We make $400K a year, but spend $14K a month and need to save for our kids college and retirement. Should we hire a pro to help?

Question: My wife and I make just over $400,000 per year combined before taxes. Our fixed expenses — like the mortgage, car payments and other bills — are just under $6,000 per month; our discretionary expenses average about $8,000 per month. I work for a local government and plan to retire in about 15 years; after that, my pension will pay me around $150,000 per year. I also have a 457 [a retirement savings plan offered to many government employees] with $71,000 in it right now and I contribute the maximum. My wife has a 401(k) with significantly more in it, which she maxes out each year. We have 529 plans for both our kids that we contribute $250 a month to. And we have around $75,000 in IRAs, ETFs, and stocks. We invested consistently into these up until the recent market downturn, now we’re just putting excess income into a savings account at 3.3%.

Now to my question: We’ve never talked to a financial adviser. But now that we have kids to think about and as we get closer to retirement, we’re wondering if the cost for one would be well spent at this point in our lives. What benefits would it give us? (Looking for a new financial adviser too? This tool can match you to an adviser who meets your needs.)

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Answer: In general, you seem to be in decent financial shape and more prepared for retirement than many folks at this stage. You may not need an adviser at all (here’s who does not need to work with one), but that depends on how much time, knowledge or interest you have in dealing with financial matters.

“It appears you’re in good shape with cash flow now and into the future, but a planner can help you identify risks to protect your financial success and help plan for your desires for your family, known as legacy planning,” says certified financial planner Derieck Hodges at Anchor Pointe Wealth. (Looking for a new financial adviser too? This tool can match you to an adviser who meets your needs.)

What’s more, gauging from your questions, a good adviser would help you organize what seems to be a lot of moving parts into a cohesive strategy around tax efficient savings, as well as a withdrawal strategy when you’ve reached retirement, says certified financial planner Joe Favorito at Landmark Wealth Management. “But there are other issues at play, such as the correct asset allocation, whether or not you’re properly insured at a reasonable cost and estate planning issues that I believe a good, fee-only adviser can bring value to,” says Favorito.

And working with a financial adviser can help you avoid problems related to investing, insurance, taxes, retirement and estate planning. “A financial adviser should review each of these topics with you and discuss what your specific goals are and how to reach them. For example, an adviser could identify a lack of diversification or unnecessary risk in an investment portfolio or they can identify a lack of insurance coverage or help your family avoid conflict when you pass away,” says Humphries.

What type of adviser might work for you?

That said, there are certain types of advisers better suited to your needs than others. Indeed, financial adviser is a broad term, but many only sell insurance or financial products and don’t provide advice unless it’s incidental to the policy or product they sell. Don’t go for that type of adviser.

Instead, look for a fee-only adviser. They collect fees directly from clients and operate as a fiduciary, meaning they put their clients’ best interests first, whereas fee-based advisers are paid commissions when they sell products or make investment recommendations. You might want to opt for a certified financial planner, as they have taken extensive coursework, passed an exam and have plenty of professional experience. (Looking for a new financial adviser too? This tool can match you to an adviser who meets your needs.)

Try to understand if the adviser you’re talking to is an expert in helping people in your situation and if their process for working with clients suits your needs, says certified financial planner David Edmisten at Next Phase Financial Planning in Phoenix, Arizona. (Looking for a new financial adviser? This tool can match you to an adviser who meets your needs.)

It’s also possible that you’re a good candidate for a project-based financial plan or a monthly retainer to determine if the advice you need is temporary or long-term. Here are some different types of advisers and what each might charge. “Part of the process of finding an adviser to work with is understanding what you’re receiving when working with the adviser. Rather than framing the engagement as a cost, try to view it from the perspective of value. Ask yourself, is the adviser providing value to my financial situation,” says Humphries.

Have an issue with your financial adviser or looking for a new one? Email picks@marketwatch.com.

Questions edited for brevity and clarity.