You don't have to be wealthy to hire a financial planner, but one CFP says you shouldn't pay more than 3% of your income

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• Hiring a financial planner isn't just about buying and selling stocks anymore, says CFP Greg Bledsoe.
• These days, financial advisors are helping people buy homes, plan for retirement, and send their kids to college.
• Bledsoe says no matter your income level, you shouldn't spend more than 3% of your pay on financial services.
• Thinking of hiring a financial planner? SmartAdvisor's free tool can help you find a qualified professional in your area »

If you think you have to be a millionaire to benefit from a financial planner, think again. Even if you're not making the big bucks, a financial planner can help you achieve your short- and long-term financial goals.

According to Grant Bledsoe, certified financial planner and owner of Three Oaks Capital Management, financial planning has changed over the years. "These days, many financial planners focus on helping people buy a house, save for their children's college, and retire. It's not all about buying and selling stocks anymore."

Bledsoe says that no matter how much money you make, working with a financial planner is possible, but you shouldn't spend more than 2.5 to 3% of your income on financial services. "For example," he says, "if you're a college graduate with student loans, rent, and a $45,000 a year [salary], you don't want to pay someone $1,000 a month for their services."

With a skilled financial planner by your side, you can navigate the major transactions of your life with ease. It's a particularly good idea to work with one if you simply don't have the time, knowledge, and/or interest to keep up with your finances.

"Keep in mind that even the most financially savvy people hire financial planners because they can delegate their work to someone who can do it more efficiently so they can focus on other responsibilities," says Bledsoe.

Think of a financial planner as an objective third party who can guide you and point out things you may not be able to see on your own. You can bounce ideas off of them and use them to keep you grounded and focused on your long-term goals.

Need help choosing a financial planner? SmartAdvisor's free tool can help you find a qualified professional in your area »

So, how do you choose the right financial planner for you? Here are a few of Bledoe's tips:

Interview a few financial planners

Rather than going with the first financial planner you find, take the time to interview a few planners in your area. Learn about their experience and find out how they can help you. Choose the one you believe is most qualified for your unique situation.

Work with a fiduciary

"Financial planners who are fiduciaries are legally required to act in your best interest," explains Bledose. These types of advisors - known as fee-only advisors - will only make recommendations that are suitable for you and your situation. They won't base their advice on commissions or other rewards they can earn, as commission-based (or fee-based) advisors do.

Understand the fee structure

The financial planner you work with should be crystal clear on how much you'll pay and what you'll get in exchange. "It doesn't matter whether they charge a flat fee or a percentage [of the assets under management]. What does matter, however, is that you get more value than what you're paying in fees," says Bledose. Don't be afraid to work with someone else if you find that a planner's cost outweighs their value.

Regardless of whether or not you're a high earner, a financial planner may be just what you need to enjoy a financially secure lifestyle and future.

Ready to hire a financial planner? SmartAdvisor's free tool can help you find a qualified professional in your area »

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