Select branches are open. Locate the nearest open branch by visiting our branch status page. We appreciate your patience as we restore normal operations.

Wellby Financial logo

Types of Financial Advisors to Help Reach Your Retirement Goals

December 22, 2023

By Chad Carpenter

The U.S. Census Bureau estimates that approximately 12,000 Americans will reach age 65 every day in 2024, roughly four million for the year. This is the critical age at which many consider retirement at least. It is necessary to consider how you will reach your goals and milestones financially to reach those goals.

Professional financial advisors can assist you in reaching your financial goals and help set you on the path toward the kind of retirement you want to enjoy. However, knowing which kind of advisor to choose based on your required services can make this process a bit stressful. In this article, we'll discuss some of the various types of financial advisors who can assist you in reaching your goals for retirement.

Financial and Investment Planners

working with a financial advisor to meet your goalsThe first step in building the wealth you need to enjoy retirement fully is to have a game plan. What that looks like in financial terms is to start crafting a reasonable budget and setting aside some money for expenses that are coming at you soon. This can differ from person to person as they near retirement, but it often looks like some of the following:

  • College Expenses for a Child or Grandchild - Perhaps you want to contribute to educating your children or grandchildren as they enter college. If so, you can speak with your financial planner about setting up savings accounts that are best suited to help you take care of this challenge.
  • Medical and Health Expenses - Those entering retirement are more likely to experience increased medical expenses. This is a natural result of the aging process, but it should also be anticipated and prepared for in a financial sense. Speak with your advisor about what you can do to have extra savings aside to help care for your medical expenses.

These are just two examples of expenses that you might need to prepare for. Financial and investment planners can show you how to begin setting up practices in your daily life that make it easier to save.

Financial and Investment Consultants

financial consultant working on investment return dataKnowing that you need a plan and the first couple of steps to put that in action are great, but it is important to follow that up by speaking with financial and investment consultants about the kind of investment vehicles you can and should use to achieve your goals.

Your financial and investment consultant can advise you about the specific investment vehicles you should incorporate into your investment strategy to reach your goals. These vehicles might include stocks, bonds, ETFs, mutual funds, and IRAs. Speak to your financial and investment consultant about which specific investment vehicles suit your situation.

Wealth Managers

Those with a significant net worth might consider speaking with wealth managers about how to handle their funds best. Wealth managers typically cater to high-net-worth individuals and help work with those who have a significant amount of assets that are illiquid and challenging to move around.

The role and responsibilities of a wealth manager are similar to those of a financial planner. However, the wealth manager takes on additional responsibilities, including estate planning and tax reduction plan services, alongside their personalized investment advice.

Broker-Dealers and Brokers

Monitoring the stock market's tick-by-tick is not something the average person typically has time to handle on their own. You can contact broker-dealers and brokers to help you with this. They can act on your behalf to buy and sell securities such as stocks and bonds.

You need to have a significant amount of trust in the broker or broker-dealer you opt to use. This is why it is important to check that the broker-dealer you are considering using is a member of FINRA and that they are registered with the SEC.

The types of securities that the broker can trade are directly related to the type of license that the broker holds. If they have a Series 6 license, they deal in mutual funds, variable annuities, and other types of securities. Those with a Series 7 license can trade in more securities. Speak with these professionals and determine which services you will require to earn the most for your retirement.


using a roboadvisor to manage your portfolioNot everyone requires the interaction of a human advisor to help them create a retirement plan that works for them. This is why some are turning to robo-advisors for the assistance and planning they seek. Investopedia explains what a robo-advisor is:

"A robo-advisor (or roboadvisor) is a digital platform that provides automated, algorithm-driven financial planning and investment services with little human supervision. A typical robo-advisor asks questions about your financial situation and future goals through an online survey."

The information you provide to the robo-advisor will allow it to generate answers about the investments you should make. This is all based on your specific information and life circumstances. Answer the questions posed by the robo advisors truthfully so you get the best possible answers about what kind of investments you ought to make.

There are plenty of different kinds of financial advisors and professionals out there. Knowing which types of advisors are available and what they can do for you can help you set yourself up with the kind of retirement you want. Retirement is approaching for many people this year, and there is no time like the present to start preparing for it.

family enjoying a meal while on mobile banking app

Become a Member Today!

With low or no fees, low initial deposits, and no minimum balance required, we offer unique banking solutions designed to fit your needs and financial goals.

Plan Confidently
Blog Article
Investment Services
headshot of chad carpenter
About the Author

Chad Carpenter hails from Dallas, Texas, and lived in Denver, Colorado, for 15 years before landing in Houston. Chad has over 20 years of marketing and SEO experience, including several years in the agency world. When he’s not clacking away on his keyboard optimizing Wellby's digital presence, digging into data, or immersed in AI, Chad enjoys good food, good friends, and good movies (just don’t expect him to watch any in interactive 4D). Chad has two cats, one that loves him and one who is aloof.

Social Icon

Related articles you might like

July 2, 2024 | by Brian Truong

How to Save for a Home Down Payment

June 12, 2024 | by Brian Truong

Successful Investment Portfolios for Young Professionals

May 31, 2024 | by Brian Truong

Understanding Mortgage Options for First-Time Homebuyers