$500 TO $650

T. Rowe Price
Retirement Income Manager
www.troweprice.com

Price: $500 for the plan. Free if you invest $1 million or more.

Service included: Recommended retirement portfolio plus two alternatives. Free annual review for T. Rowe Price investors.

The experience: Planner was assigned. Two half-hour calls, with longer follow-up.

Pros: Good alternative investment options.

Cons: Initial recommended mix (47% stocks, 37% bonds, 16% percent short-term securities) is very conservative for retirees. Projected inflation (3%) and wife’s age of death (85) too low. Plan didn’t analyze alternative actions (e.g., work longer, downsize home). No specific funds were recommended.

Best if: You’re a T. Rowe Price client.

Alliance of Cambridge Advisors
www.cambridgeadvisors.com

Price: $500 for “starter package.”

Service included: 6 “action points,” including creating 3- to 6-month emergency fund, opening home-equity line of credit, changing 401(k) asset mix, saving 10% of salary.

Experience: Client chose planner through Cambridge search engine. Worked with planner in three sessions over the phone.

Pros: Good conclusions. Fine 401(k) mix for young investors: 40% large-cap, 20% small-cap, 20% international, 20% balanced fund (invests in stocks and bonds).

Cons: No rationale for recommendations.

Best if: You can meet the planner in person.

Garrett Planning Network
www.garrettplanningnetwork.com

Price: $650

Service included: One-time plan.

Experience: Client chose planner through Garrett’s search engine. Planner listened to client’s needs, then proposed price range. Two meetings of at least one hour, plus several phone calls.

Pros: Easy-to-follow plan, more comprehensive than most. Focused on current needs. Good projection of insurance needs, list of suggested insurers. Good advice to update beneficiaries, use budgeting tool.

Cons: No investment recommendations in the initial plan.

Best if: You can meet the planner in person.

$100 TO $250

Myfinancialadvice
www.myfinancialadvice.com

Price: $250 for the plan.

Service included: Recommended funds. Advice on when to take Social Security.

The experience: Chose planner through Web site’s search engine. Planner listened to clients’ needs, then proposed price. Responses were generally prompt. Three 15- to 30-minute calls, a few e-mails.

Pros: Reasonable and specific no-load mix for retirement: 60% stocks, 40% bonds.

Cons: No implementation plan. Inconsistent advice: Have relatively conservative fund mix, but keep risky sector funds. Initial contact and payment had to be made through the Web site, an annoyance. Very aggressive assumptions.

Best if: You’re a do-it-yourselfer who wants a quick validation of a current plan.

T. Rowe Price
Investment Checkup
www.troweprice.com

Price: $250.

Service included: One-time portfolio analysis and recommendations.

Experience: Adviser was assigned. Two hour-long phone calls.

Pros: Clear, detailed, accurate plan. Good, specific fund mix for young investors: 80% stocks, 20% bonds. Good advice on adjusting the mix. Discussion of tax issues.

Cons: Uses only proprietary funds.

Best if: You’re a T. Rowe Price client.

Financial engines
www.financialengines.com

Price: $39.95 per quarter, $149.95 per year for basic service, $300 per year for deluxe. Free, or at a discount, through some companies’ retirement plans.

Service included: Interactive online software forecasts if you can meet specific goals. Recommends asset-mix changes.

Pros: Good allocation advice: 70% stocks, 28% bonds, 2% cash for midlife investor. Will include investments from any source you choose. Robust action kit tells what to transfer where. Responsive phone help.

Cons: Doesn’t show how investments will fluctuate each year in retirement. For a computer program, relatively little flexibility in changing “what if” scenarios.

Best if: You’re a sophisticated investor and get the service via your retirement plan.

FREE

Charles Schwab
Goal Planner
www.schwab.com

Price: Free. If you want ongoing advice, management fee of 0.75% to 1.25% of assets, less as assets increase.

Service included: Recommended mix of funds. Advised on how much more to save.

The experience: Adviser was assigned. Two 1-hour meetings and a few phone calls.

Pros: Good “what-if” scenarios (i.e., spend less, retire later). OK fund mix for midlife investors: 60% stocks, 35% bonds, 5% cash. Also offered “moderate,” “aggressive,” and other allocation options.

Cons: No specific fund recommendations.

Best if: You’re seeking a snapshot of your finances and potential actions.

Wachovia Bank
Complimentary Retirement Consultation
www.wachovia.com

Price: Free.

Service included: Portfolio analysis and recommendations.

Experience: Adviser was assigned; service complied when client asked to switch to a Certified Financial Planner. Two half-hour phone calls. No written report.

Pros: Good planning assumptions (pretax rate of return of 7.69%). Reasonable asset mix for midlife investors: 60 to 70% stocks, rest in bonds. Looked at several scenarios.

Cons: No initial fund recommendations.

Best if: You want reassurance but no advice. (We didn’t try Wachovia’s Envision service, which it says is more detailed.)

Fidelity Investments
Retirement Income Planner
www.fidelity.com

Price: Free.

Service included: Interactive online program that forecasts whether you’ll have enough to fund specific goals.

Experience: Takes far longer to input information than Fidelity suggests. Responsive phone help with technical problems. (We did not test investment expertise.)

Pros: Conclusions generally backed up by good analytics. Good asset mix for midlife investors: 60% domestic stocks, 10% foreign stocks, 25% bonds, 5% cash.

Cons: Inflation projection (2%) too rosy.

Best if: You’re a sophisticated investor.