'The Mole' has an article that almost perfectly encapsulates my feelings on financial planners. My one complaint would be I wish the story pushed fee-only planners over brokers, but that wasn't really the main point of the story. The payoff:
It's okay to pay a planner for areas where they can add value by helping you reach your financial goals. Just remember that all fee models, including my own hourly model, have some conflicts. You should always understand what's in it for the planner. That's no different than the surgeon who might have an incentive to recommend an operation.
When it comes to paying a planner for market beating performance, just say no. The odds of this working in the long run are way too low to bet your nest egg.
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