Do you remember the days when your television channels were 4, 5 and 7 and reception was black and white? Today satellites provide access to a hundred stations and not only in color but in high definition as well.

Grocery stores that once featured Coke and Pepsi, cornflakes and Cheerios now have these old standbys alongside dozens of newcomers, including flavored water.

Are all these choices a consumer's dream or a nightmare? Of course cornflakes are still popular, but I doubt anyone wants to go back to black and white TVs with just three stations. No matter what you are in the market for, our lives are greatly enriched by progress and the diversity that accompanies it.

Like every industry, financial services has also witnessed its share of changes. Some are easily noticed. For example, load mutual funds that once included a maximum front end commission charge of 8.5 percent in their offer price (when TVs were black and white) now have a maximum of 5.75 percent. And many broker-dealers have platforms that enable their advisers to offer no load funds with a 1 percent annual fee.

The investment representatives also have changed. The stockbroker has transitioned into a financial planner with more education and tools to address your financial concerns than ever before.

The question is, what does it cost to get good financial planning and investment advice and what do you get for the money? For starters, having more choices can be a bit overwhelming. Deciding which television to buy or what to have for breakfast is not nearly as daunting as "how do I invest my retirement nest egg so that it lasts the rest of my life?"

If you do decide to seek help from a professional, how do you compensate that individual? Are there choices here as well? The answer is yes. According to Tiburon Strategic Advisors, a research-driven consulting firm in Northern California, 84 percent of investors who use advisers have their money invested in commission products. But the remaining 16 percent are invested in fee accounts. You pay an annual fee for service instead of a one-time commission. An example would be paying 1 percent per year of your account value, or $1,000 per year on $100,000.

Allow me another analogy. If you like wine, you can buy it by the glass, by the bottle or by the case. You can meet with a financial planner for a few hours and pay an hourly rate, or you can hire a planner to create a cash flow analysis for you or buy the case and hire your planner to create a comprehensive financial plan. You can usually tell right away if this is a person you would like to work with. Call it chemistry. Just like trying that new glass of wine for the first time to see if you like it. After a few sips, you just know.

After buying the case, you will essentially be writing a road map together to plot your financial future. Working with your adviser, you review your assets and liabilities.

The next step is implementing your plan. This could involve:

* Putting some money in different investments;

* Updating your homeowners insurance policy to be more in line with all the appreciation built in to today's current value;

* Refinancing your mortgage to take advantage of a lower interest rate;

* Taking steps to lower your taxes;

* Meeting with your lawyer to have that trust put in place that you have been meaning to get to but kept putting off.

Of course you could do these things by yourself, but at what opportunity cost? Would you be willing to spend less time with family or friends? Could you afford to lose your nest egg?

If "do it yourself" is your mantra, then let me leave you with this one thought: Would you tamper with your electrical panel in your house with a book in one hand and wire cutters in the other? Or would you feel more comfortable with an electrician? For those of you who would call the electrician, you already understand the importance of professional advice.

If you identify with the person who would "buy the glass," then enjoy the moment and feel good about seeking a new taste or perspective in your financial life.

If you identify with the person who would "buy the bottle," then appreciate its fine attributes and, if you might need to buy another, your adviser will be there to guide you.

If you are the person who will "buy the case," then not only will you be able to enjoy the wine today, you will be able to enjoy the wine tomorrow and savor the peace of mind that comes with planning today for a better tomorrow. Regardless of who you are and where you are in your financial life, financial planning, like wine, takes time.

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Thomas Grella Sr. is president of Grella Financial Service. Securities offered through Linsco Private Ledger, member NASD,SIPC. Questions or comments can be sent via e-mail to tom@grellafinancial.com.