Today's older workers and retirees are left to their own devices to an extent unseen in 50 years. The decisions they must make are immensely complex, and the consequences can last a lifetime. These pressures are impelling more and more older people to seek professional financial advice. Experts say the cost of such help is usually money well spent. Finding the right adviser, however, can be a problem.
Financial planning is regulated in only a few states.
This means that untrained people, as well as professionals in a variety of fields such as stock brokerage, insurance, accounting and law, can legally offer planning services. In addition, there are all sorts of fee and commission arrangements that make prices difficult to compare. The growing demand for advice and the lack of financial sophistication of many of those who need it have created a fertile field for crooks. There are individuals who are sophisticated enough, or whose financial lives are uncomplicated enough, to manage on their own. They may need technical assistance, such as an attorney to draft a will or an accountant to do their taxes, but they can manage the broad picture themselves.