Looking for post-mortum financial advisor

[blueman457]

All,

Q: what should questions should I ask a fee-only financial advisor?

I've started to look around for a post-mortum financial advisor. I am more than comfortable managing our finances, but when I pass away I'd like to know my wife could arrange a meeting with someone to help her out.

Quick points:
-I already have a document that suggests low-cost target date funds and where all of our savings are going.
-She could use Vanguard PAS, but I have a feeling she'd want to meet someone in person
-I do not have a trust yet, but probably need to set one up

What questions should I ask when I meet with potential advisors?
-Are you a fiduciary
-What are your fees? Do you have any commissions?

Thanks,

Blue Man

[daveydoo]

Speaking from experience (although I am still alive): develop the relationship, then die. Not vice-versa. You will know what type of person you are dealing with, and what their strengths and weaknesses are. If they pressure you, for example, they will torture your spouse.

Meet with this person annually and keep them apprised of your assets. Tell spouse how to get in touch with this person, and tell spouse what information this person will have.

[BogleBike]

If she'd be comfortable with Vanguard PAS, how about switching to Fidelity?

I don't want to be a bad Boglehead, but rumor in other threads says that prices and products are similar, customer service better, and in-person consultations available (example, post 8 in thread below).
viewtopic.php?t=240670

[livesoft]

Instead of "feeling", why don't you ask her to see what she thinks?

Another possibility is to enlist the help of adult child[ren].

[blueman457]

Speaking from experience (although I am still alive): develop the relationship, then die. Not vice-versa. You will know what type of person you are dealing with, and what their strengths and weaknesses are. If they pressure you, for example, they will torture your spouse.

Meet with this person annually and keep them apprised of your assets. Tell spouse how to get in touch with this person, and tell spouse what information this person will have.

That's fair, although I'd definitely feel like I was throwing away the fee each year. Although long term it could save the spouse money.

If she'd be comfortable with Vanguard PAS, how about switching to Fidelity?

I don't want to be a bad Boglehead, but rumor in other threads says that prices and products are similar, customer service better, and in-person consultations available (example, post 8 in thread below).
viewtopic.php?t=240670

I'm looking for flat fee based, this overall commission seems pricey for what you get.

Instead of "feeling", why don't you ask her to see what she thinks?

Another possibility is to enlist the help of adult child[ren].

Sorry, "feeling" is the wrong word. Definitely would prefer a face to face meeting. And for adult kids, we got a couple of decades to go

[celia]

Be aware that depending on how many years there are before you die, the advisor you meet today, may no longer be working at the time you die. Even if you have recently retired, you could live another 30 years. Since people typically have a 30 to 40 year working career (assuming they live that long), you will likely need a series of financial advisors.

The best you can do, in my opinion, is have your spouse with you and participate with you in interviewing and selecting an advisor. Let her do her share of the talking, since this is as much a task as getting her involved as it is in selecting an advisor. After interviewing a few advisors and discussing their pros and cons with her, go with her choice. Since this is for her benefit, she needs someone SHE is comfortable with, not who YOU would select. Then see how her choice works out over the next few years.

Don't expect the person to be like you. Just look for them to avoid the huge mistakes of lack of diversification, excess fees, and inappropriate products (variable annuities, recommending insurance that is not needed).

[JoeRetire]

Q: what should questions should I ask a fee-only financial advisor?

https://www.edelmanfinancial.com/educat ... al-advisor

But unless your demise is imminent, it doesn't make much sense to choose someone now that you will never use until after you are gone. Perhaps you could educate your wife on how to make the choice that meets here eventual needs, whatever they may be when the time comes.

I have a relationship with a fee-only fiduciary financial adviser now. Partly because I'm okay with having a little help now, but mostly so that when my time comes the transition to more intense financial help will be seamless. It's a price I'm willing to pay for the sake of my wife.