When your long-time trusted financial advisor announces their retirement, or the financial planning firm you have been working with changes management, it could feel like an important crossroads for your personal finances. You’ve likely built this relationship based on trust, shared goals, and years of strategic financial planning, so any change will be cause to pause.
When this kind of thing happens, it’s perfectly normal to wonder how and whether you can find a new advisor — someone who can pick up where your old advisor left off, or maybe even someone with a different approach, who can guide you through the next stages of your financial journey.
Given the importance of this decision — with all of its long-term implications for your financial affairs — we would recommend you treat this moment with the intentionality and care it deserves.
We believe that choosing a good financial advisor won’t just be about filling the gap left by your retiring advisor. Instead, it’s an opportunity to evaluate what you need now and for the future, and to ensure that your next advisor is someone you can trust long-term.
Here are five critical steps to help you navigate this transition and make the best decision for your financial future.
1. Choosing Between Fee-for-Service and Product-Based

One of the first and most important decisions you’ll need to make is whether to work with a financial advisor who operates on a fee-for-service model or a product-based model. Each has its pros and cons, and it will be important for you to understand the differences before making a decision.
Fee-for-Service Advisors
Fee-for-service advisors charge a flat fee, hourly rate, or percentage of assets under management (AUM). This model ensures that the advisor’s compensation is tied to the services they provide, rather than any products they sell.
The key benefit of this approach is that it aligns your advisor’s incentives with your best interests: when you make money, they make money. They’re not motivated to sell you financial products you don’t need, but instead, their focus is to provide fair, objective advice tailored to your financial goals.
Product-Based Advisors
In contrast, product-based advisors earn commissions from selling financial products such as mutual funds, insurance policies, or annuities. When you buy one of their products, they typically get a cut both from your purchase of that product and from the bank or other financial institution that has provided it (as a sort of ‘referral reward’ for acting on their behalf).
While these advisors can still provide meaningful guidance, and the products they sell may add some value to your portfolio, there is a potential conflict of interest: they might care more about the prospect of a commission for themselves than they do about your unique financial situation.
The Iron Point Difference: Founder’s Perspective
If you’ve looked elsewhere on our website, it probably won’t surprise you to know that we primarily manage our clients’ investments using a fee-for-service model. If you turned up at our offices to sign on with us, you would hear this from the very beginning, as we are always as direct and open with clients as possible.
As Greg Liszka (CFP®, RICP®), President and Advisor at Iron Point explains,
Our philosophy is: we’re not selling you anything. You hired us to fix a problem, or to do a job — however you want to phrase it. The more money you make, the more our income goes up. So the incentive is there to make you as much money as possible.
We charge an annual fee, which we agree to right up front. There’s a form. The fee structure is very transparent: there’s a platform fee, there’s what we get paid, and that’s it. We max out at 1% no matter what.
When you win — when you are meeting your goals, growing the value of your assets over time, and stewarding your resources in a values-based way — we win too.
That’s why we typically operate with a fee-for-service model: we believe in working hard for our clients through diligent research, careful portfolio management, and personal attention to your unique needs as an investor, all so that we can help secure those wins as often as possible.
With Your Financial Advisor Retiring, How Should You Choose?
Now, back to your real-time situation: with your financial advisor retiring, you’ll need to carefully evaluate which of these two compensation models works best for you. If you value transparency and want to ensure that your advisor is focused solely on your financial well-being, you can probably see that a fee-for-service model is the obvious choice.
However, if you’re indifferent about having a commission-based advisor, and you are happy to overlook the potential conflicts of interest, a product-based model could be acceptable for you. If you do go this route, however, we would recommend asking for a detailed statement breakdown, to find out whether there are any extra, hidden fees in the products you are being sold.
On that note, it’s worth acknowledging that, regardless of the model, the most important thing is to ensure that the advisor you choose is someone you can trust to act in your best interest: someone who will be upfront and transparent with you over their business model.
This is why many people prefer to work with fiduciary advisors—professionals who are legally obligated to put your interests ahead of their own. At Iron Point Financial, that’s the approach we take with our clients.
2. Local vs. Out-of-Town Advisors: Does Proximity Matter?

With advances in technology in recent years, working with an out-of-town financial advisor has become more feasible than ever. Video conferencing, secure online document sharing, and cloud-based financial tools make it easy to stay connected regardless of physical distance.
However, there are still important considerations to weigh when deciding between a local advisor and one based further away.
Benefits of a Local Advisor
Working with a local advisor offers a few distinct advantages:
- Face-to-Face Meetings: Some people prefer in-person interactions, especially when discussing something as personal and private as their finances. A local advisor allows for regular face-to-face meetings, which can help foster a deeper relationship built on trust and understanding.
- Local Knowledge: A local advisor may have a better understanding of regional economic factors, tax laws, and investment opportunities specific to your area. This localized knowledge can provide an edge in tailoring your financial plan.
- Accessibility: Should any urgent issues arise, a local advisor may be easier to reach in person, which could provide you with greater relational and financial confidence.
(Potential) Benefits of an Out-of-Town Advisor
On the other hand, working with an out-of-town advisor can sometimes provide access to a broader pool of talent and expertise:
- Specialization: If you have complex financial needs or are seeking a specific type of expertise, it’s possible that an out-of-town advisor may offer more specialized services that aren’t available locally (though that would always be worth checking and comparing).
- Flexibility: Many out-of-town advisors offer flexible scheduling and virtual meetings, making it easier to fit financial planning into your busy life (though again, local advisers could offer the same, so it’s worth double-checking).
The Iron Point Difference: Our Practice
As far as the local vs out-of-town question is concerned, here’s what you could expect if you wanted to work with us:
- A rigorous evaluation process completed either in-person or online, in which we develop a deep understanding of your needs not just as a client, but as a human being;
- An analysis of your investment objectives so that we can co-create a comprehensive strategy to help you achieve your financial targets;
- A tailored investment portfolio that will help you pursue both your short- and long-term objectives; and
- Constant monitoring and adjustment of your portfolio, measured against progress towards your unique goals, not a market index (we can communicate updates on this progress digitally or face-to-face, depending on your preference).
If you’re local to Grove City, PA, or Greenville, PA, and the surrounding areas, we can easily sit down with you in person, either in our offices or at a mutually convenient meeting place. And if you live further afield, rest assured that we have all the tools we need to communicate online and manage your financial affairs with discretion and care.
Although you may have a preference for one over the other, we hope to offer all of our clients the best of both worlds, without compromising on the high-quality, friendly service that is the foundation of our business.
3. One-Size-Fits-All vs Personalized Financial Plans

When searching for a new financial advisor, it’s important you understand their approach to financial planning. Some advisors offer one-size-fits-all solutions, while others create customized plans tailored to your unique circumstances and goals.
One-Size-Fits-All Plans
Advisors offering one-size-fits-all plans typically follow a standardized process for all clients. They might use pre-designed financial models that provide a general formula for managing investments, taxes, retirement, and other areas of your finances. While this approach can be efficient, it often overlooks the nuances of individual situations and may not fully address your specific needs.
Tailored Financial Plans
In contrast, advisors who provide customized financial planning take the time to understand your personal situation, goals, risk tolerance, and financial aspirations. They build a comprehensive plan tailored to your life stage, whether that’s growing wealth, planning for retirement, or leaving a positive legacy for the generations to come.
A tailored approach is especially important if you have complex financial needs, such as business ownership, international assets, or specialized tax planning. Even so, anyone can benefit from this approach: you never know how a tailored plan can help you until you start asking the right questions.
With Your Financial Advisor Retiring, How Can You Choose?
If you value personalized attention and want a plan that evolves with your life circumstances, look for an advisor who offers tailored financial planning. A one-size-fits-all plan may suffice for simple financial situations, but for most people, having a bespoke plan ensures your financial goals are properly addressed.
At Iron Point Financial, we are bullish about a personalized approach, both because of the friendly, human touch that comes with it (through sitting down and getting to know you as a person) and because we fundamentally believe that no two people are alike. As Greg would say,
We try to do it a little different. Your typical advisor — a lot of the people out there — doesn’t want to think outside the box. They’ll just tell you: “Buy this mutual fund.” Everybody gets the same thing.
Now, with that kind of firm, you may have it a little different from your parents, but when there are only twenty funds to choose from, how different can they really be? That’s what we fight against with every part of our being.
Could that be the right solution for some people at some times? Yes. Will we employ that solution if so? Yes. But there are so many worthwhile avenues out there that just take a lot more research and time to understand.
When it comes to addressing your financial needs and aspirations, we believe your life deserves time, attention and focus — and we’re willing to put the hours in to help you with those.
4. The Importance of Trust and Accessibility in Your Financial Advisor

True financial planning can be an intensely personal experience. To get the most out of it, you will need to share your most intimate financial details with your advisor, and trust their advice and management regarding all aspects of your financial future.
With that in mind, and with your current financial advisor retiring, we suggest you put a high premium on trust and accessibility when selecting a new advisor.
Trustworthiness
Your financial advisor should be someone you can trust to act in your best interest at all times. As we mentioned earlier, this is why many people prefer working with a fiduciary. Fiduciaries are held to a higher ethical and regulatory standard than non-fiduciary advisors—they’re legally obligated to put your interests above their own.
Additionally, trust comes as a result of greater transparency. You should feel comfortable asking questions, seeking explanations for any recommendations, and having open discussions about your financial concerns. If you ever feel that your advisor is withholding information, offering vague answers, or pushing products that seem unnecessary, it may be time to look elsewhere.
Accessibility
We believe your advisor should also be accessible when you need them. That’s because financial planning isn’t a one-time event—it’s a fluid, ongoing process that requires regular updates and adjustments as your life and financial situation evolve.
Whether you prefer in-person meetings, phone calls, or virtual consultations, your advisor should be available to address your needs in a timely manner.
With Your Financial Advisor Retiring, How Might You Choose?
When interviewing potential advisors, pay attention to how they communicate and how comfortable you feel with them. Do they listen to your concerns? Are they forthcoming with information? Do they explain complex concepts in a way that makes sense to you? Trust your instincts—this relationship should be built on mutual respect and confidence.
The Iron Point Difference
In case you’re wondering how we approach this area with our clients, here’s how Greg would frame it, from over 13 years of experience, and counting:
There’s a whole different language in our world, a way of thinking, that the industry communicates, which boggles most people’s minds. People are just doing their job making parts, or whatever it is that they do. That is their life, and they’re really good at it, and I would suck at their thing. So we’ll trade: you be my nurse, and I’ll be your finance guy…
People want an education to the extent where they know you’re capable, so that’s what we do. Once you can trust us to do the job, we’ll just do the job: “I’ve got a family and a life over here, and if you can worry about that side of things for me, then that’s fantastic!”
5. Ensuring Comprehensive Planning Across All Areas of Your Personal Finances

A good financial advisor doesn’t just focus on investments—they take a holistic approach to your entire financial picture. This includes retirement planning, tax strategies, insurance, estate planning, and cash flow management.
With your current financial advisor retiring or being bought out by an outside firm, it’s crucial you work with someone who can offer comprehensive planning. This can help to ensure that no part of your financial life is neglected.
Comprehensive Financial Planning
Comprehensive financial planning means that your advisor looks at every aspect of your finances, not just your investments. They help you develop strategies for building wealth, managing debt, minimizing taxes, and protecting your assets with insurance.
They also work with you on legacy planning to ensure that your life and assets can continue to make an impact in the world, for the people and causes you care about, for generations to come.
With Your Financial Advisor Retiring, How Do You Choose the Right Service?
When selecting a new advisor, ask about the range of services they provide. Do they only focus on investment management, or do they offer full-spectrum financial planning? The more comprehensive their approach, the more likely you are to build a resilient financial plan that supports your long-term goals.
The Iron Point Financial Planning Process
Rest assured that if you were to work with Iron Point Financial, you would have access to the full spectrum. In Greg’s words, here’s what you could expect:
The first step is determining what you’re actually trying to accomplish, which means a lot of goal-setting and definition to start. We’ll sit down and have that conversation And then we’ll talk through (1) cash flow & tax planning, (2) risk management issues and (3) portfolio management, which is really the crux of what we do.
Finally, we’ll spend some time on (4) estate planning, because we’re all going to die one day; it’s important to work through certain end-of-life issues that we all have.
Now, some people will put more importance on one section or the other, and we can certainly focus on whatever their biggest concerns are, but generally, we take time to understand what your goals are, and where you are currently, and then work you through these four main areas.
Final Thoughts: Be Intentional & Find a Long-Term Partner
With your financial advisor retiring, we would suggest that the number one thing to do is approach this transition with intentionality: looking through all of your options to make sure you are choosing the one that suits you best. It’s a chance to evaluate your financial needs and find someone who can guide you for the long term.
By carefully considering your prospective advisor’s compensation model, location, approach to planning, trustworthiness, and comprehensiveness, you’ll be able to find a trusted partner who can help you achieve your financial goals.
Ultimately, we would argue that a fiduciary advisor—someone who is legally obligated to put your interests first—is likely to be the best choice for ensuring your financial well-being. This is a long-term relationship, and you deserve someone who is committed to the story your and your family’s success, no matter which stage of life you find yourself in.
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Iron Point Financial is here to empower you to secure a brighter tomorrow. We operate physical offices in Grove City, PA and Greenville, PA.
We primarily serve residents of Pennsylvania, Ohio, West Virginia and Florida but we also have registered broker licenses for 22 other states across the continental USA.