That estimate takes in about 15 percent of American households. A national survey conducted in 1982 found that 5 percent of U.S. households were already signed up with financial planners. Some financial planners who concentrate on upper-income clients charge a fee for their services but do not have products of their own to promote, such as stocks or real estate partnerships. The claimed advantage here is that the planner does nothing more than give advice and is not burdened by the potential conflict of interest in promoting an investment product. Some planners charge no fee, but do get a commission on the investment products they sell, for example, 8.5 percent on a mutual fund or 3.5 percent or more of a tax shelter investment.
Some planners charge a fee for the financial plan and a commission for the sale of products.
The claimed advantage here is that the fee is usually much lower than those charged by fee-only planners. This plan should include a precise definition of your financial objectives and the steps you take to achieve them. A discussion of the amount of risk you are willing to tolerate in achieving your financial goals. Specific suggestions for improving your personal cash management. A detailed explanation of the assumptions underlying your financial plan, including projections for shifts in the rates of inflation and interest.