While you won't be charged directly for the planner's services, you'll still pay, through sales commissions or higher premiums. Fee-only planners charge a flat rate for their services. The fee may be based on an hourly rate or a percentage of your investments. The National Association of Personal Financial Advisors is the main trade group for fee-only planners. The Vanguard Group offers a free brochure with a good explanation of how planners are paid.
Planners can carry many designations.
While it's easy to get lost in the alphabet, some may be significant. For example, if you're looking for legal ways to reduce your taxes, you may want a planner who is also a certified public accountant. If a planner is a CFP, you can check with the CFP board to find out whether the individual has been the subject of a disciplinary action. Some planners limit their practices to wealthy clients, or individuals with whom they can develop a long-term relationship. Some planners will provide such services for people who just want to make sure they're on track to meet their goals.