OPINION: Figuring out your risk tolerance is actually almost impossible for most of us to answer without extensive self-exploration and engagement with a good financial planner.
Retirees and near-retirees often don’t know what they’re looking for when searching for a financial adviser.
The reason these firms’ pitches don’t say much of importance is that they can’t. What is truly important when it comes to retirement financial planning is the relationship with the adviser. And individual relationships can’t be scaled into a mass approach to retirement planning. It’s not that we outright lie. We may genuinely think we have the intestinal fortitude and discipline to stick with a strategy through a bear market, for example, but when push comes to shove we don’t.
Notice I said “appropriate.” Success when it comes to devising our retirement financial plan is not judged according to rates of return. Instead, success is coming up with a plan that is suitable. That is not something that can be completely quantified.
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