The typical adviser charges absurdly high fees to manage your money, often with mediocre results—but next to nothing to provide financial-planning expertise, which can be hugely valuable.

According to survey data gathered from more than 7,000 advisers by Cerulli Associates, a financial-research firm in Boston, 79% of advisers’ compensation comes from asset-based fees—which may bear little relationship to the services the clients use. (by Jason Zweig at WSJ.com) [More]