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Questions to ask before hiring a retirement planning group in Kansas City
October 20, 2021 at 7:00 AM
Questions to ask before hiring a retirement planning group in Kansas City

Planning for retirement is a big task. From making smart investments to making significant contributions to your 401(k) or IRA to knowing where you want to live, there’s a lot that goes into making sure that your plan is going to pay off in the end. Hiring a retirement planning group in Kansas City can help you effectively prepare for life after work. However, if you’ve never worked with a retirement planner, our team at OWLFI has assembled a few questions that you should ask before you hire one.

How much do you charge?

Anytime you’re having someone work with your money, they’re going to know what you can afford. While this might work in your favor as your retirement planner wants to see you succeed, you also risk getting overcharged. Ask how much their services will cost you before hiring them so you don’t get taken for all you’re worth in the end.

What kind of experience do you have?

Managing money isn’t easy. If it was, you wouldn’t be looking to hire somebody to do it for you. Keep in mind that simply because somebody has a title that makes them sound like an expert, they might not be. Ask what kind of experience your retirement planning group has working with people like you and the kind of annual income you have to work with. This will give you an idea of how qualified they are to manage your money.

Who will manage my money?

When you’re working with a group that’s going to manage your finances, you’re going to want to find out who exactly will be keeping an eye on your money. Is your personal finance manager going to be watching your accounts to make sure everything is in order? Or will an intern be the one to manage your money? Find out ahead of time how they delegate responsibility with account management so you know who’s watching your money.

What’s your investment philosophy?

Before you go to speak with a financial planner, you need to have an idea of how you feel about investing your money. Know whether or not you want to be aggressive or conservative with your investments, then you know whether or not your retirement planner will see eye to eye with you. Remember that you don’t have to work with somebody if they want to invest more aggressively than you’re comfortable with.

How do you measure success in investing?

Success in investments can be measured in several ways. Get an idea of what your retirement planner sees as successful. Is it capital returns, percentage of growth, or sustainability? You might also be told that hitting a certain number is the only way you can find success. Weigh what you think is success in investing versus what a retirement planner says before making a hire.

How can I reach you?

Communication is essential. Your retirement plan isn’t going to run on its own so you’ll need to be in touch with your planner to ensure that everything continues to run properly and you can make necessary changes as needed. You should be able to reach your retirement planner when you need to. If your planner isn’t willing to make contact when you need to, you might be better off elsewhere.

Reach out for answers

To get our answers to these questions and more, please don’t hesitate to get in touch with our team at OWLFI. We have a team that brings diverse backgrounds together to serve as your retirement planning group in Kansas City. Call our office today at 913-441-8380 or send a message using our online contact form.

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