BACKNEXT

What kind of planner should I hire?

If you're looking for big-picture advice, there are a couple of key advantages to going the fee-only route. First, you don't have to worry that your planner will limit her recommendations to those investments that will line her pockets and empty yours. Second, you get a better idea of how much you'll be paying for advice.

But there are differences in how fee-only planners bill clients - some charge flat fees while others charge a percentage of the client's assets. And there are potential perks and pitfalls to hiring someone whose paycheck depends on what you're worth. On one hand, they have great incentive for you to make a lot of money. On the other hand, the setup gives them an incentive to urge you to invest rather than pay off a mortgage or other debt. So these planners may pay more attention to assets under their direct management rather than a client's entire financial situation.

For more see How much will a planner cost me?

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.