That's what financial planners do! The problem is finding a real financial planner, not a thinly disguised insurance salesman or loan broker. Such charlatans fill your head with retirement dreams as a marketing tool.

There are no laws regulating who can call himself a financial planner. Many accreditations mean nothing, they may be titles that are tacked onto "planners" by their companies after the orientation program. On the other end of the spectrum, there are several nationally recognized letters, such as "Certified Financial Planner," which have uniform education and experience requirements that are almost like college degrees. Do your research.

If there is no cost to you, how does your planner get paid? Commissions! Every single product he recommends will have a paycheck attached. He may tell you that you need to set up some bizarre annuity plan, refinance everything you own through their company, relocate your bank account, and will almost always recommend a combination of obscurely constructed whole life insurance products.

So who does he really work for? That's easy. Himself and his company. The more crap he sells you, the more money he makes. Some of these snake-oil salesmen even charge an upfront fee, casting the appearance that they are fee-only planners.

A fee-only financial planner is a different person all together. For a flat, upfront fee, he will examine your complete financial picture. The fee may range from a few hundred dollars to over ten thousand, depending on the size of your asset pool, the reputation of the planner, and your stated goals. It's even okay to ask this guy for references. When the fee-only planner is finished, he will hold a conference with you and present the final plan. There may even be a number of optional recommendations. They can help you plan for retirement, or help you dispose of your estate without getting eaten alive (no pun intended) by Uncle Sam's "death tax."

Then do you follow the recommended plan? Well, the fee-only planner gets paid whether you do or not, and doesn't make commissions on the products he sells. His interest is to give you the best service he possibly can, in the hopes that you will recommend others and build his reputation. You have paid him to represent your best interests.

Learn more about this author, Yancy Caruthers.
Click here to send author comments or questions.

---

Add your voice

Know something about Can financial planners help me plan for retirement??
We want to hear your view. Write now!