Basic info about financial advisors and financial planning?

A Financial Adviser will take your money and invest it for you

in your best interests. They can work for a yearly fee or commission.

A Financial Planer will advise and invest for you in all financial matters.

Insurance, savings, investments, etc. Also for a fee or commission.

If you know what you want to invest into, you see a broker.

Another option and one that I like is mutual funds. For a small

yearly fee the fund manager does the stock or bond picking and they

have the time, expertise and staff to choose the best companies for

the fund. Fidelity, Vanguard and American Century are a few.

A financial planner can help you with estate planning, tax planning, setting up an IRA, deciding whether to pay off a mortgage, purchasing a mix of investments of varying risks and rewards, planning your retirement, planning for your child's college, and so on.

A Certified Financial Planner (CFP) passed a series of exams over 2 full days dealing with every area of finance, financial planning, and money management.

Some charge an hourly rate. They are in private practice, and work toward your best interest. They charge you the same regardless of whether you buy any products or not, and they don't receive a commission from any other entity. These are the people you want to deal with.

However there are other CFPs who are employed by investment companies, banks, or insurance companies--or have financial arrangements with these companies. They may or may not charge you an hourly rate, but they also get a commission from the entities with whom they have a financial arrangement based on the amount of the company's products which they can sell you. Their first loyalty is to themselves. They want as big a commission as they can get. Their second loyalty is to their employers--the investment company, the bank, or the insurance company which pays them a commission. You are a distance third. They want to sell you as much product as they can. These people are as ethical as used car salesmen.

If you consult a CFP, make sure they charge by the hour and don't get a commission from any other entity for any products you purchase. If they try to steer you towards any specific investment company, bank, or insurance company, then find another CFP.