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Bill Schantz Stresses the Need to Scrutinize Retirement Planners

Scrutinize Retirement Planners

For families who are unfamiliar with wealth management and the numerous parts of it, a retirement financial planner can be a lifesaver. However, according to Bill Schantz, it is critical to hire just a reputable and knowledgeable retirement planner. This can save folks a lot of time and effort in their daily lives. However, this raises another pertinent question: how can one determine whether a financial planner is qualified or not?

Here are five questions that people should ask the retirement adviser they are considering hiring in order to make an informed decision about their financial future.

The First Question from Bill Schantz Is Whether or Not the Planner Is a True Fiduciary

Someone who is legally obligated to counsel you in your best interests is referred to as a real fiduciary. Naturally, this means that many advisors are paid by their clients and are not obligated to put their clients’ interests ahead of their own. In reality, paying for financial advice makes little sense unless the course being recommended is in the best interests of the household. Bill Schantz notes that this should always be the first question you ask a retirement planner.

Bill Schantz Suggests Asking If They Have a Clean Record

When you go to a retirement planner, you’re basically entrusting them with managing your money for the rest of your life. As a result, you must put your faith in someone who has never had any regulatory, legal, or licensing troubles throughout his career. There are reputable websites that can assist you in verifying these facts in advance, which is critical because your decision to engage the correct financial adviser has a lot riding on it, as Bill Schantz says.

Ask about Years of Experience in the Field

Industry experts agree that in order to be proficient at something, a person must have spent at least 10,000 hours at it. This is referred to as the ‘10,000-hour rule.’ When you meet with a financial planner to talk about asset management, particularly retirement planning, one of the first questions you should ask is about their experience. It’s critical to figure out if they’ve put in the required 10,000 hours in their industry.

Does the Firm Merely Manage Investments or Does It Also Hold Them?

Many individuals are shocked by this question, but it is important because a corporation may become involved in certain difficulties in the future. When a retirement planner works for a firm that also manages investments, there is a risk of embezzlement, which can put your hard-earned money at risk in a variety of ways. This form of organization should be avoided at all costs.


One of the best investments a person can make in their lifetime is a retirement planner. It pays off, however, only if the professional is trustworthy and has sufficient experience. Before making the arrangements with a financial planner, Bill Schantz strongly advises conducting thorough study. This helps avoid any future complications.