Do-it-yourself planning is an option, but a little help from a professional -- especially a fee-only RIA -- can be worth the time and money. The rationale for hiring an advisor is simple: Money spent now could make a big difference down the road.

About a third (32 percent) of all households have relationships with a financial advisor, Cerulli data shows. But the numbers are higher among people close to retirement and current retirees. Among households in their 60s, for example, 44 percent use planners.

"People usually start thinking about making a plan when they're within 10 years of retirement," Smith says. "Before they turn 50, most individuals don't have enough money to warrant the interest of an advisor, or it's all still sitting inside a 40(k) plan."

Career Opportunities

Many advisory firms target clients with at least $250,000 in investable assets, and wealth management firms are looking for at least $500,000, Smith says.

But a host of new technology-driven advisory services are targeting middle-income households, and are finding ways to reach households that need financial guidance. Online services such as Jemstep and Future Advisor spit out automated recommendations using algorithms. Others, like LearnVest or Flat Fee Portfolios, use the Web to connect clients with a human advisor.

Meanwhile, a growing number of 401(k) plan sponsors are bolting on low-cost financial guidance from third-party services such as Financial Engines and GuidedChoice.

The advisor shortage points to an area of opportunity for young people and midlife career changers. The Certified Financial Planner Board of Standards (CFP Board), which grants the CFP certification, is working with colleges and universities to develop and operate CFP training programs, and 360 institutions are participating, a figure that has jumped 30 percent over the past four years.

The CFP Board evaluates and oversees the programs; students who complete the program receive a certificate or degree but still must pass the CFP exam and meet other requirements before being certified as a CFP.

"The large firms are realizing that the average age of their people is in the upper fifties, so they need to look at new ways of recruiting," says Charles R. Chaffin, director of academic programs and initiatives at the CFP Board.