential conflicts of interest. With a Fiduciary on their side, retirees can focus on enjoying their retirement years, knowing that their financial future is in good hands.

If your advisor is not a Fiduciary and constantly pushes investment products on you, it may be time to look elsewhere.

3. Ignoring Communication Style

Selecting a retirement income planner is not just about finding someone who knows the financial markets. You should find someone who you feel comfortable working with and who you can communicate with effectively. Take the time to meet with potential planners in person and ask about their communication style. Do they prefer to meet in person, via video conferencing, or by phone? Do they provide regular updates and reports?

This will ensure that you receive timely and relevant information about your retirement income plan and that you are always in the loop. Good communication and transparency will help you make informed decisions about your financial future and achieve your retirement goals.

4. Not Considering Your Needs and Goals

When it comes to retirement planning, there is no one size fits all solution. Every individual will have unique needs and financial situations. When you’re considering a retirement income planner, take the time to find someone who is willing to understand your retirement dream and provide guidance on how to make that dream a reality.

Be sure to discuss your specific financial situation, risk tolerance, and long-term goals with the planner before making a decision. Don’t forget that needs change over time. The right planner will be there every step of the way to regularly review and adjust your financial plan as needed.

Ultimately, by working with a planner who truly understands your financial situation, you can feel confident that you’re taking the right steps towards a successful retirement.

Final Thoughts

Selecting a retirement income planner is a critical decision that can have a major impact on your financial future. By avoiding these common mistakes, you can ensure that you make an informed decision that helps you achieve your financial goals and enjoy a comfortable retirement.

At APO Financial, we understand the importance of a well-planned and secure retirement. Fortunately, our firm has years of experience with retirement income planning. We strive to help our clients navigate the complexities of financial planning for their golden years.

As Fiduciaries, we take our responsibilities seriously in order to protect our clients against various risks and challenges that come with getting older. Our ultimate goal is to ensure that you live a comfortable and worry-free retirement.

Get in touch with us today to schedule a complimentary strategy session and take the first step towards a confident retirement.

© 2023 APO Financial. All rights reserved. Disclosure: Communications such as this are not impartial and are provided in connection with advertising and marketing. This material is not suggesting a specific course of action or any action at all.. Prior to making any investment, insurance, financial or legal decision, you should always seek individualized advice from a financial, insurance, legal or tax professional that takes into account all of the particular facts and circumstances of your individual own situation Investment advice is offered through APO Financial Services, LLC (“APO") 10155 Westmoor Drive, Suite 175, Westminster, Colorado 80021-2627, an investment adviser registered with the Securities and Exchange Commission. Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services offered or that its personnel possess a particular level of skill, expertise or training. Important information and disclosures related to APO are available at Additional information pertaining to APO’s registration status, its business operations, services and fees, and its current written disclosure statement is available on the SEC’s investment adviser public website at Information relating to annuities is intended for educational purposes only and should not be construed as comprehensive or all-inclusive. Therefore, it should not be regarded as a complete analysis of the subjects discussed and should not be used to make an investment decision. Annuities can be an important part of an overall portfolio but may not be appropriate for everyone. Before purchasing an annuity, it is important to understand the details of the product. Certain products may not be available in your state. The terms of each indexed annuity varies. It is always important to speak to a financial professional. about an annuity’s features, benefits and fees, and whether an annuity is appropriate for you, based on your financial situation and objectives. Participation rates, cap rates and/or index spreads may be subject to change by the insurance company according to the annuity contract provisions. If the insurance company makes such changes, this could adversely affect the return. Guarantees of an indexed annuity are backed by the claims-paying ability of the underwriting insurance company. The surrender charge period for a product may be longer, and the surrender charges may be higher than other annuity products. Indexed annuities are long-term investments. If the annuity contract is surrendered early, there is the possibility of a surrender charge being imposed and/or the funds may be subject to income taxes. The IRS may also impose a 10% penalty on withdrawals prior to age 59 ½, depending on the circumstances. With indexed annuities, there is the potential to lose money, depending on the product charges and minimum guarantee contract provisions. For additional information on annuities, reference the following websites: The FINRA (, the Securities and Exchange Commission (, Insured Retirement Institute (, the National Association of Insurance Commissioners ( or your state's insurance department.