Questions To Ask When Choosing A Financial Planner

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

A financial planner can help with several financial questions and goals, including checking your investments to make sure they are appropriate to fulfill your goals, planning a retirement projection to show you if you are on the right way to retire at your required age or not, reviewing your tax returns to ensure you're receiving all of the tax benefits you are eligible, or even a comprehensive financial plan which handles all areas of your financial life.

There are various types of financial advisors (like stock brokers, investment managers 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.

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

- How long have you been giving financial advice?

- How are you compensated? 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 involved with any professional organizations (NAPFA, FPA, etc.)?

- Who are your regular clients? Do you have any customers similar to me?

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

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

- How many customers do you have? Will I be dealing with you or an associate of yours?

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

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

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