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Would I have to find a non-proprietary index fund that works like VFINX?

SPY (AMEX) mimics the S&P 500. The disadvantage of SPY is you pay a commission on each purchase, you may want to make semi annual purchases to minimize costs.

There are advantages and disadvantages of using a financial advisor. This particular planner will receive compensation from the 12-b-1 fees associated with that fund plus (maybe) some trailing commissions. OTOH, given your current job, you are not being charged for his advice.
Also, by staying with this planner, you'll have one less statement to worry about and the two of you can monitor your entire portfolio. As your financial affairs become more complex you may want to consider fee-only planner

I am financial planner who accepts no commissions so my advice is certainly biased.

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