The investing world has changed dramatically since the days of EF Hutton.  Back then, most people used brokers.  A Broker simply executes your plans and charges you a fee for each trade.  He or she may also make recommendations to you, but acts more as a salesperson.

Today, fortunately, we have more choices.   There are online Discount Brokers, where we can save a bit of cash by having a computer carry out instructions instead of a person.

There’s an even newer option:   Robo-Advisors.    These can save us money and can provide a very cost-effective solution, especially for those just getting started.

Often, we’re better off with a full-service Financial Planner or  Advisor. They can help us avoid the emotional investment decisions that most people are subject to.  And research supports that people who use outside help save more and are more likely to achieve their financial goals.   Full-service financial planners and advisors can also help keep you accountable to your own goals, like a personal trainer for your money.  But it’s critical to find a good one!   The section below guides you through the process of finding one.

With retirement funds, you may have access to Managed Account services or Target Date Funds that can give you at least some professional help.

Or your employer may arrange discounted access to a financial planning service, who can also help review everything you own, and owe, and help you manage them for better results going forward.  For most people, that is a good way to get a checkup to make sure you’re on track, then get a specific action plan so you can be on your way to a financially secure future.

When it comes to getting professional help outside of your company’s retirement  account, you will have more choices.

But beware: with choice comes the need to be careful.

Most people simply ask their friends or family who they trust. The problem is, most people don’t know how to hire a financial advisor. So just because Aunt Maria likes her advisor and recommends him, doesn’t mean he is a  trustworthy (or even intelligent!) advisor.

Advertising doesn’t help us here either. Turn on the television and you’ll hear about all these big brand name wealth management firms. But advertising can’t tell us who will do a good job for us. And many of those big firms pay for their advertising by passing on higher fees to their clients.

See the next section for key questions to help you find a good advisor.

Thanks to Silicon Valley, today we have another option for investing outside of our retirement plans:  Robo-advisors.

A robo-advisor is an online, totally automated investment management platform.  You put in some initial information and the system will structure and manage the investing for you.

These can be great and cost-effective if you’re young and just starting out, or if you’re comfortable without a helping hand.

What robo-advisors can’t do:  is help you build good financial habits and help you make the right decisions.  They also can’t help you stay accountable to your own goals.

What about just going to a cheap online discount broker  and doing it all yourself? Well, that’s certainly an option. Think of it as a “no-frills” investing experience: you just get the ability to buy and sell investments, nothing more. No advice, no recommendations. You’re on your own for all of that. In return discount brokers normally charge discounted commissions (which is a charge for every time you buy or sell a stock or other investment).

But sometimes your commissions may add up to more than it would cost if you were to go to a robo-advisor.  With a robo-advisor, you get a turn-key solution, not just cheap trades.  The robo-advisor will make all your investment decisions for you. Even better, some of the robo-advisors currently offer either fee-free accounts or don’t charge for small accounts until they reach a certain size.

If you do want to stick with a discount broker,  you want to make sure you are educated properly and manage your money very carefully. Investing is difficult, and as research shows, most individual investors buy and sell at the wrong time. But if you do go this route, be aware that if you mess up, there’s no one to blame as these brokers have no responsibility other than to follow your instructions.