First time poster.
A little background: My wife is a 4 year Psychiatric resident and scheduled to enter the workforce in July. She doesn’t have a contract yet, but should have one the near future. We’ve been married just over 2 years and have an 8 month old child. We currently live in the Baltimore/DC area. My wife has given me the duty of overseeing our financial matters. I do have a general knowledge of investing so I’m not necessarily clueless, but I find myself a tad bit overwhelmed by all the different aspects of what is ahead of us. I find it a challenge and am a willing partner. We have just under 400K in debt.
So we were recruited by one of the financial advisor firms that specialize in working with physicians. We’ve met a few times, and I felt comfortable with where we started, but have since been made a little skeptical with what we were just presented. Since, I have found the WCI website just this week through a group on Facebook known as “Dads Married to Doctors” which is associated with the “Physician Mom Group.” I’ve begun cycling through the various forum topics and blogs on WCI and I see that the original WCI himself dealt personally with this firm and I’ve have seen a few negative comments associated with them.
In our last meeting we were going over our disability and term life options. Term life is where my wife and I knew we wanted to be all along, but in addition we were presented with what I believe to be a variable life plan where which for a $1,500 more a month we could make money off our policy and it would be a tax advantage over investing in traditional ways. This proposal set off a red flag with me. Personally, I’m all about options, but this seemed like a traditional sales job and wasn't discussed at previous meetings. We told the advisor we were just interested in term, and not the other, at least for now. My biggest fear is that we would have been tied to this policy for the full term. I knew that if we happened to find better rates on term insurance somewhere else down the road, we could just cancel and move into the new policy, right?
First, can someone talk to me like I’m a novice and explain what he was trying to sell us?
I just want to find someone who we can trust. I realize a planner has to make money, and I’m certainly willing to help them as much as they want, but not at my family's expense.
Does anyone have suggestions for a planner in the Baltimore/DC area? I know there are great planners all over the country, but I’m an old fashioned southerner who would at least like to establish a relationship face to face and with a firm handshake. All I truly want is to get off on the right foot for our family and find someone we can trust and rely on to make the best decisions for us.
Thanks to all!!
A little background: My wife is a 4 year Psychiatric resident and scheduled to enter the workforce in July. She doesn’t have a contract yet, but should have one the near future. We’ve been married just over 2 years and have an 8 month old child. We currently live in the Baltimore/DC area. My wife has given me the duty of overseeing our financial matters. I do have a general knowledge of investing so I’m not necessarily clueless, but I find myself a tad bit overwhelmed by all the different aspects of what is ahead of us. I find it a challenge and am a willing partner. We have just under 400K in debt.
So we were recruited by one of the financial advisor firms that specialize in working with physicians. We’ve met a few times, and I felt comfortable with where we started, but have since been made a little skeptical with what we were just presented. Since, I have found the WCI website just this week through a group on Facebook known as “Dads Married to Doctors” which is associated with the “Physician Mom Group.” I’ve begun cycling through the various forum topics and blogs on WCI and I see that the original WCI himself dealt personally with this firm and I’ve have seen a few negative comments associated with them.
In our last meeting we were going over our disability and term life options. Term life is where my wife and I knew we wanted to be all along, but in addition we were presented with what I believe to be a variable life plan where which for a $1,500 more a month we could make money off our policy and it would be a tax advantage over investing in traditional ways. This proposal set off a red flag with me. Personally, I’m all about options, but this seemed like a traditional sales job and wasn't discussed at previous meetings. We told the advisor we were just interested in term, and not the other, at least for now. My biggest fear is that we would have been tied to this policy for the full term. I knew that if we happened to find better rates on term insurance somewhere else down the road, we could just cancel and move into the new policy, right?
First, can someone talk to me like I’m a novice and explain what he was trying to sell us?
I just want to find someone who we can trust. I realize a planner has to make money, and I’m certainly willing to help them as much as they want, but not at my family's expense.
Does anyone have suggestions for a planner in the Baltimore/DC area? I know there are great planners all over the country, but I’m an old fashioned southerner who would at least like to establish a relationship face to face and with a firm handshake. All I truly want is to get off on the right foot for our family and find someone we can trust and rely on to make the best decisions for us.
Thanks to all!!
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