Banking on financial advisors and fiduciaries
Navigating the world of investments and finances can be daunting. Especially when it comes to preparing for retirement. You want the assurance and confidence that comes from knowing you are making the right decisions before you retire.
It might seem like a crystal ball is the only thing that will help you see into your retirement future. But you don’t have to be a psychic to see how close you are to your retirement goals; if you wish, you can seek out information from a financial advisor.
Financial advisors can provide you with peace of mind when you’re planning for retirement. And as you’ve most likely heard, it’s never too early to plan. Advisors can help you make a personal plan that fits your lifestyle. Those goals might include these actionable items:
- Reviewing your current savings and investments
- Making wise investments and understanding investment risks
- Comparing future income to future living expenses
- Achieving your goals without depleting or outliving your retirement savings
Where can I find a financial advisor?
Most credit unions and banks offer free financial planning services. Check with your own financial institution first. If they don’t offer it, they can point you in the right direction.
You might want to check with your employer – some have started offering free financial planning. And if your state employer participates in the Employee Assistance Program (EAP), there are financial planning resources available there for you as well. Some non-state employers may also offer EAP.
Another great place to find free financial planning information is the Washington State Department of Financial Institutions’ (DFI) website. DFI offers advice about Choosing an Investment Professional, and they have an entire webpage dedicated to financial education.
You can also pay for a financial advisor. It’s important to understand what type of advisor they are before you buy. Do some research and compare prices and level of service so you won’t be surprised at your first meeting.
I’ve been hearing about fiduciaries. What are they?
A fiduciary is a person or organization that has agreed to act on behalf of customers, clients or shareholders, facing legal consequences if they fail to do so.
They are typically one who manages the assets of a client, although this isn’t always the case. A fiduciary can come in many forms, including an accountant or company board member.
See more information about fiduciaries at Voya.
Here in Washington, your pension is invested for you by the Washington State Investment Board (WSIB). The WSIB serves as a pension fund trustee, investing and accounting for trust fund dollars. They are a fiduciary that invests the funds entrusted to them with integrity, care and skill to maximize return over the long term at a prudent level of risk for the exclusive benefit of beneficiaries.
As fiduciaries, the WSIB Board and staff have a duty to protect the assets of the trust and to ensure all expenditures from the trust are reasonable and appropriate. They act on behalf of all DRS participants and pensioners.
What financial resources does DRS offer?
DRS doesn’t offer financial planning and can’t offer help for finding financial advisors or companies. However, the DRS website provides many opportunities to learn more about investing, planning ahead and setting retirement goals that suit your lifestyle. Here are just a few:
- Listen to a podcast – How to choose a financial planner
- Explore financial wellness topics
- Attend a live webinar or watch a recorded one
- Use a financial calculator
