One Family's First Visit to a Financial Advisor

Lauren Schwahn is a San Francisco-based colleague of the author. According to NerdWallet, she met with a financial advisor for the first time and wrote about the experience.

Lauren and her family felt unsure about their financial progress and what steps to take next. To find an advisor, Lauren used the XY Planning Network, which lists fee-only advisors.

Fee-only advisors are paid directly by their clients. They do not receive commissions on the products they recommend. Fee-based advisors, by contrast, may receive commissions or other fees from third parties if clients buy certain products or securities.

Other groups also list advisors. The National Association of Personal Financial Advisors lists fee-only advisors, and the CFP Board lists certified financial planners. Anyone can use the title financial advisor, because it is not a regulated title. People can check an advisor's credentials and registration using FINRA BrokerCheck and the SEC's Investment Adviser Public Disclosure site.

At the time of the meeting, Lauren and her husband were considering buying a home. San Francisco has one of the worst housing markets in the country. Lauren's family rents an apartment from her family at below-market rate.

Buying a home in the neighborhood they wanted would have increased their monthly housing payments by almost fivefold. Lauren and her husband decided to hold off on hiring an advisor.