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. Others receive commissions through financial products they sell you. Some dabble in both.
Many experts favor a fee-based plan because it avoids conflicts of interest.
For example, stockbrokers who double as planners might recommend mutual funds that pay them a commission over those that don't. But it's something you keep for life. So, as Ms. Badger says, it's up to you to ask the right questions. Review education and experience. Five years of hands-on experience is vital.