Wealth Column: 5 things to discuss with your adviser

Financial advisers Bruce Helmer and Peg Webb, Wealth Enhancement Group,

Bruce Helmer and Peg Webb, financial advisers at Wealth Enhancement Group and co-hosts of “Your Money” on KLKS 100.1 FM on Sunday mornings.
Bruce Helmer and Peg Webb, financial advisers at Wealth Enhancement Group and co-hosts of “Your Money” on KLKS 100.1 FM on Sunday mornings.

When we recommend working with a financial adviser, we don’t mean that you should pick one and call it a day.

Working with your adviser means keeping lines of communication open, adapting as your goals and needs change, and proactively managing your financial relationship. Here are some topics you can use to keep the discussion going.

Changes to your retirement goals

Since you first engaged your adviser, it’s likely your goals for retirement have come into greater focus. Maybe you had grandchildren. Maybe you’d like to retire early. Maybe you’ve just had enough of the weather.

These things can have a profound impact on how your adviser approaches your financial situation. A quality adviser doesn’t give cookie cutter advice. They tailor their recommendations to your end goals. As those goals evolve, be sure to keep your adviser in the loop.

Policy changes

Let’s face it. Most of us have some pretty strong opinions about policy matters. Your adviser is likely up on the latest legislation, and discussing policy changes helps put them in perspective. It is easy to panic and feel like your money is out of your control, but communicating your risk tolerance and airing any concerns you have about the political landscape can help you make informed decisions.


Your family

When you started investing, maybe you were single or didn’t have children. It’s quite likely many of the decisions you made about your retirement assumed you would be single for the rest of your life.

What goals do you have for your family? Do you want to put your kids through college? Do you want to provide for your children into adulthood? Communicating these aspirations to your adviser will help them identify the right tools to make them a reality.

Your estate

If you started investing at a young age, you might have assumed not only that you would always be single, but that you would live forever. Maybe you want to establish trusts so that you can direct some of your dollars to go to your family while you are still around. Maybe you want to control how the money is spent. If you haven’t given thought to what you want to leave behind for your heirs, your adviser can help you work through the available options.

Social Security

This merits a discussion all on its own. When you begin to take Social Security has enormous implications for your retirement. It can dictate when you can retire, what kind of taxes you pay in retirement, and how much you will have available when you do retire. And it’s all complicated with lots of variables.

If you are over the age of 60, make an appointment to discuss Social Security specifically. Keep an open mind and let your adviser make a recommendation in light of your specific goals.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Bruce Helmer and Peg Webb are financial advisers at Wealth Enhancement Group and co-hosts of “Your Money” on News Radio 830 WCCO on Sunday mornings. Email Bruce and Peg at Securities offered through LPL Financial, Member FINRA/SIPC. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment adviser. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL.
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