There's only one reason to hire a financial planner: You want help with all aspects of your financial life— not just investments, but also debt, savings, taxes, insurance, retirement, and estate planning, if need be. An adviser can draw up a plan summarizing short- and long-term goals and give specific advice on how to achieve them. How valuable is a written plan? A 1997 survey of families earning $20,000 to $100,000 a year found that those with financial plans had twice as much in savings and investments as those without plans. You can hire a planner for a onetime review (typical cost: $400 to $5,000 for a complete plan) and subsequent checkups, or you can pay him on an ongoing basis (often 1 to 2 percent of the assets managed).

If you're looking for advice in only one area, you don't need a financial planner. If you want to buy stocks or mutual funds, call a broker. Insurance advice? Call an independent insurance agent. If you want to know how to invest the money in your 401(k), at least four companies provide guidance on-line; American Express (www.americanexpress.com), Financial Engines (www.financialengines.com), Direct-Advice (www.directadvice.com), and Morningstar (www.morningstar.com).