October 20, 2009: Looking for a financial advisor or financial planner for your specific situation

Investors often don't realize that financial advisors are like doctors, there are generalists and there are specialists. Many financial planners work with all types of clients and can help with many issues. However, some investors need advisors who are experienced in certain areas.

Why is this important? Let's look at some examples. Let's say you are a business owner with three partners and twenty employees. You face some special needs. You want employee benefits for your company and you need a business continuation plan should something happen to you or one of your partners. Or let's say you are recently retired. You are concerned about making your retirement savings last, when you should start Social Security, health care and estate planning. In this situation, you should find a financial advisor who specialize in retirees and has experience with annuities, Medicare, Social Security and insurance.

There are financial advisors who specialize in all these areas and more, even those who focus on doctors, union employees, teachers, socially responsible investing, families with disabled children and more. The important point is that you find an advisor with experience dealing with other people in a similar financial situation to you.