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There really is no free lunch. Your CFP does need to have a reason to pay income taxes. I don't know how the CFP is being paid, but they usually get sales commissions on stuff the client buys or they take a percentage of the client's assets.

Whether or not you really need the assistance of a financial planner may largely be a matter of your choice. Contrary to what many people believe making investment decisions is not rocket science - but it does that a few hours a month and a willingness to accept you will not make all the right choices.

Given the amount of money you have, I suspect you will have to pay a large percentage to get advise as good as you can generate yourself through the Motley Fool pages. Spend a couple of hours a day for a couple of months reading these pages. (Higher math coming be careful 2 hours per day times 2 months times 30 days equals 120 hours.) Check out Rule Maker, Mechanical Investing, Foolish Four and some discussion boards of companies you know something about (not necessarily as an investment, but to learn about discussion boards).

If after all that you still feel you do not have the personality for investing, then you can either use a purely mechanical method or hire a planner. But if you can balance a check book and figure your car's gas mileage, you have the technical skills to do your own investing.

A damn fool in Nashville
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