Coming to The Rescue

It seems that just about every profession is more and more specialized these days. Now you can add financial planning to the list. Approximately 25% of the nation's 40,000 bona fide financial advisers are devoting their practices to assisting certain kinds of clients: seniors, individuals going through divorce, small-business owners, those with disabled family members and high-net-worth corporate executives. Some advisers specialize in serving clientele in certain occupations, such as medicine and teaching. Others work with those who have newly acquired wealth, like lottery winners.

The prices charged by specialty financial planners for the most part aren't higher than those charged by generalists. Although fees vary, expect to spend a yearly retainer of about $4,000. Hourly rates average $150. Some planners charge commissions on investments they sell; they tend to be less neutral in their financial recommendations than fee-only planners, who aren't hawking a product. Planners who manage a portfolio on an ongoing basis charge a small percentage of all assets.

Planners with specific expertise can be a godsend. For example, Dee Reeves, a hair-salon owner whose son Sean, 32, has Down syndrome, found the right professional advice with financial planner Mary Anne Ehlert 11 years ago. Eighty percent of Ehlert's business which includes the services of staff social workers is devoted to helping families with disabled children, spouses and parents navigate both their finances and the social-service system. Ehlert is trying to create a special designation for other financial advisers across the country who want to work with similar clients. Ehlert's 16-person firm, based in Vernon Hills, Ill., charges an average fee of $2,500 to $3,000 a year. "Most parents take care of their kids through college. I have to provide for my child long after I am gone," says Reeves, 60. "In the special-needs world, you can't take too many risks with your money," says Ehlert, who helped her parents create a financial plan for her late sister Marcia, who had cerebral palsy. "Not every planner understands this." She often recommends safer, more secure investments for her clients.

Divorce planning is one of the fastest-growing specialties. The Institute for Divorce Financial Analysts in Southfield, Mich., certifies specialists, who have to pass exams on how to handle monetary issues related to divorce, according to its president, Fadi Baradihi. The institute's membership of 1,500 is growing about 20% annually. "In divorce, one party may try to hide income from a spouse," says divorce expert Edward DeGennaro, based in Greenvale, N.Y. "We are trained to look out for this and help our client get his or her fair share of assets."