Audiobook
Listen to Chapter 8
"Trouble shared is trouble halved."
— Lee Iacocca
One of the benefits of working in the auto industry is the ability to test and drive cars without having to go car shopping. For those not in the auto industry, every few years we have the fun task of shopping around for a new car. The reason most people dislike car shopping is the feeling of being sold something.
Many people dread meeting with a financial advisor for that very reason. Understandably so—it isn't easy to find a good financial professional these days. Oh, there are plenty of us out there. But it's becoming increasingly difficult to find an individual or firm you know you can trust.
Designation Soup
CFP®, CFA, ChFC, RICP®, AIF®, RFC, CRC—some are rigorous; some are weekend courses. The casual observer can't easily tell the difference.
Standards Confusion
Fiduciary vs. suitability vs. 'best interest'—the regulatory landscape has shifted three times since 2019, making it even harder to understand.
New Marketing Rules
The SEC Marketing Rule (Nov 2022) now allows RIAs to publish reviews and testimonials—giving you more research tools than ever before.
This all means it's up to you to do some research if you want to find an experienced, knowledgeable, and honest financial professional to handle your retirement planning.
Seven Steps to Find the Right Advisor
Look for Comprehensive Services
Some firms specialize in one product or service. Look for a firm that can provide a holistic plan offering a variety of services and financial vehicles. Firms that offer comprehensive services can incorporate more aspects of your financial life into your overall strategy.
Why this matters: An insurance-only licensed advisor can recommend annuities but not securities. A securities-licensed advisor can recommend securities but not annuities. A dually licensed advisor can recommend both—giving you unbiased recommendations.
For Big Three retirees specifically, you want a firm that handles the full retirement decision: pension election, Social Security, healthcare bridge to Medicare, Roth conversions, estate planning, and long-term care—not just portfolio management.
Make Sure Your Philosophies Align
Most financial professionals focus on wealth accumulation—investing and growing assets while you're still working. When you're near or in retirement, you'll want someone who specializes in preservation and distribution—protecting your assets and producing reliable income that lasts your lifetime.
They Should Understand:
- • Tax-efficient withdrawal strategies
- • How to hedge against inflation
- • Integrating SS, pension, healthcare, and 401(k)
- • Legacy and estate planning
Subspecialties to Look For:
- • Big Three autoworker retirement
- • Pension lump sum decisions
- • Healthcare bridge planning
- • Widow/divorcee planning
Work With a Fiduciary (Understand What That Means in 2026)
This section has changed the most since our original edition—the regulatory landscape has shifted three separate times in five years.
The Three Standards You'll Encounter
1. The Suitability Standard Lowest
Historically applied to broker-dealers and insurance-only producers. A recommendation only had to be “suitable” based on age, risk tolerance, and net worth—not necessarily in your best interest. A “suitable” product could still be more expensive or pay the advisor a higher commission than a better alternative.
2. Regulation Best Interest (Reg BI) Middle
Effective June 30, 2020, replacing suitability for broker-dealers. Stronger than suitability—requires acting in the customer's best interest at the time of the recommendation and disclosing conflicts. But Reg BI is NOT the same as a fiduciary standard. It applies only at the moment of recommendation, not ongoing, and allows for conflicts that fiduciary advice does not.
3. The Fiduciary Standard Highest
Registered Investment Advisors (RIAs) have been held to this standard since the Investment Advisers Act of 1940. By federal law, RIAs are legally obligated to act in your best interest at all times—not just at the moment of recommendation, but throughout the entire relationship—and to put your interests ahead of their own.
The Practical Difference
Reg BI Broker
Can sell you a “best interest” product at the moment of transaction and have no ongoing obligation.
RIA Fiduciary
Responsible to you continually—on every recommendation, every meeting, every quarter.
The DOL Retirement Security Rule (and Why It's Confusing)
The Department of Labor's Retirement Security Rule was finalized in April 2024 and would have applied fiduciary obligations to one-time advice—including rollover recommendations. In July 2024, a federal court blocked implementation. As of 2026, its future is genuinely uncertain.
Practical implication: Don't assume any advisor you talk to is a fiduciary. Ask directly.
The Question That Cuts Through All Confusion
“Are you legally obligated to act as a fiduciary in my best interest at all times—including when recommending I roll over my 401(k) and pension lump sum?”
If the answer is yes, ask them to put it in writing. If the answer is “yes, when that applies,” or “yes, under most circumstances,” or “we adhere to the highest standards of the industry”—that's not a yes. A real fiduciary will give you a clean, unqualified answer.
Choose an Independent Advisor
Some financial professionals operate under the umbrella of a larger firm that creates and sells its own products. Independent advisors aren't affiliated with any single company, so they aren't limited or biased in what they can offer.
No single provider has a lock on the best products in every category. You want someone who represents a multitude of companies and can put together the best plan possible—rather than someone constrained by what their employer sells that quarter.
Education Should Be Ongoing
We believe the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation to be the core designation in the business today. It has its own code of ethics, requires college-level coursework before the certification exam, and mandates 30 credit hours of continuing education every two years—including ethics training.
A useful test: Ask any advisor what their credentials actually require. The answer tells you a lot. Some require years of study and experience. Others can be earned over a weekend.
Look at Experience and Depth on the Bench
Look beyond credentials to experience. Many designations have experience requirements, but those are minimums. If you like an advisor but they're close to retirement age, make sure they have an experienced team as a succession plan.
A 40-year financial relationship can outlast multiple advisors. Multi-generational firms—where the next advisor is already trained, already on staff, already involved in client relationships—are better positioned to take care of you for your entire retirement than one-person practices.
Do Some Detective Work
There are several quick checks to verify your financial professional is who they say they are:
FINRA BrokerCheck
brokercheck.finra.org
Securities licensing, employment history, complaints
SEC IAPD
adviserinfo.sec.gov
RIA filings, fees, conflicts, disciplinary history
State Insurance Regulator
Your state's website
Insurance licensing and complaints
Online Reviews
Google, Yelp
Now allowed under SEC Marketing Rule (2022)
BBB & Google Search
bbb.org
General reputation and complaints
Client References
Ask directly
RIAs can now share references with disclosures
A bit of detective work might surface bankruptcies, complaints, or tax issues—and you can decide whether that's who you want handling your life savings.
What Does the Financial Planning Process Look Like?
Once you've taken these steps, you can feel pretty good about making the right choice. Then it's all about personality, communication, and your general comfort level when you sit down together.
The overall process should look something like our Retirement Roadmap process:
Step 1
Establishing the Client-Planner Relationship
Understand what the relationship will look like: How often will you meet? What's the fee structure? What does the firm expect from you? What should you expect from them? What types of clients does the advisor specialize in?
Often, clients learn about us through our podcasts (Retirement Approved or Market Pulse), articles on bigthreeretiree.com, or workshops. We run our Retirement Roadmap Review for prospective clients regardless of whether they ultimately choose to work with us.
Step 2
Gathering Client Data
Two types of data matter equally:
Hard Data
Investments, pension details, retirement date, Social Security benefit, account balances, tax situation
Soft Data
Goals, aspirations, personality—legacy wishes, risk tolerance, peace of mind, travel plans, healthcare concerns
Many couples have never explicitly had this conversation with each other before sitting down with an advisor.
Step 3
Analyzing Your Financial Status
We analyze your current status compared to your goals. Our analysis consists of:
Risk Analysis
Most clients are taking more risk than they want—and more risk than they need to
Income Projection
Will you meet expenses with the money you've saved? What return do you need over time?
Step 4
Developing Recommendations
If you choose to work with us, we formulate recommendations into an easy-to-understand one-page Retirement Roadmap and proceed with implementation.
We revisit the plan at least once per year. Plans aren't static. Your life isn't static. Your retirement plan shouldn't be either.
Finding the Right Fit
Our process aligns with the CERTIFIED FINANCIAL PLANNER™ Board of Standards. We continue to adhere to those standards by monitoring relationships over time and adjusting whenever circumstances or goals change.
You need to inform us when things change in your life—but our job is to make sure that whenever they do, the plan adjusts with them. That way, we're meeting the highest professional standards and doing our utmost for you, our client.