A licensed architect will have the education and experience to design your project, oversee the construction process, and ensure that everything is built according to code. An engineer may be a valuable asset on certain types of projects, but an architect should always be in charge of the design.
Hiring an architect and engineer separately can often be a more costly option, but it ultimately depends on the specific project and what services are needed. Some architects also have engineering degrees, so it's important to clarify exactly what services will be provided by each professional in order to make an informed decision. In general, hiring an architect is necessary for any project that involves the design of a structure, while hiring a civil or structural engineer may be necessary for projects that involve the analysis and design of loads on a structure (e.g. earthquakes, wind loads, etc.). It's always best to consult with both professionals early on in the design process to get their expert opinions and recommendations.