If you're ready to commit to a planner, the Securities and Exchange Commission requires that CFPs give you a form called the ADV, Part II or the equivalent information 48 hours before signing a contract. This is a little-known report that they file with regulators listing their experience, investment strategies, potential conflicts of interest and how they are compensated. This last item will tip you off to planners who claim that they are paid only by flat fees when, in fact, they may also charge commissions on insurance policies, mutual funds and other so-called financial products that they sell to you. See the SEC Web site's Investment Advisor section for a look at the forms. Insist also that your candidate give you ADV, Part I, which lists any disciplinary actions that may have been taken against the planner.
Most investors do well if they consistently beat inflation by four or five percentage points a year.
Thus, the answer to this question can expose a planner who is trying to entice you to sign on with him or her by inflating your expectations. So you won't want to change planners too often. Get someone who's a good 10 years younger than you are. You don't want him or her retiring before you do. Personal finance reporter Kristen Gerencher contributed to this report.