Quote:
I'm normally a fee sensitive guy and prefer a lot of hands on, but that's an added stress and might be nice to have someone holding us accountable to keep us on track.
Ok--so I was you ~18 years ago. I got me a nice financial adviser (non-CFP) (fresh out of A&M like myself, friend of a friend - mistake on my part, he was just trying to make a living) and in our initial consultation I mentioned I'd like to get at least a little education and thorough explanation of what I was getting.
Homeboy Baggadix sold me a $1M whole life insurance policy when I was making $46K a year with no kids, spouse or other obligations. The insurance premium was ~400+ a month and he suggested contributing to that before my 401K or IRAs etc. in a big shiny (obviously cookie cutter based on inputs) binder. The binder went over my goals (none of which were addressed other than...you are $X short here--consider contributing more). I think the last page was a form to give him 5-10 people who might be interested in his services. It took about a year for me to educate myself and get pissed...I fired the guy.
If you give a damn (which it sounds like you do), for the fee of a year or two of an adviser you can take IN PERSON (and way less for online) CFP classes from other CFPs about insurance, taxes, investments, estate planning that build on each other. But why do that if you don't want to be a CFP? The answer is because that foundation will allow you to know what to do in the future--and what questions to ask whoever is involved in your money even if you do decide to go down the managed route.
All that said, a fee only/hourly based adviser has benefits (others do to if you want to be hands off--but it sounds like that isn't you). Personally the biggest would be to hold me accountable for my overall financial picture. Meet every 3-6-12 months--whatever--but he's calling me out on my ***** Still not having a will. For not re-balancing my IRA. For not upping my contribution to 529 for my kid after they got out of daycare. For not upping my home owners insurance coverage after crazy appreciation. For not shopping home/auto/landlord insurance yearly. The guy/gal should be my financial wife and nag me to get the important/annoying/cumbersome **** done.
**source, sold a bunch of inappropriate products and then took CFP classes; passed CFP Exam but abandoned the experience requirement.