Financial planner versus money manager

As we age, we have to increasingly deal with our financial circumstances and future retirement: IRA's, 401K's, after tax brokerage accounts, pensions, annuities, life insurance, etc.  Sometimes it feels like we don't always know how everything connected to our current or future retirement "fits" into a comprehensive plan. Perhaps it is time to get some advice. But, from whom?  The financial services industry with its plethora of titles and qualifications (or lack thereof) can be confusing.

I started out more than two years ago to get some advice on our retirement investments. I didn't realize there is a difference between a financial planner and a money manager.  We hired a "fee only" financial "advisor" who was essentially a money manager....to wit, a stock/bond/  picker.  We didn't lose money.  He bought blue chip high dividend stocks.. However we didn't need high dividends. .  Dividend bearing stocks for older persons are one size fits all.  My husband still works and we don't need to take dividends to live on. Indeed , we are still contributing to my husbands 401K.  Worse. he bought these stocks and held them (the dividends paid for his fees).  Zero sum gain.

Now,insult to injury, advisor fees are no longer tax deductible.

We could have used a more comprehensive approach.  My husband is working beyond retirement age.  We don't need taxable "income" We could have used a financial planner.

A financial planner helps you plan for current and future (overall) needs using comprehensive data about your situation such as savings/investments, income streams, property such as real estate, life insurance, disability and long term care insurance, other tangible assets and also tax/estate planning, assessing your plans, goals, desires for your future.  Many variables must often be considered simultaneously and this could be a time consuming process, requiring filling out extensive questionnaires. I think it can be worthwhile to see a planner.  Each individual or couple has a unique profile and financial/retirement needs. 

If you want a "money manager"fine, but  be sure that is exactly what you want.