As producer and I were working out logistics of my appearance, she mentioned in passing that “most people can’t afford an investment advisor.”

While that wasn’t time or place for me to discuss this, I realized that many people might have a similar misconception. Had conditions allowed, I would have pointed out following to her.

There are only two ways an individual can invest in mutual funds: Selecting and investing themselves or using outside help. If they use outside help they’ll have a couple of choices again: A commissioned salesperson (broker, financial planner or Registered Representative) or a fee-based investment advisor.

Most people don’t know difference and often start with a broker who charges about 6% commission off top to purchase a mutual fund. The fund is usually from a limited selection of fund families broker has a relationship with. He, of course, would never recommend a no load fund or an exchange traded fund (ETF), since it is not in his best interest -- although it might be in yours.

Having a fee-based investment professional handling your portfolio will get you as close as possible to receiving advice that is based on nothing but advisor’s best knowledge and evaluation of market. They advise only what they consider top performing funds since sales commission is not a consideration and does not create any conflict of interest for them. But, how can you "afford" an advisor?

First off, advisor's fee is usually in range of 1% to 3% per year depending on portfolio size. This amount is billed in advance on a pro-rated quarterly basis and charged directly to your investment account. This creates an initial savings right off bat.

Most fee-based advisors offer complete service as far as your portfolio is concerned. That means that they don’t simply “sell” you a mutual fund and disappear until you call again. Since investors evaluate advisors based on performance of their portfolio, advisors are keenly interested in maximizing your bottom line. In long run, your gain should outweigh their fee.

Whether you’re into stocks, bonds, mutual funds, futures or options, there are tons of electronic investment newsletters offering to turn your small stake into a giant fortune. All you need to do is subscribe and watch your portfolio soar.

Yeah, right!

As a practicing investment advisor specializing in no load mutual funds, I have received my share of e-mails from disillusioned subscribers wanting to know how to better evaluate newsletter services.

While there are no absolutes, I can give you a few pointers that might help you make a better decision:

1. Stay away from most obvious hype. Ads promising to turn your $10,000 into $1 million in 2 years by buying this incredible stock or hot commodity are not promoting investing — they are selling gambling. Follow "If it sounds too good to be true, it usually is" rule.

2. Most mutual fund newsletters won’t make those outlandish claims, but some of them are still pushing truth as far as they can. So try to get a free issue or two to examine. If you can't get a sample, check if they have a trial period? How about a money back guarantee? If not, pay with your credit card. These days you’re pretty well protected by this payment method even if newsletter doesn't offer a satisfaction guarantee.

3. Consider editor as well as disclaimer notes. Is he or she only publishing a newsletter? Or is he also an investment advisor with a practice?

Why would that last point matter? I may be biased, but I believe that you get far better advice from a writer who also is in trenches every day investing their own as well as their clients’ portfolios. They would have far better insights as to what works and what doesn’t than someone who has theory down but no practical experience.