My partner and I are in the process of closing on some property (land, on which a home will be built in the next few years). We therefore met with someone regarding life/disability/etc. insurance, because neither of us is yet insured (Canadian, so health insurance is covered, of course, but nothing else). We will be hopefully having children in the next few years as well, and we'd like to get life/disability insurance while we're both younger and healthy.
However, this person (recommended by my colleague), is an overall financial planner (so insurance, investments, etc.). Currently, I do all our investing, and since our combined invested assets (not counting our condos) is less than 200k, I don't feel like it's over my head yet.
I really just want insurance for us, in case something happens. But the guy was talking about packaging everything together. In a way, it makes sense, having everything taken care of with one person, and making sure that the entire picture is balanced. However, I'm trying to think of a legitimate argument for paying someone to do my investing things.
Cons: I have to pay to have this guy do what I already do myself (if we take him for financial planning, and not just for choosing the proper insurance package).
Pro: Although a large portion of our invested assets are tax-sheltered, 2016 was the first year that I invested in non-tax sheltered accounts because they were maxed out. I'd appreciate help in making sure that I optimize this and don't pay too much tax on this account... especially since I declare taxes on both sides of the border (US-Canada dual citizen) - it would be easy for me to make an expensive mistake.
Another pro: I will be receiving a sizeable monetary gift in 2018 (equivalent to what we already have), which will all have to be reinvested into my non-tax advantaged account... or into the land/home. It might again be important for me to have some help in optimizing this.
Question: Is it best to just buy insurance from the guy, and seek out help from someone else for the non-tax sheltered investing? Is having everything managed by one person really all it's cracked up to be in terms of advantages vs. cost? Is my inclination to wait until I have a bigger portfolio before seeking out professional help a good one, or am I just being difficult?
PS. I very much appreciated the guy's candor, as well as the fact that he didn't push any products on us from the get-go. He agreed with my assessment that as big savers, whole life insurance would be ridiculous for us, and term until children are just old enough to be independent would most likely be more than enough. As I understand it, not a lot of representatives will be so forthcoming with the truth... I think?
Thanks!