Things To Remember When Looking For A Financial Planner

Many people hire financial planners to aid them meet their financial goals. Whether you are a newbie investor with very little experience or whether you have a fair knowledge and skills of financial planning matters, a financial planner can be an effective asset when planning for your financial goals. One benefit of working with a financial advisor is the added incentive you'll have to attain your financial goals.

A financial planner can support with several financial questions and goals, for example reviewing your investments to make sure they are appropriate to fulfill your goals, preparing a retirement projection to show you if you are on the right way to retire at your desired age or not, checking your tax returns to ensure you're having all of the tax benefits you are eligible, or even a comprehensive financial plan which includes all aspects of your financial life.

There are various types of financial advisors (including stock brokers, investment supervisors and fee only financial planners), and most are paid differently and work uniquely than other advisors, so it's useful to do your homework before you recruit a financial professional.

Here are some questions you should ask when interviewing a financial professional:

- How long have you been providing financial advice?

- How are you paid? Do you demand a commission for items you recommend (sell) or do you earn a fee according to your time?

- What are your qualifications? Do you have any permits (CFP, CPA), or are you associated with any professional organizations (NAPFA, FPA, etc.)?

- Who are your regular clients? Do you have any clients like me?

- Do you have a specialization, i.e., tax planning, retirement planning, dealing with baby boomers?

- How often will you monitor my financial plan? Do you automatically observe my investments or is it up to me to contact you when I need an update?

- How many customers do you have? Will I be working with you or any of your associates?

While asking friends, family and business partners for referrals for financial planners is a great idea, you should do your own due diligence as well. Read up on the different types of financial advisors (stick with popular financial publications and websites such as the Wall Street Journal, Kiplinger's Magazine, etc.) before you start your search. Once you realize what type of advisor you want to work with, you should interview a number of potential advisors to determine which one will best match your needs, personality and targets.

Beacon Financial Advisors is one of several financial advisors in Kansas City who offers hourly, fee-only financial advice, as well as advice on investments, retirement, taxes, insurance and more.

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