"It's not just what that advisor is charging, but what type of products are they using and what type of fees are embedded within those products. There are so many different ways in this industry to be compensated, whether it is a flat fee, hourly basis, based on assets under management, the sale of a product, so it's really important before you engage anyone to know, 'what am I getting involved in? How will this person be paid,' because that could potentially drive the advice of that advisor to the recipient."
Geri Pell, the president of Pell Wealth Partners, says when you're in your 20s and 30s and just starting to build your financial portfolio, it's very important to have a plan for what you want now, and for what you want in the future.
"I think you need to sit down and put together a comprehensive plan to take a look at allocating a little bit to each." Another tip from Pell, "If you have children young, and retirement is really far away, you should definitely be using tax-free advantage plans like a 529 plan for saving for college."
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Tim Maurer, director of financial planning at The Financial Consulate, says another thing people in their 20s and 30s shouldn't overlook in their financial plans is including insurance.
"You're not too young to think about insurance," Maurer said, especially if you're planning to start a family. "That's the trigger for an awful lot of folks that creates a seismic shift in their financial planning."
Estate planning should also be included in your financial planning, Maurer told CNBC's Sharon Epperson for this FA Playbook segment.
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Maurer says even if you're young, if you have children, it's very important that you have a will that stipulates guardianship and how your life insurance will fund the estate. He says these are two of the most important things that people in their 20s and 30s need when building a financial life plan.
—By CNBC's Gloria McDonough-Taub.