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There are many different kinds of financial planners. Not only are financial advisors paid differently, but also the services they offer differ quite a bit as well. Here's a quick summary of the different kinds of financial advisors and the best way they can help you.

Commission Based Brokers: These financial advisors concentrate on investments and generally sell a product for a commission. Average brokers are Edward Jones and Ameriprise. Once you work with a commissioned broker you can expect to get information on asset allocation and investing your very own portfolio. Your broker may call you regularly to recommend different investments for your portfolio. In exchange, the advisor would invest your funds and monitor your portfolio on a regular basis (usually quarterly, but could possibly be much more frequent).

Investment Managers: Investment executives or investment advisors manage your investments for you, often for a portion of the assets managed. The regular price could range from 0.5% up to 2.5% of the assets under management. Though a number of investment managers might also provide financial planning, the focus is actually on investments.

Fee Only Financial Planners: With a particular fee only financial planner, you would pay off an hourly payment for the advice you receive. Fee only financial planners offer far more than merely investment advice. With a fee only financial planner you'll normally get a complete financial plan, together with budgeting, investment advice, retirement planning, insurance policy evaluations, tax planning and property planning.

Everyone has totally different requirements, so the kind of advisor that is best for you will rely on your financial requirements and objectives. Do you just need someone to propose a suitable mutual fund, or do you want hands on investment management, or do you want a complete financial plan to help ensure you're on track to retire?

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