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By Roy Lewis (TMF Taxes)
There may come a time when dealing with your retirement, financial planning, estate, insurance, and income tax issues that you'll want to use the services of an expert. Mind you, we don't think you need a pro, necessarily, to tell you what to do. But we do think that there are some times when an expert can help guide you through the maze of laws, rules, and regulations in order to help you accomplish your goals.

At first blush this might sound a little un-Foolish. But on second blush, it's really not. Just as you use professional research material to select your stocks (except for those useless "buy," "sell," "hold," and "walk don't run" ratings), you can use an expert to provide suggestions to improve your overall financial and retirement plan. Heck, if nothing else, you might just want somebody to bounce ideas off, just to make sure that your plans are sound and your assumptions valid. That certainly doesn't mean that you should walk into the den of the expert with nothing in your hand or on your mind. You don't want them to twist you around like Gumby and tie you in knots. Instead, you want to go in as your own person, armed with the assumptions and predictions gained from this seminar. The expert may then smooth out the rough edges, allowing you to become an even more self-fulfilled (and well-sculpted) Fool.

So, make sure that a plan is at least preliminarily in place that'll give you a much clearer understanding of why you are using the expert. A clear understanding of your plan and goals will allow you to focus your questions when consulting the expert.

Finding the Expert
You don't want to ask a tennis pro how to improve your bowling. Likewise, don't pepper your insurance agent with tax questions, or your financial planner with technical estate-planning questions. A shotgun approach won't work well. Instead, you want your questions to be laser-sharp. The expert will then grasp the issues and get right to the point, and you'll pay less in fees.

But how do you find the appropriate pro? Well, there are a number of ways. First, if you are already using a pro in a specific area (such as an income tax advisor or estate planning attorney), ask for a referral. The pros work together, know each other in many cases, and have opinions of one another. They make a terrific source for a referral.

If you're a babe in the woods and don't have any experts on your current personal "staff," don't go to the yellow pages just yet. Instead, speak with family, friends, and business associates. When at all possible, speak with somebody who has similar retirement and financial issues. That will help you receive a referral to the type of pro that you're looking for. Your friends aren't generally bashful about praising (or trashing) pros they may be currently using or have used in the past.

If those resources aren't available to you, get the names of local pros from their respective professional associations. Try the National Association of Personal Financial Advisors (NAPFA), the Institute of Certified Financial Planners (ICFP), the American Institute of Certified Public Accountants (AICPA), or the National Association of Enrolled Agents (NAEA). All will give you the names of a number of pros in your area.

If all else fails, go ahead and crack open the yellow pages.

F-A-C-E-Off
Now you've got the names, so the next step is to call and make an appointment. The first hour should be free, its purpose being to discuss what you want done. Use that hour to your advantage by preparing in advance. Make sure you have -- in writing -- your net worth statement (yay! you've got that!), income statement (yup, that too!), last two years of tax returns (uh, okay), and your objectives (which you now know like the back of your hand). Take those materials to the interview just in case you need them. During the interview, outline what you need accomplished, and begin asking questions, such as:

• Fees: How much will the expert charge for this work? How does he or she get paid? Know this in advance so there are no surprises. Folks such as estate planning attorneys and tax advisors are generally paid on an hourly basis, but other financial pros can be paid by commission only, fee and commission, fee only, fee offset, or salary plus bonus/commission.
  
  
• Advice: Which person will provide you the most objective advice? All can, but those who have no vested interest in whether or not you buy something tend to get our nod of approval. If all they get is a fee, then they have no incentive to steer you into a particular product.
  
  
• ADV Form: This is a document you should request from the planner. It's what he or she files with the Securities and Exchange Commission to disclose educational and business background, fees, and investment methodology. It will give you a wealth of information about the person. They're not registered? Leave. Hightail it outta there! Don't do business with them under any circumstances. Along the same lines, ask for a copy of the Central Registration Depository (CRD) record. The CRD will give you a 10-year history of the person, including disciplinary actions, if any.
  
  
• Credentials: Look for the diplomas on the wall and the initials after the name. You want to see something like Certified Financial Planner (CFP); Chartered Financial Consultant (ChFC); or Certified Public Accountant (CPA). These designations don't tell you the person does good work, but they do say the person has extensive training and experience in the field. The sad fact is that in most states anyone can call themselves a financial planner -- there is no licensing requirement and very little regulation. But the charlatans don't have and can't use these designations.
  
  
• Experience: How long has the expert been doing business in this area? It almost goes without saying -- the longer, the better. We like five years. Why? It tells us they must be doing something right, since no one has yet run them out of town on a rail. Have they done similar work in the past? If so, ask for a sample of that work and get the names of a few clients you can call for reference purposes. Review the sample and call the people. You and I both know the pro is only going to give you the names of folks who think highly of him/her. Call anyway and ask one question: "What don't you like about the services you receive(d)?" People are basically honest, and they'll tell you. If what they say turns you off towards that planner, keep on looking.