I am a real student of what I do and enjoy analysing various aspects of the financial planning process. Because of that I often think it’s fascinating to understand the relationship between a financial adviser and client.
Take someone looking for retirement advice. Would they think consciously about choosing someone 20 years younger than themselves? Perhaps not.
But if you think about it, it really does make sense to. Choosing someone of your own age group does make sense on some levels. They may have a better understanding of what you are going through now, for example.
But the problem with choosing an adviser of a similar age to you is that when you reach retirement, the chances are that they are also thinking about retiring, or already have. So where will that leave you? When you need an adviser the most you are in the position of having to find a new one.
Choosing one 20 years younger than yourself can give you a completely different perspective on life and financial planning, and can also increase the chances of you building a stable relationship with an adviser that will be there when you need them through retirement and into old age.