A lot of people hire financial planners to assist them meet their financial goals. In case you are a newbie investor with very little knowledge or whether you have a good knowledge and skills of financial planning areas, a financial planner can be a valuable asset when planning for your financial goals. One advantage of working with a financial advisor is the extra incentive you'll have to attain your financial targets.

A financial planner can help with several financial questions and goals, including reviewing your investments to make sure they are perfect to meet your goals, preparing a retirement projection to explain 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 entitled to, or even a comprehensive financial plan which handles all aspects of your economical life.

There are various 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 important to do your homework just before you hire a financial professional.

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

- How long have you been offering financial advice?

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

- What are your skills? Do you have any licenses (CFP, CPA), or are you associated with any professional institutions (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 monitor my financial plan? Do you automatically monitor my investments or is it up to me to contact you when I require 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 as well. Read up on the different types of financial advisors (stick with reliable financial publications and websites such as the Wall Street Journal, Kiplinger's Magazine, etc.) prior to starting your search. Once you realize what type of advisor you require 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 several 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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