If you are within 30 years of retiring, a financial planner can help you plan for adequate retirement income. Or, if your financial affairs seem generally disorganized and without direction, a financial planner can help you measure where you are now, help you decide where you want to be, and design a plan with options to meet your goals. Not everyone needs a financial planner. If your will needs updating or if you are looking for a tax shelter, you may need a specialist, such as an attorney or an accountant, rather than a generalist. If you have no discretionary income, you may need help with budgeting and money management skills.
Financial planners work primarily with families who have some discretionary income for investment.
As you consider the benefits of a financial planner, also consider the cost. Fee-only planners charge a stated amount for a given level of plan, or they may charge by the hour for developing your financial plan. In a fee-only practice, charges may be by the hour or a flat fee. Although the cost may seem high, financial planners who use the fee-only system believe their objectivity and lack of personal interest in any particular firm's products justify the higher price. Ask the financial planner how much commission you will pay on each product proposed to you.