Most people hire a skilled plumber to install water pipes and a certified electrician to do electrical wiring.

Then why do few people hire a financial planner to help maintain and grow their assets?

When it comes to finances, many Americans are either ill informed about financial plans or simply do not know who to trust for financial advice.

In a 2013 study by the Certified Financial Planner Board of Standards, Inc. and the Consumer Federation of America, only about 32 percent of Americans have implemented a financial plan. Only an additional 16 percent are likely to create a plan. That leaves more than half of respondents — 52 percent — who are not likely to create a financial plan at all.

As people plan for life goals such as purchasing a home, sending children to college or creating retirement income, most are winging it with no plan in sight. Many respondents believe they can’t afford a financial planner. Local experts disagree.

“Anyone should be able to access financial planning services at a level commensurate with their needs and overall circumstances,” said Tammy Weston, a certified financial planner and wealth advisor at Bayside Wealth Management. “Not all planning is the same and there are different degrees of planning, depending on one’s needs.”

“You can start investing with as little as $500,” said Lena-Jo Hartley, president of Downeast Financial Group. “Starting now is the key. This way, time works in your favor allowing time for your money to grow.”

When choosing a financial planner, the advice is to go shopping. Securing recommendations from family and friends can be helpful. Setting up visits with planners and getting client references will make the choice an easier one.

“Choose someone you like,” said Hartley, noting that this can solidify the relationship between planner and client. “Consider their experience, ability and willingness to meet one-on-one. You also want someone who takes the time to understand your complete financial picture, someone with the ability to offer a wide range of investment products and vehicles.”

Weston believes that it is important to seek a planner who not only has experience and credentials but who serves clients with circumstances similar to your own.

“If you own a small business, it is helpful to work with a planner who has experience in helping other clients who have small businesses,” said Weston. “You want a planner who has developed a skill set, expertise, and familiarity with the issues you face and to be able to offer appropriate solutions.”

“Look for someone who gets to know your situation, comes up with a plan, and can clearly explain the plan and why he or she chose the underlying investment products,” added Adam Dunbar, first vice president and investments / financial advisor at Wells Fargo Advisors.

After choosing a financial planner, what can they provide?

“It all depends on the individual’s needs and where they are in their lives and ultimately what they are looking to get out of a planning experience,” said Weston. “At minimum, most planners help define and prioritize goals, evaluate a person’s current financial situation, and help create a plan of action.” Weston said the work really begins when the plan is implemented, monitored, revisited, measured and recalibrated.

“The planner and client need to be accountable to the plan,” said Weston.

“They (planners) offer a wealth of knowledge and understanding. Planners are there to guide you through the maze of paperwork, rules and the benefits of products and services,” said Hartley.

Dunbar suggested that it takes lots of time for someone to do research and create their own financial plans. He explained that financial planners and their analysts have the time and resources to properly monitor plans and investments.

While many people avoid hiring a planner because they believe that it will cost too much, consumers may be surprised at just how affordable it really is.

“Most charge by the hour or are paid by commissions from investments you purchase,” said Hartley. “It is best to discuss fee structures with a planner when you are searching for the perfect one.”

“Some people think financial advisors are expensive or not worth the money. I discuss costs with all my clients when I take them on,” said Dunbar. “After we come up with an investment plan, then execute and monitor it, cost is never an issue. I give clients peace of mind that their investments are well taken care of and they are on track to meet their goals.”

Our experts have one major caution about financial planners.

“Avoid advisors who work with companies that have their own proprietary products and try to load you up with them and put very little thought into what else may be available,” said Dunbar, noting that you don’t want your financial driven by sales commissions.

“What you want is unbiased, objective advice and someone who is always going to look out for your best interest,” said Weston.

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