Family Financial Planning 101

Joe Swain, a registered investment advisor with Pension Planners Securities in Modesto, California, adds, "It really shows in the long run when people start their savings in their 20s—they are incredibly better off than their peers, and it's probably 10 percent or less who do this."

How Do I Find a Financial Planner?

When you start looking for a financial planner, you may be tempted to have a sit-down with the investment advisor at your local bank branch. And while it's fine to interview that person and get a sense for some of her ideas, keep in mind that one-stop shopping is not always advisable when it comes to your money.

"Independent reps are probably your best bet," says Swain, because of the variety of products that they can sell. "Most reps are willing to work with young families, especially if you can find someone close to your own age."

Knowing where to find these independent representatives is crucial. And, as with so many other things in parenthood, you'll find there's no substitute for personal recommendations.

Eva Rosenberg, MBA, EA, author of the popular website, Taxmama, says to just ask around when looking for a financial planner. "The best way to find one is to talk to people you know who are happy with their advisors' results," she says.

Swain adds, "Ask your folks, ask your boss. Ask an employer or someone who is a mentor to you in your field. These are people who are more likely to have had a long-term relationship with a planner as they have accumulated some assets."

If you prefer to do your research on the Web, Glovsky suggests checking out some financial planning industry websites. "There are a couple of places to look—the Financial Planning Association and National Association for Personal Financial Advisors."