Investing: Coming to The Rescue

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Retirement issues require expertise in more conservative investing. Chris Cooper of Toledo, Ohio, says his postgraduate certificate in gerontology from Bowling Green State University helps him better serve his age-55-plus clients. Their money will have to last longer these days, since they can live into their 90s and beyond. He recommends a moderately risky, long-term strategy that will help their money grow and last for the golden years. Financial planner Percy Bolton caters mostly to entrepreneurs who are looking for various kinds of investments, depending on their businesses and their level of personal wealth. "We and our clients speak the same language," Bolton says. He charges clients $12,000 to $15,000 a year.

Is specialization a good idea or simply a marketing ploy by financial planners hungry for business? Industry experts agree that it makes sense for some people to go to a specialist if they need targeted advice. "With tax laws and regulations becoming more complex every year, specialists can really help you. They also can serve as an advocate in your corner," says Linda Sherry, a consumer advocate at Consumer Action, a San Francisco--based nonprofit organization. "But if you're looking for run-of-the-mill ongoing asset management or planning for your child's college education, go to a generalist." Knowing just what you need--and where to get it--is the name of the game.