I Need Affordable Advice

Consider hiring a financial adviser on an hourly basis or for a set number of meetings.

From Kiplinger's Personal Finance magazine, September 2004

If you just need a financial adviser to tell you whether your retirement accounts make sense or to give you an unbiased second opinion about your investments, your best bet is to hire someone on an hourly basis or for a set number of meetings. Members of the Garrett Planning Network, a group of 225 financial planners in 40 states, charge an hourly fee to consult on any financial problem. They offer their services on an as-needed basis and don't manage money or require an annual retainer. A similar group, Cambridge Advisors, has more than 75 members in 25 states. Expect to pay a planner $100 an hour or more depending on your location and the complexity of your situation.

Using these two networks, you should be able to locate an adviser who's a CPA, MBA or trained investment manager with no ties to any financial-products company. For example, you would find Karen Keatley, who is based in Charlotte, N.C., and has an MBA from Duke. Keatley was once a corporate economist and money manager.

If there isn't a Garrett or Cambridge planner near you, or if you want additional choices, go to the National Association of Personal Financial Advisors, the original association of fee-only financial planners. Interview several candidates. At your first consultation -- which should be free -- don't be shy about probing for financial advice to see if you'll be compatible with the planner and if he or she suits your needs. With so much specialization, some planners may know much more about, say, estate planning than mutual funds.