BeckyNTom,
There's no such thing as an entirely conflict-free financial planner (we all have to get paid somehow as professionals!), but typically discussion of a conflict-free planner is used to refer to a planner that doesn't receive commissions based on a product that's sold. This is typically compared to a fee-only planner, that may get paid simply for the time spent working with you, where there is no financial incentive to push a particular product.

Of course, even the fee-only planner still has a conflict of interest - their conflict is to extend the engagement as long as possible, billing by the hour as you go; a conflict that people sometimes complain about with respect to attorneys and accountants as well. Nonetheless, few will argue that the extent or magnitude of the potential conflict is far less with a fee-only planner, than with a commission-based planner.

How do you tell which is which? Well, the starting point is to simply ask the financial planner how he/she is compensated, and listen to the response. Any planner that does some level of fee-based planning should also be registered as an investment advisor, which requires them to provide you with a document called "Form ADV Part II", which further explains their services, background, cost, and potential conflicts of interest. Ask for a copy of this form. It's helpful to understand how the planner operates and where the potential conflicts may lie; if the planner doesn't have one, it's a virtual assurance that you're working with a commission-based planner. However, some planners work on both a fee and commission basis (although this should be disclosed to you).

At the end of the day, though, the key for navigating any conflict of interest is to be aware of the conflict, and to work with a planner that has the integrity and fiduciary focus to act in your interests first. Ask if the financial planner is a Certified Financial Planner (CFP) certificant, as all CFP designees will now be held to a fiduciary standard if they want to represent themselves with that designation. And in general, see how comfortable you and the planner are in discussing fees and compensation; if you're feeling uncomfortable or like something is being hidden from you, trust your gut and find someone else. The most important thing is that you're able to work with someone that you're comfortable with and who you can trust.

To find an independent financial planner, there are a few resources you can explore. Check out www.napfa.org for financial planners that are exclusively fee-only (it is a requirement to be a member of NAPFA). You can also find financial planners through the Financial Planning Association at www.fpanet.org - the FPA is the largest U.S. association for financial planners. You can also find Certified Financial Planners (with no restriction on type of compensation) from the CFP Board directly at www.cfpboard.net. Ultimately, many people find a financial planner they're comfortable with by simply asking a trusted friend or colleague. But regardless of which of the above methods you use, interview your planner like they're competing for your business - because they are - and go with a planner you're truly comfortable with.

Financial planning should be a long-term trusting relationship when done well. Treat it that way when you're looking for a financial planner, and don't be afraid to walk away from financial planners you interview until you think you've found the right one.

I hope that helps a little!