It's getting cheaper to obtain investment advice from big-name Wall Street firms.

Traditionally, hands-on help with a portfolio was something only well-heeled investors, who could pay thousands of dollars a year for financial advice, could afford. People with less than $250,000 to invest could expect many financial planners to turn them away.

Now, however, in an effort to tap into the retirement-planning bonanza, as well as appeal to younger investors with earnings potential, financial-services firms including T. Rowe Price Group Inc., Vanguard Group and Charles Schwab Corp. are rolling out low-cost or free advice services.

Last month Schwab kicked off a pilot program offering free portfolio consultations to a broader range of customers -- a service previously available only to people with more than $250,000 in assets invested with Schwab. T. Rowe Price in recent months started charging $250 for a customized retirement plan, portfolio assessment and investment recommendations. Investors can return to obtain free followup reviews, even if they have no assets at the firm.

Last year, Merrill Lynch & Co. started offering customers with at least $50,000 invested with them two free portfolio reviews each year with one of its financial advisers. While the company offered portfolio reviews before 2005, they weren't always offered twice a year and in the same way. The current offering is a formalized commitment.

In addition, new online tools, many free of charge, provide do-it-yourself investors powerful research capabilities. For instance, eMoney Advisor Inc., a unit of Commerce Bancorp Inc., will later this year roll out online planning tools to consumers and financial advisers giving investors a snapshot of their financial assets today, and a projection of their savings 40 years later.

Of course, lower-cost services can come with a catch. Financial firms may require investors to have an account before dispensing advice, and investment recommendations may lean heavily on the firm's own products. What's more, these services often come up with guidelines for how much of an investor's money should go into stocks, bonds and other asset classes, but might not provide much help on more complicated questions concerning, say, tax planning and alternative investments.

Still, they offer a new resource for investors willing to shop around for the best option for their needs -- whether it is maximum handholding, or more of a minimally invasive approach. The services that provide investors with more handholding are being offered by shops including T. Rowe Price and Vanguard, which put investors on the phone with a licensed adviser, who gathers information about their financial assets, investment goals and risk tolerance. T. Rowe Price charges $250 for a review and investment recommendations using the firm's own funds.

At Vanguard, investors pay $1,000 for a customized plan. The payment covers an investor's entire financial picture, from college planning and retirement savings to insurance and estate planning. Both Vanguard and T. Rowe Price offer the plans free to investors bringing at least $100,000 in new assets, and waive the cost for existing clients whose assets meet certain minimums.

There are also a growing number of alternatives for people who want to find a planner who is not affiliated with a big firm. Myfinancialadvice.com, Boulder, Colo., matches consumers with independent financial advisers who will provide advice online or over the phone for a prequoted flat fee. Now the firm is launching a series of financial-planning packages covering issues such as 401(k) plans, college savings, debt management, taxes and health savings accounts. Each package is separately priced, ranging from $50 to $300.

Ashlie Shelton, a 26-year-old in Denver, credits a planner she found through Myfinancialadvice.com for kick-starting her own savings strategy after a number of false starts with do-it-yourself books. For $300, the planner gave her a detailed debt-management plan and retirement strategy. "I had somebody who was experienced who could give me advice but also a realistic approach to the goals that I had," says Ms. Shelton.

Hiring a planner who charges by the hour is another option, particularly among self-directed investors who are looking for help with a specific problem or simply want a second opinion. An hourly planner might charge about $1,000 for a portfolio review, which includes evaluating whether a client has a variety of essentials in place, such as wills, insurance policies and tax-efficient investments, says Sheryl Garrett , who runs the Garrett Planning Network, a group of financial planners nationwide who bill by the hour. Sessions typically last between four and eight hours, she says.

In the new services offered by Merrill, advisers choose from 72 mutual funds, many of which are third-party funds. That will give investors access to a broad selection of funds, not just the firm's own in-house funds. In the Schwab program, advisers can recommend mutual funds, including third-party funds, as well as individual securities. At Merrill, investors are guaranteed to get two free portfolio reviews a year, provided they have at least $50,000 at the firm. Meanwhile, the commitment is a little less codified at Schwab, which is just starting to roll out the program.

More investors also are likely to find advice through their employers' 401(k) retirement plans thanks to recent pension legislation. About half of the nation's 401(k) plans already offer workers access to advice, free or at a discount, mainly through online computer programs provided by independent firms such as Financial Engines Inc. Outside of an employer's plan, individuals can pay between $150 and $300 a year for a Financial Engines personalized retirement plan and ongoing monitoring of their portfolio. Investors can go to www.financialengines.com.

For investors with a more do-it-yourself approach, there are a number of tools online to evaluate investments.

Schwab recently enhanced its Portfolio Checkup tool, which analyzes clients' holdings at Schwab and elsewhere, by making it easier for customers to use and providing more investment recommendations. Fidelity Investments expects soon to make two of its online planning tools -- Retirement Quick Check, which helps investors create a plan to save for retirement, and the Retirement Income Planner, which helps investors figure how much they can spend in retirement -- available for free online to noncustomers.

The most-hands-free options are provided by brokerage firms, many of which will offer a free, one-time portfolio evaluation to prospective customers.