Jeffrey Small, the founder of Arbor Financial Group, discusses why everyone should consider working with an investment advisor and the different options available for people planning to retire shortly.

Jeffrey Small is a financial planner and wealth manager with Jeffrey Small Arbor Financial Group, a fee-only financial planning and investment management firm in Florida. He is an Investment Advisor Representative who has been working with clients throughout the Boston area for over 20 years.

Jeffrey has been featured on numerous media outlets and is the author of the #1 Amazon Best Seller ‘Turning Financial Planning Right-Side Up.’

We asked Jeffrey how someone should get started in wealth management:

Jeffrey Small: I’m glad you asked. Well, the first thing is that it’s important to note that not everyone should work with an advisor, but it makes sense to do so for most people. There are two types of people who should consider working with an advisor. The first type of person wants a custom financial plan and wants to work with somebody regularly. In other words, if you have a real estate business or earn an income from an S-corporation or run a small business, those people should consider working with a financial planner because they will need a customized plan for their situation.

The second type of person is someone who has a relatively complex financial situation. For example, if you have $5 million in assets and multiple income streams, you should consider working with an advisor. And for everyone else, it makes sense to at least sit down and talk to an advisor so that you can see how the process unfolds.

The second thing I want to mention is that there are several different options for people planning to retire soon. The first option, which most Baby Boomers have done so far, is to go the do-it-yourself route. That means you sit down with your computer and try to plan for yourself. And if you’re motivated enough, then it makes sense to do that. However, many people are looking for more. They’re looking for peace of mind and emotional support when it comes to planning their financial future. And the way they can get that is by working with an advisor who specializes in retirement income planning.

That type of advisor will help you take your current savings and turn them into a secure stream of retirement income. We call this a “Lifetime Income Stream” because the idea is that you’re producing an income that will last as long as you do. That’s what most retirees want, but very few people achieve it.

The next big question is how much should your advisor be able to help you? Well, the answer is that it depends on how much you want them to help. For example, let’s say you want an advisor who can do everything for you – all of your planning and asset management. You would expect someone like that to offer advice on investments, retirement accounts, taxes, insurance, estate planning, business succession plans, and real estate. That would be the type of advisor who prepares your custom financial plan, manages all your assets, and provides you with a monthly cash flow.

In closing, I would say that the first thing you need to do is sit down and talk with an advisor. Find out if they can help you achieve your goals, and then decide what type of relationship would be best for you.