If you're like millions of Americans, the financial future lurks with a threatening uncertainty. Huge bills for college tuition, retirement, or both are creeping up on the foundation of your finances like a 500-year flood. A financial planner can match your resources to both your needs and risk tolerance. Be careful, though. Some are downright fraudulent, say experts and regulators.
Abuse crops up in part because of spotty regulation.
Rules and resources at both the state and federal level focus largely on investment advisers not financial planners. We can prevent the felons and criminals from entering the industry, but we can't prevent the people who are in the industry from becoming felons. Mediocre financial planners get by because they enjoy a seller's market as baby boomers become more affluent and focused on retirement. And beware of conflicts of interest. Some planners earn their keep through fees they charge you.