There are several different types of financial planners. Not only are financial advisors compensated differently, but the services they offer differ quite a bit as well. Here's a quick summary of the different sorts of financial advisors and how they could help you.

Commission Based Brokers: These financial advisors focus on investments and usually sell a product for a commission. Typical brokers are Edward Jones and Ameriprise. If you work with a commissioned broker you can expect to get assistance on asset allocation and investing your portfolio. Your broker might call you periodically to suggest new investments for your portfolio. In exchange, the advisor would invest your funds and monitor your portfolio on a regular basis (usually quarterly, but may be much more frequent).

Investment Managers: Investment managers or investment advisors handle your investments for you, usually for a share of the assets managed. The average payment could range from 0.5% up to 2.5% of the assets under management. Though a few investment managers may also provide financial planning, the main focus is on investments.

Fee Only Financial Planners: With a specific fee only financial planner, you will pay out an hourly payment for the advice you receive. Fee only financial planners offer way more than just investment recommendation. With a fee only financial planner you will generally receive a complete financial plan, together with budgeting, investment advice, retirement planning, insurance policy assessments, tax planning and estate planning.

Everybody has different needs, so the type of advisor that is best for you will rely on your financial requirements and goals. Do you just want someone to suggest a suitable mutual fund, or do you need hands on investment management, or do you want a complete financial plan to help be sure you're on track to retire?

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