Trust but verify, seems to sum things up nicely.

> At no time during the process did I feel the need to research or check her recommendation,
Maybe that is being a bit too trusting? Even if someone is trust worthy they may have other biases… that aren’t good for you.
When I had surgery I did some research and independently confirmed the procedure was the standard treatment. It turned out that it wasn’t necessary, but it didn’t take that long and it seemed prudent. The piece of mind was worth the time spent.
> I was convinced that I shouldn’t do the surgery myself. I suppose I could have, but that might have hurt.
Amusing, but who actually practices do-it-yourself surgery? For financial planning there are some cases where you have to do it yourself. Consider a new investor starting with $0 who invests $1000 each year. Any Planner that takes a % of assets under management wouldn’t talk to them at all. They could purchase a plan for a fixed fee but that would likely be a big fraction of their year’s investment! Buying a copying of the Coffey House Investor or some similar book and making the plan themselves is a viable option. That plan could be as simple as a low fee target retirement fund.
I think there is a level where a professional becomes cost effective, say $200,000? At that point the optimization of the portfolio could potentially cover the cost of the advisor.
> [1] Ask everyone I know if they have a planner that they trust. Keep asking. It might take a while, but >hopefully you know someone that feels like they can recommend their planner. Ask your family, >friends, CPA, and attorney.
Can they tell a real advisor from a salesman? Do they compare their investment returns to the appropriate indices? If not how do they know their trust is well placed?
I thought your links for questions were a good start, but I would ask the following:
#1 How did you advise clients similar to me during 2007 and 2008? Why?
Looking back did they make good decisions- for good reasons? I think the best answer would be “Stick to our plan but save more/withdraw less.” The plan is solid but they are adjusting to the possibility of a harsher reality. Other minor changes are fine- say switching to a lower cost equivalent fund. However, if their reaction to 2008 was to scrap the old plan and try some totally new plan I would seek someone else.
#2 How do you pick the investments you recommend?
I would be wary of someone that looks at past performance, remember all the warnings that it isn’t a predictor for future performance? I would also be wary if they claim some special knowledge- it is really hard to beat the market, what is the chance you found the next Peter Lynch? If they could really beat the market consistently then they are wasting their time planning for you. They should be running their own fund and making billions.
I would like to hear minimal fees or covering different asset classes, which would naturally lead into choosing index funds.
#3 Describe a time when you convinced a client not to make a stupid mistake?
A good advisor should be able to prevent you from making mistakes. If they haven’t done that with other clients a lot they are unlikely to be good advisors.

-Rick Francis

Start asking people you know, and look for an planner that charges by the
hour to help you chart a course. CFP board & the Garrett Planning Network
might be a place to start.

Can any one tell me, can a financial planner help me “or do I need a surgeon?”

It clearly has it's limitations, but I am glad the point got across.

Your comment made me think about one of the problems with the financial planning industry, as of right now there no uniform standard of care like there is in the medical profession.

That is why the work that the CFP board is doing is so important. To establish a uniform standard that you can expect when you go see a Certified Financial Planner.

The point here is that when I needed to find a surgeon I did what most people would do: I asked people I trusted for a recommendation. Then I checked, verified, and in the end, TRUSTED the surgeon to do the right thing.

You might be right that most people might not know anyone to ask, but I would certainly hope that after asking family, friends, CPA's, and attorneys, they would run across at least one person that has a financial professional they can recommend.