We’re retired with 2 properties and IRAs we want to alter the investments on. What value does an adviser provide me?

Question: Everyone recommends a financial adviser, but my question is, what should I expect from an adviser? What am I paying for other than allocating assets and formulating a plan? I already know where I stand on my finances. We are retired so we are no longer contributing to our IRAs and there will be no buying or selling. We have two properties and would like some advice on what would be the best strategies to minimize our taxes and/or how to best manage the money, but I’m confused about what it is advisers do in this situation. Our adviser said we can reach out anytime but I’m not sure what to ask about, what they can, or what we should expect. I feel I am paying for nothing.

Answer: It may be that you don’t need anyone to help you with your finances. And it is true that  some advisers just manage investments, which you also don’t need. But some do far more. (Looking for a financial adviser too? This free tool can match you to an adviser who might meet your needs.)

Indeed, it may be worth considering someone who is able to address all of your financial goals and concerns from a holistic standpoint, says Bryan Kuderna, a certified financial planner (CFP) and author of “What Should I Do With My Money?” “This includes but is not limited to insurance review, retirement planning, portfolio allocation, budgeting, debt strategies and working with a CPA and attorney to tie everything together,”

A CFP could help you with all of this and they’re some of the most qualified professionals in the industry. To earn their designation, CFPs must complete extensive education requirements, pass exams, complete thousands of hours of work-related experience and adhere to a fiduciary duty, meaning they’re required to put their client’s best interests ahead of their own. It could also be worth your while to talk to a certified public accountant (CPA) about your tax-related questions as they’re well-versed in not only preparing and filing tax documents but also creating tax plans and guiding their clients through situations such as yours.

Have an issue with your financial adviser or looking for a new one? Email [email protected].

Indeed, “a planner will advise you on an ongoing basis on issues such as insurance you still have and if you need it at all, including home and auto,” says John Eaton, a CFP at Avior Wealth Management. “They should review your estate plan and legal documents every four to five years or if the dynamics change and send you back to your attorney for any adjustments A financial planner should also take a look at gifting and charitable strategies and coordinate your investments for efficient tax treatment as well as retirement account distributions or Roth conversions if appropriate. In addition, a planner should assist with major purchases or sales that may occur and all of these issues should be brought up by your adviser, not left for you to suggest.”  Typically, you should also receive a written financial plan with a detailed action plan featuring strategies to optimize your taxes and budget. 

To help ensure you’re working with someone who can provide the services you’re looking to fulfill, David Edmisten, a CFP at Next Phase Financial Planning, says there are important questions you should ask, including: “‘Do you specialize in working with a particular type of client?’ This can help you determine if the planner has specific expertise in helping clients with the same type of planning you need or if they spread themselves over a wide variety of clients and situations. If you’re about to enter retirement, do you want a planner who always works only with retirement transition planning or with someone who does retirement planning but also helps young savers, credit issues, first time home buying and college savings decisions?” Hiring a planner with a dedicated specialization in the area you need can help you get expert advice on what’s most important to you.

Next, you’ll want to ask what services they offer and how often you’ll meet with them. “Getting a clear understanding of what services you’ll receive and how frequently you will meet with your planner can help make sure you’re getting the experience you expect,” says Edmisten. “This can be really important to understand when you’re working with an adviser.”

As with any professional you hire, a good financial planner should have a very clear process and be able to clearly describe their services so you can make an informed and educated decision. “You should feel confident asking any questions that are important to your financial success,” says Edmisten. “Having a clear and frank discussion with your current adviser or other planners you interview will help you find an adviser that specializes in financial planning for your stage of life and needs.”

Ultimately, you need to ask yourself whether you’re getting the value and service that you expect for the fee you’re paying,” says James Daniel, a CFP at The Advisory Firm. “Clients have every right to evaluate the service their financial adviser is providing just like they would with any other professional relationship,” says Daniel. “More than the overall account performance, is the adviser helping you meet your objectives or financial goals? Do they communicate regularly so that you feel informed about your money? Are they responsive to your questions? Lastly, if you had to evaluate the overall relationship, do you feel they provide value?”

Have an issue with your financial adviser or looking for a new one? Email [email protected].

Questions edited for brevity and clarity.