Help Me Retire: ‘I wake up with anxiety’: My husband leaves retirement-investing plans to me. How do I hire the right adviser?

My husband and I are very open with each other about our finances; however, the responsibility to manage our finances has always completely rested on my shoulders. My husband is not fully engaged in our investments, and I do not want to make a mistake with our investment portfolio.

We started with very little, but I researched investment options and worked hard to grow our business. Now we’ve decided that I will retire, and my husband will work eight months a year for another five years to let our investments grow.

I wake up with anxiety wondering if I made a mistake retiring. The problem is that financial planners want to manage our $2 million portfolio for a fee, and we are scared that our retirement savings will be destroyed if we hire the wrong adviser. We have not received the best advice in the past. 

What would you recommend we do? I would like to put together a solid retirement plan.

See: I’m in my 60s with almost $1 million. My home is paid off. I’d like to move but am afraid of the high prices elsewhere: ‘Will I be OK?’

Dear reader, 

Picking a financial adviser can be an important — and, yes, scary — decision. The wrong one could cost you a lot in fees, at the very least. Your concerns about finding the right one are completely valid, and I applaud you for not wanting to run to the first person you see. 

Overseeing your investments is certainly something to be proud of, but if you’re so anxious about continuing that job now that you’re retired, it’s OK to seek help. Finding the right qualified professional could be instrumental in your financial, mental and emotional wellbeing.

Picking the right adviser is very much like dating. Keep looking. You have the best idea of your own risk tolerance and goals. If your and your adviser’s approaches are compatible, you don’t have to give away all your power. You can and should remain in the driver’s seat.

The word “fiduciary” is being thrown around a lot lately, especially after President Biden recently proposed a rule that would make retirement-planning investment recommendations more stringent. But you are correct to set your sights on a fiduciary over a commission-based adviser.

A fiduciary is someone who is required to act in your best interest. Ask the candidates how they’re regulated and how they get paid. Do they get commissions from financial products they sell to clients? Are they paid a percentage of the assets they manage, and/or an hourly rate?

There are advisers who work remotely with clients, but you may be more comfortable hiring someone you can meet with in person. There are multiple search tools available, including the Financial Planning Association’s PlannerSearch and the XY Planning Network’s search engine. 

Also see: ‘I’m losing sleep’: We’re retired and buying a $1.3 million townhouse. With everything going on in the world, is it too risky to make a move?

The federal government offers the Investment Adviser Public Disclosure search tool, which gives the adviser or firm’s history. Finra, a self-regulator of broker-dealers, has a database of professionals called BrokerCheck, which outlines their required disclosures.

There are many types of credentials out there. The Certified Financial Planner designation is one of the most popular, and CFPs are held to very rigorous testing standards before they’re allowed to use those letters after their name.

Sometimes, advisers will pursue a certification in a specific arena, such as retirement planning. Two common designations are the Retirement Income Certified Professional and the Chartered Retirement Planning Counselor. 

All advisers approach their fees differently: There are those who charge a percentage of the assets they manage, while others may charge an hourly rate. Be sure to ask how and when you’re expected to pay your adviser, and what notice they give clients about any changes in their fees. 

You need to find someone whom both you and your husband are comfortable talking to. You should both be present, at least for the initial meetings, to ask any questions and talk over recommendations once the adviser has gathered and analyzed all pertinent data. 

How often will you communicate with each other? What are your adviser’s strategies in a crisis? What kind of access will you have to your financial accounts? You should be free to monitor them — just try not to do it on a daily basis; you will cause yourself too much undue stress.

I’m sorry you haven’t had the best experience with a financial adviser in the past. That’s very unfortunate. But it is possible to find someone you can trust. Ultimately, this person will help guide you, but you will be your own best adviser.

Whatever happens in the future, make sure you’re the final gatekeeper on all decisions.

Readers: Do you have suggestions for this reader? Add them in the comments below.

Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com.