'Mellody's Mail': How to Pick a Financial Adviser

Q U E S T I O N: I've been trying to find a financial planner who is really interested in helping clients grow their wealth and plan for early retirement. I've met with several and have been disappointed because there's no follow-up on their end. I can only assume that since my stock portfolio isn't large and I don't have major assets, aside from my home, they don't want to "waste time" as one put it. But I'm part of the growing group of single women in their 40s who aren't married, don't have kids, and need to plan to take care of myself in the mature years. I'd also like to retire at 55 and really need an understanding of how to make that a reality.

A N S W E R: Unfortunately, the risk of struggling financially in old age is 70 percent higher for females than males, according to a study by the Older Women's League, a nonprofit advocacy group. As such, your desire to appropriately plan for your retirement is critically important.

With regards to your interest in finding an adviser who services middle-tier or lower asset accounts, I would recommend you contact one of the following organizations: The Garrett Planning Network Inc. (www.gfponline.com) or Cambridge Advisors Inc (www.cambridgeadvisors.com). Garrett provides fee-only financial planning services and investment advice to people of all backgrounds and income levels. Similarly, Cambridge has a network of advisers across 25 states catering to clients of all levels of wealth. Both of these organizations are excellent starting points to locate a professional whose focus and expertise match your needs.

That said, when meeting with potential advisers, be sure to discuss their investment approach — not only is it important to reach an agreement about your involvement in the investment decisions, but you also want to make sure the adviser has a clear understanding and respect for your risk tolerance and goals. Other areas to cover include: the services provided and the regularity of each service; working relationships (i.e., will you always be working with the adviser directly or will other people be involved?); and any disciplinary actions that have occurred during the adviser's professional career.