Many folks hire financial planners to aid them meet their financial goals. Whether you are a beginner investor with very little knowledge or whether you have a good knowledge and understanding of financial planning matters, a financial planner can be an useful asset when preparing for your financial goals. One benefit of working with a financial advisor is the added incentive you'll have to reach your financial goals.

A financial planner can help with a number of financial questions and goals, for example checking your investments to make sure they are ideal to fulfill your goals, preparing a retirement projection to show you if you are on track to retire at your desired age or not, reviewing your tax returns to make sure you're having all of the tax benefits you are qualified, or even a comprehensive financial program which includes all aspects of your financial life.

There are many different types of financial advisors (such as stock brokers, investment managers and fee only financial planners), and most are compensated differently and work uniquely than other advisors, so it's valuable to do your homework while you recruit a financial professional.

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

- How long have you been offering financial advice?

- How are you compensated? Do you earn a commission for items you recommend (sell) or do you earn a fee depending upon your time?

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

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

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

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

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

While asking friends, family and business associates for referrals for financial planners is a great idea, you should do your own due diligence equally. Read up on the various 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 know what type of advisor you require to work with, you should interview several potential advisors to determine which one will best suit your needs, personality and targets.

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

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