Does anybody here have any experience working with Wealth Design Group (Galleria area here in Houston)? An advisor reached out to my wife about meeting with us. He said he specifically is trying to work mostly with physicians, veterinarians, and other health care professionals. My wife finished vet school a couple of years ago, so we are currently aggressively paying down all of the student loans that went with that, so we don't have much at all to invest right now. Just curious if anyone here had either worked with anyone there, or had heard anything about them. Thanks!

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Wealth Design Group is an Agency of The Guardian Life Insurance Company of America (Guardian), New York, NY.

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Found this on their website...I'm immediately questioning this if they are an insurance company (and one that I've not ever heard of).

Does this person your wife was visiting with hold a CFP designation?

The first meeting we went to was mostly informational - they did mention that they shop insurance, and talked about an overall financial planning approach covering debt paydown, investing for retirement, insurance, etc. Neither of the two we met with were CFPs.

Always ask and feel comfortable with how the people selling you financial instruments make their money. Neither of you should want the buyer to be surprised about this after the sale.

Based on their website, it looks like they do a lot of annuity business.

Tread carefully with an insurance group like that.

Woody2006 said:

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Based on their website, it looks like they do a lot of annuity business.

Tread carefully with an insurance group like that.

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Based upon the group they are targeting, that would be 100% correct.

They briefly went over fees. Basically the first step is they look over our current financial position, put our information into a modeling software and put together a financial plan based on that and their recommendations. They said that plan was as free if we either decided to move forward with them, or turned it down without taking a copy. Otherwise I think they said it was around $900 if we didn't move forward but wanted to keep a copy of their recommendations.

Beyond that, they said they charge an AUM fee for any investments, and they get commission on any insurance products we purchased using them.

And right now our "financial position" is student loans, a mortgage, and contributing 3% to our work retirement plans to get the match. We probably throw close to half, if not more, of our take home pay towards student loans monthly.

I'll save you some time. We gave Wealth Design Group a shot many years ago (they recruited my wife as a young attorney.) If nothing else, it was great to make my wife sit down and examine our finances. However:

1. Are you interested in over funding a life insurance policy? That is where the sales pitch is likely heading.

2. Are their fees still 2%?

post the question to the bogleheads forums.

the fact that you were effectively cold called should be your number one red flag and all the information you require to decide whether you should move forward with this individual.

The advisers that you want to be working with are not cold calling anyone. Their businesses are growing with basic passive marketing and, most importantly, via word of mouth from happy clients and the happy clients of various centers of influence (e.g. CPAs, Attorneys).

Have my life insurance through them. Advisors was former Aggie athlete. No complaints.

Sure, I understand that no one puts out their shingle and business just flows in, but cold calling a list of recently graduated/certified vets? Big red flag.

I think you and are saying similar things when I speak about centers of influence and you mention seeking referrals. When I refer to passive marketing, I mean advertising.

My main point is that someone working a leads sheet from a D&B type provider isn't worth the OPs or anyone's time. That person isn't an adviser, that person is in sales.