So my husband and I have increasingly large incomes, which I'm not at all complaining about, but we have more money, literally, than I know what to do with, despite all the time I've spent reading GRS.
We decided we need to get professional consultation on how to deal with our assets.
I wasn't sure how to go about this because trying to find online reviews for fee-based financial planners (which is what GRS has told me I should find) didn't seem possible, and most of the people I know in our area don't have the assets to need this. So I found one group with random web searching which looks slick and fancy (that makes me suspicious) and then we also found another person through my husband's work. We have met with both and we are unsure what to do.
Financial guy #1 from the slick/fancy place: it is not affiliated with any investment company (i.e. not Schwab or Merrill Lynch or anything like that), it is a private group. They will do one of two things. They will either give you a plan for your finances that you can follow, which for us they said would cost $1500 or so. This option of course they downplayed and said that they "lose money" on it and the only reason they offer it was so they could get our business for other things later on. The second option was asset management. They would not only make the plan but also manage the money, and would charge 1% calculated quarterly for the amount of funds they were managing. In my brief online searching, 1% seemed fairly standard for this sort of arrangement. I was a little bit annoyed with them because we had an initial meeting where we gave them all our financial information, and then we had a second meeting where they would 'present us' the options, and it was really just a boilerplate portfolio with a fancy cover and nothing of substance to review.
Financial guy #2 is from Northwest Mutual. He says they are the only "non-brokered" investment company and that means that he can work with us on any investment or insurance product. I asked how he got paid and he said that he works on commission and that whatever products we would invest in on his advice, he would get "whatever the house gets" as his commission. I expressed my concern about that and said I was looking for a fee-based person because I didn't want commissions to dictate what products we were being recommended, and he said he understood that and he could refer us to someone else if that was what we were looking for.
Anyway. Both guys were of course kind of car-salesmanish, after all they are salesmen, and that always rubs me the wrong way. I liked the second guy a little better though. He seemed a little more human (probably because his wife works with my husband), he only works with physicians (we are both physicians), and after reviewing our information he pointed out that we really don't need life insurance at this point. It seemed refreshing for him to start off by telling us that we didn't need to pay for something.
But then again, he works on commission and I am not very cool with that. Or at least I believe I should not be cool with that. It seems like the GRS way would be to get the financial plan from the other set of guys for $1500 and implement it myself. The idea of having them manage it for us certainly has some appeal but it's hard to justify losing 1% off the top in perpetuity. Or maybe since neither of these guys were a perfect fit, the GRS way would be to find someone else, but at this point we've put like 4 or 5 hours into working with these other two guys and giving them all our information and had 3 different meetings with them (which are really tough to schedule because of work and baby)....
any advice?? Sorry for the long message.