<prompt> Human: A financial planner is coming to talk to me next week. I get the sense on here that reddit dislikes whole term life insurance he works for NW mutual and is big on selling that. Ill avoid that, but what about getting an IRA through NWM? There is a 50 yearly fee...not sure if thats ok or not. Should I stick with a big company like that or go with fidelity or vanguard?notes: 200,000k student loans with 6.8 interest. Plan on maxing out 401k and Roth IRA every year, with the rest going to loans.Assistant: Well, maybe you should start out by reading up on the difference between term life and whole life insurance : That said, I would strongly recommend against working with a financial planner who makes their money off of selling you financial products of any kind. Unless you have a sizable amount of money to be managing you should stick to fee-only financial planners I would definitely not do an IRA through NWM. Their expense ratios and fees are likely to be far higher than a place like Vanguard or Schwab. I had to help extricate my parentss retirement from a place like this and they even stuck them with an account closing fee to add insult to injury.By all means, go and hear this guys pitch. but as for what to watch out for, Id say everything.Human: Thanks for the info...yeah its one of my buddies giving the pitch. Guess I shouldnt give in just because he is my friend. I can always say I have too many loans to pay off if nothing else  <response>: Youd be better off just cutting your friend a check directly, and having nothing to do with NWM. If he just started working for NWM he likely isnt getting paid yet. Hes supposed to rope in all of his friends and family to buy whole life insurance policies, which are a horrible deal. They are such a bad deal that the company had to pay 92 million dollars as part of a class action lawsuit regaring their improper sales tactics.I would politely decline. It is your money. You dont owe them a single penny of it if its not in your interest. Its not in your interest. 