‘Is it concerning that my money has been level for years?’ I take out about $50,000 a year and like dividends. But is my adviser doing enough to grow my money?

Answer: It’s hard to say whether your adviser is doing a good job without all the specifics, but one way you can start is by gauging your performance against relevant benchmarks like the S&P 500 or the Dow Jones Industrial Average (DJIA). (Looking for a new financial adviser? This free tool can match you to a fiduciary adviser who may meet your needs.)

Furthermore, “your time horizon, risk tolerance, cash flow needs and individual goals drive your investment allocation,” says Marguerita Cheng, a certified financial planner (CFP) at Blue Ocean Global Wealth. 

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

Robert Persichitte, a CFP at Delagify, notes that you also should think about your overall financial objectives and opportunity cost. “Opportunity cost answers the question good or bad compared to what,” says Persichitte. “Compared to the winning lotto ticket this is a bad investment. Compared to FTX, it’s a good investment. Reality is going to land somewhere in the middle So make sure to consider all of that as well.”

Josh St. Laurent, a CFP at Wealth in Yourself, says to look at it like this: “From what I understand, you’re withdrawing $50,000 per year and your balance is staying the same, which tells me that your investment portfolio is generating that $50,000 per year and you don’t have to dip into your principal. Do you have a goal of growing the money? If so, for what purpose and by how much?”

Now let’s break down your dividend questions from most specific to most high level. Are dividends good? The answer isn’t clearcut. Indeed, dividends are one of many different strategies in retirement, but they’re not a silver bullet. “Your risk tolerance and goals will drive your investment strategy more than anything else,” says St. Laurent. 

And Persichitte notes that while some companies “hate dividends,” others love them. “There are good and bad opportunities when it comes to dividends,” he says. “Good planners consider a stock’s total return along with the tax implications.”

Another thing to note: “Dividends do receive favorable tax treatment in taxable accounts. … they can be an investors best friend and a company’s ability to pay dividends consistently in a variety of market conditions can indicate a strong, well-run enterprise,” says Cheng. “You can invest in dividend paying stocks, mutual funds or ETFs in taxable, tax-deferred and tax-free accounts.”

Should you do financial planning on your own?

Maybe. DIY financial planning works better for some than others. Know that, should you take the DIY route, you’ll certainly save money. You’ll also likely want to educate yourself on personal finance issues and make sure you understand exactly what you’re taking on.

Before you consider tackling financial planning on your own, ask yourself what went wrong and what you would have done differently. “Consider all risks and alternatives,” says Persichitte. “With perfect knowledge of the future, it’s easy to pick a winning strategy, but go back and measure how you would have done with a different approach. Measure that same approach during good times like 2013 and bad times like 2007.”

 It’s also important to think about what type of guidance you desire and what value you expect from your planner. “If you’re not impressed with your planner because you feel your investments have underperformed, take a comprehensive approach. I’d encourage you to work with a planner who can ensure that the investment allocation you have aligns with the appropriate level of risk for your situation,” says Cheng.

“Consider a second opinion from a fee-for-service planner who isn’t trying to sell you anything,” says Persichitte. Many fee-only, advice-only planners will provide a free consultation, which might answer some of your big-picture questions and help you see if your adviser is a good match or not.

“If you’re not feeling comfortable with your current adviser, I would suggest interviewing others or insisting your current adviser walk you through the rationale behind your current strategy,” says St. Laurent. In addition to asking the right questions (MarketWatch Picks has compiled a list of 8 questions to ask a prospective adviser), make sure your financial planner is a fiduciary who is looking out for your best interests. 

You’ll likely want to at least consider a certified financial planner (CFP) as they undergo rigorous education requirements, testing, and they’re required to accrue thousands of hours of work-related experience. They’re also fiduciaries, which means they’re obligated to put their client’s best interests ahead of their own. To start your search for a CFP, visit LetsMakeAPlan.org, NAPFA or the CFP Board. You can also use this tool to get matched to fiduciary adviser.

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

Questions edited for brevity and clarity.