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Points To Consider When Looking For A Financial Planner
Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little knowledge 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 advantage of working with a financial advisor is the added incentive you'll have to reach your financial targets.
A financial planner can help with plenty of financial questions and goals, including checking your investments to make sure they are appropriate to meet your goals, preparing a retirement projection to show you if you are on track to retire at your required age or not, reviewing your tax returns to confirm you're receiving all of the tax benefits you are eligible, or even a comprehensive financial plan which covers 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 paid differently and work uniquely than other advisors, so it's useful to do your homework before you hire 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 require 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 licenses (CFP, CPA), or are you associated with any professional organizations (NAPFA, FPA, etc.)?
- Who are your typical 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 monitor 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 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 reputable 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 go well with your needs, personality and targets.
Beacon Financial Advisors is one of many financial advisors in Kansas City who offers hourly, fee-only financial advice, including advice on investments, retirement, taxes, insurance and more.
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