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[quote=Anonymous][quote=Anonymous]We have a similar story to OP, except we were in somewhat dire financial straits three years ago and due to job switches for both of us, are in a startlingly better position now. We started this process last fall with Morgan Stanley in Bethesda. Some things we've done:
- refinanced twice, once to get two loans into one and then to reduce the rate on that loan;
- got Maryland College Investment Plans with T. Rowe Price started for both kids - put a big chunk in for each and set up automatic monthly contributions;
- rolled over old 401Ks into IRAs;
- started new 401K at new firm;
- moved our brokerage account to them from my husband's college friend whose wife is divorcing him because he suddenly started smoking a lot of weed, daily;
- met with an estate planner to finally get wills in place

Still need to do - increase life insurance

I might be forgetting something but that is a good start. There is an initial consultation fee and they take a very small percentage of the assets under management, both if which we have felt were very, very well worth it.

[/quote]
All of these are all good steps, but none of them are something that requires a financial advisor.  There was a recent Frontline on the powerful effect of fees (both asset management and mutual fund fees) on your overall earnings in retirement accounts.  People like to think that investing is so complicated that it should be left up to a professional, yet, study after study has shown that most professionals do not beat the market over the long term.  At any rate, now that you have more money, your financial decision in a way become simpler – simply put, you make enough (and it looks like your mortgage is low enough) to be able to max out your retirement accounts and save for college.  Max out your 401ks, open IRAs and max those out; open 529s (we are also in MD and put in the max that we are allowed to deduct on our taxes).  None of these things is that complicated, it just requires some time on your part.  If you feel like consulting with an advisor would lead you to actually following through, then it may be worth it, but I would not approach the matter from the assumption that you do not know enough to do it on your own.[/quote]

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