My company stock options are now worthless and I have a huge tax bill. All I have left is an IRA and a little cash. I'm a big believer in taking charge of your own finances. The first step in choosing a planner is making sure he or she is competent.
Some planners earn commissions on the mutual funds or other products they sell.
Others charge a combination of commissions and fees. I prefer the fee-only approach because I believe it has less potential for conflicts of interest, but I'm sure you can find decent planners regardless of how they're compensated. Finally, be sure to ask planners you're considering for references and check with your state securities regulator to make sure the person you're signing on with hasn't left a long string of duped clients in his wake. Time Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.