Hiring a financial planner, however, can be a challenge in itself. I suggest you ask several basic questions to get a feel for the quality of the service you will receive. There is a high attrition rate in the financial services industry. Hire someone with experience who is likely to remain in the industry and meet your needs over time. A credential does not indicate competence, but the pursuit of a credential can demonstrate commitment to the profession.
Financial planners earn compensation from fees and commissions.
The advantage of working with a fee-only planners is you avoid conflicts of interest because they are not trying to sell you anything. However, because fees are the sole profit center, they may be high. Also, a fee-only planner has no motivation to inspire clients to implement a plan, so it will collect dust a big reason plans fail. Many people use travel agents to book flights and hotels, and the cost may be less than if they arranged the trip themselves. Acquiring financial products is similar.