Though August's market volatility is now a distant memory for some investors, it could be a spur to seek out assistance from financial planners. How can financial planners advise clients to deal with volatility, both from a psychological and portfolio standpoint? What does volatility actually indicate about underlying economic fundamentals (apart from fear and uncertainty)?

In my view, financial planners need to be honest about what they know and what they don't know. And they should advise their clients to prepare themselves for volatility through a combination of balancing their life – the psychological part -- and portfolio contingency planning – the portfolio perspective.

From a psychological perspective, I don't know if financial planners have a role – beyond recommending psychologists who specialize in helping people deal with psychological pressures related to money. But one thing financial planners can do is to be honest about the limitations of their knowledge:

Money magazine's Jean Chatzky has a pretty cool idea for a gift for your recent college graduate: a few sessions with a financial planner. Most kids need financial help, and many parents are ill-equipped to provide that. Even if a parent is wonderfully competent, kids may not want to hear it from them.

In addition to giving your child the services of a financial planner, I have a couple other ideas for small gifts to help your grad avoid the financial ditches that so many find themselves digging out of later in life:

• Suze Orman's The Money Book for the Young, Fabulous & Broke -- This book is pretty readable and covers pretty much everything a young un' needs to know: credit cards, housing, cars, investing, and frugality.
• A gift card to a store like Dollar Tree (NASDAQ: DLTR) or 99 Cents Only (NYSE: NDN) -- This would of course be tacky as a graduation gift on its own, but these are wonderful places to buy household items at great savings. If you can get someone into the habit of shopping at these kinds of stores, you will save them tons of money over the years.

For the fashion-conscious grad, you may also want to consider How to Be a Budget Fashionista. It's written with women in mind but much of the advice is pretty universal.

An article in today's Wall Street Journal discussed the emerging trend of financial planners catering to younger, less affluent folks. People need help navigating a much more complex financial world than their parents faced: 401(k)s, student loan debt, benefits, insurance, etc. I think it's great that there is help available for people, but I wonder how helpful it really is.

The problem is the costs: Most fee-only financial planners charge $100-$250 per hour, which is a huge amount when you're talking about someone making around the median income with little in the way of assets. And that's just for the financial advice. If you turn over your portfolio for them to manage, you'll hand over another 1-1.5% of that money each year, in addition to the expense ratios on the mutual funds they choose.

The problem is that financial planner services scale well: Someone with a net worth of $1,000,000 might not need that much more in the way of help than someone with $10,000, depending on the individual circumstances. So a financial planner might make sense for a high net worth person, but is probably just not a good investment for someone with less money.

I also think that most people could manage their own finances very competently with some basic research. Here are a few books that I think younger, less affluent people should read before they consider hiring a professional. If after reading these, you still think you need help, go for it:

To learn about budgeting: America's Cheapest Family Gets You Right on the Money: Your Guide to Living Better, Spending Less, and Cashing in on Your Dreams.

To learn about investing/financial planning: The Wall Street Journal Guide to Planning Your Financial Future.

In most cases, I think you'll be able to get a lot of the benefit of hiring a financial planner from those books for a whole lot less money.