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Many people hire financial planners to assist them meet their financial targets. In case you are a beginner investor with very little expertise or whether you have a great knowledge and understanding of financial planning matters, a financial planner can be a valuable asset when planning for your financial goals. One benefit of employing a financial advisor is the extra incentive you'll have to attain your financial targets.

A financial planner can assist with a number of financial questions and goals, for example reviewing your investments to make sure they are appropriate to fulfill your goals, planning a retirement projection to explain you if you are on track to retire at your required age or not, reviewing your tax returns to make sure you're having all of the tax benefits you are entitled to, or even a comprehensive financial plan which handles all areas of your economical life.

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

Listed below are some questions you need to ask when interviewing a financial planner:

- How long have you been giving financial advice?

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

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

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

- Do you have a specialty, 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 consult you when I require 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 associates 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 reliable financial publications and websites like the Wall Street Journal, Kiplinger's Magazine, etc.) prior to starting 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 suit 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 many more.

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