What to expect when working with a financial advisor.  Minimum services a financial planner should provide:

• A clearly written, individualized financial plan, including balance sheet and projected cash flow for at least one year.
• The plan should define your financial objectives and the steps you will take to achieve them.
• A discussion of the amount of risk you are willing to assume to achieve your goals.
• Specific suggestions for improving your cash management.
• An explanation of the assumptions underlying the plan, including projected rates of interest and inflation.
• A range of investment choices. A schedule for monitoring your financial plan.

What to guard against

Five warning signs of a fraudulent financial planner:

1. Promises of unrealistic rates of return, such as 20 percent annually.
2. An indication that the investment is guaranteed and can't result in a loss for the investor.
3. Suggestions that the investment is too complex to be understood and that total faith in the adviser is a must.
4. An unclear or unstated investment purpose, such as a blind pool for investing in the stock market at the planner's discretion.
5. An exotic sales pitch, such as the involvement of an offshore bank, top-secret technology or inside information from Wall Street.  (Source: Pennsylvania Securities Commission)