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re: Northwestern Mutual Financial Advising
Posted on 1/31/17 at 1:21 pm to ridlejs
Posted on 1/31/17 at 1:21 pm to ridlejs
quote:
Agreed. The plan is the centerpiece of the whole thing.
Exactly. Problem is a plan is a static look in time. People's lives change, income changes, needs change, capital market assumptions change etc.
Your plan should be a living document that is updated and refined often through the years as you get closer to retirement and even in retirement.
$1500 for a snapshot in time, when you don't even know what you need in retirement, seems like a waste of money.
1
Posted on 1/31/17 at 1:54 pm to juice4lsu
I full comprehensive plan takes a very long time to create if you want something accurate. Nobody worth a shite is going to do it for $500. Most of the time the first one is high but the updates are much less.
Posted on 1/31/17 at 2:50 pm to Janky
quote:
I full comprehensive plan takes a very long time to create if you want something accurate. Nobody worth a shite is going to do it for $500. Most of the time the first one is high but the updates are much less.
Please explain, I'd disagree with you but don't know enough about what these plans consist of. What I do know, is that $1500 should be at least 5 hours worth of work. Northwestern Mutual should have a program they throw all of your info in that spits out the data. Unless he is worth $2mil plus, how hard is it to throw together a financial plan?
I'd bet I could do it for most people in 60 minutes of work, I'll say 2 hours at most. That's for the average person with under $200k in income from 1-2 salaried jobs.
Furthermore, what you are leaving out is the entire purpose of this "plan" is to uncover any holes in your finances that NWM provides insurance to cover up. So its basically a sales pitch hidden inside you paying for their time.
Posted on 1/31/17 at 8:59 pm to jeepfreak
quote:
I'll save you the time and trouble of the meeting: he wants to sell you a whole life policy. That being said, if you are in the top 10% of earners, this may be a viable option. If you aren't, there are better places to put your money.
I told him I don't have time to sit with him to discuss but that we could talk over the phone, so we are tomorrow AM. I have whole life policies on my wife and both my sons but not on me.
Where do you suggest putting my $?
I contribute to my company's 401K, they match 6%
I also max out a Roth IRA
Posted on 1/31/17 at 9:16 pm to MNCscripper
Max out 401k and any IRA's. Contribute to 529's for the kids. Have enough term life on the wife to cover a nanny for 5-10 years.
Whole life on a wife and kids as an investment tool seems like a waste of money.
Whole life on a wife and kids as an investment tool seems like a waste of money.
Posted on 1/31/17 at 9:25 pm to baldona
Yeah, we are talking about two different types of plans. Not sure why anyone would think someone that does it for free will do a good job. They will have to sell you something to make money.
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