Daily life and the pressure of just thinking about the future can make planning for your
retirement seem daunting. However, there are opportunities to calm these apprehensions.
That’s why the Oklahoma Insurance Department is supporting the National Retirement
Planning Week® 2018. This week, I am recommending you make a conscious effort to
focus on your financial needs in retirement no matter what life stage you’re in right now.
It is possible to retire on your own terms if comprehensive plans are properly developed
and implemented. Simple things, such as being proactive and routinely assessing your
financial preparedness for retirement, are easy first steps towards achieving a financially
secure retirement. The guidance of financial professionals will help you define and
achieve your goal.
In addition to being qualified to provide you with general financial planning services,
many financial planners hold insurance and securities licenses that allow them to buy or
sell various insurance and investment products. Other general advisors may recommend
the use of more specialized financial advisors to help you implement certain
recommendations. The following is a partial list of the different types of financial
advisors:
Accountant
Accountants help with tax advice and assist with your tax returns that go to the state’s tax commission and the Internal Revenue Service. All accountants who
practice as Certified Public Accountants in Oklahoma must be licensed by the state. Also
CPAs must be enrolled with the IRS if representing the taxpayer.
Estate Planner
Estate planners give advice on estate taxes or other related issues and
put together a strategy to transfer your assets to your beneficiaries. Attorneys,
accountants, financial planners, insurance agents or trust bankers may all help with
estate-planning services.
Financial Planner
A financial planner is someone who uses the financial planning
process to help you figure out how to meet your life goals. In general the planner can
look at all of your needs, including budgeting and saving, taxes, investments, insurance
and retirement planning.
Insurance Agent
Insurance agents may be licensed by the state or states where they
sell life, health, annuity and property and casualty insurance products. Advisors may
recommend various coverages to protect your finances, but only licensed insurance
agents can sell insurance products.
Registered Investment Advisor
In our state, anybody who is paid to provide securities
advice must register as an investment advisor with the Oklahoma Securities Commission
and the U.S. Securities and Exchange Commission. Financial planners often advise
people on securities-based investments, so many are registered as investment advisors.
You can use the checklist at retireonyourown.org to determine if a particular type
of financial advisor will fit your needs. You can also find other resources there, such as a
retirement calculator and basics on investing. For insurance information, contact the
Oklahoma Insurance Department at 1-800-522-0071.