Life is a journey full of unique experiences, and your retirement should be no exception. As you envision your post-retirement life, you may have ambitious goals, such as giving back to your community, traveling the world, or supporting your family's aspirations.

However, one question often haunts us all: "Will I have enough money to support my dreams?" Investors are more anxious about their retirement wealth. A recent Blackrock report by the $9.4tn money manager found that the share of US retirement investors who feel they are “off track” has more than doubled since 2021 to 24%. The share who feel “on track” has fallen 13% from a 2021 peak to 56%, the lowest level since the survey began eight years ago. This is the psychology of money where gloomy media affects mood and decision making.

Selecting the right Wealth Management Advisor can make all the difference in transforming your retirement aspirations into a well-executed reality. Here are some key principles to consider when choosing your partner on this financial journey:

📝 Principle One: Start with a Plan 📝 Just like planning a trip, you wouldn't head out without a clear destination or route. You might think let’s go to Georgian Bay but you would plan a route before buckling your seat belt and driving to the highway. Your financial journey toward retirement should be no different. Your dreams and goals are unique, and a skilled financial advisor understands this. They will work with you to define what success means to you and craft a tailored financial strategy to pursue your objectives. By collaborating with a wealth management team that values your input and understands your vision, you can move forward with confidence and leave uncertainty behind.

📈 Principle Two: Partner with a Plan-Focused Advisor 📈 I listen to podcasts where the investment guru is very against paying fees for a wealth advisor. when it comes to securing your financial future, expertise matters. In addition, your Wealth Advisor will manage your psychology of wealth. Val Kilmer's acting roles in Top Gun and Batman made a fortune. Val’s father guilted him into investing in his real estate schemes and you know the rest of this predictable story. Val’s money was gone. If Val had a wealth management advisor who adopted a plan-focused approach rather than just focusing on specific investments, it may have prevented the losses. A wealth advisor will align your investments with your overall plan, considering your individual circumstances and life goals. They can help you to say no to investments that are not part of your life plan. Your financial future is too crucial to rely on a cookie-cutter investment strategy. Partnering with an advisor who sees the bigger picture will pay off in the long run.

🔄 Principle Three: Take an Adaptive Approach 🔄 Life is full of surprises, health, marital and more. Financial plans should be flexible enough to accommodate changes along the way. Markets and economies can shift unexpectedly, and personal circumstances can evolve. Regularly meeting with your financial planner and advisor to review and adjust your plan as needed will ensure it remains aligned with your current lifestyle. A well-thought-out and adaptable approach provides the foundation for a successful retirement journey.

📉 Evidence-Based Investing, Not Hype 📈 In today's fast-paced world, investment trends come and go with breathtaking speed. Today’s genius is tomorrow’s Sam Bankman. However, your wealth management decisions should not be based on media hype or the latest fads. Instead, rely on evidence-based approaches to investing. Your wealth manager should help you navigate the market using data, research, and proven strategies. It might not be as exciting as chasing the hottest trends, but it is the surest way to safeguard and grow your wealth over time.

👨‍💼 A Cautionary Tale 👩‍💼 Consider the cautionary tale of an entrepreneur friend who invested heavily in trendy markets of Caanibus and Cryptocurrencies. These rode a high wave of returns but came to an abrupt end. My friend told me he had lost $20M in the past two years. He told me that now he understood the strategy of maintaining wealth and spending the interest and dividends. While some high-risk investments can be part of a portfolio, they should be balanced with stable assets. The lesson learned was that while making money may be thrilling, preserving and growing it requires a sound, level-headed approach.

Choosing a wealth management advisor is an essential decision that will influence the trajectory of your financial future. Seek a partner who not only understands your dreams but also provides a comprehensive, evidence-based strategy to achieve them. Your retirement should be a journey that excites and fulfills you, not one clouded by uncertainty or gloom.

If you're looking for a wealth management advisor who shares your principles and values your unique goals, let's connect and start planning your exciting retirement journey together!

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