An old friend told me this week that he has three different IRAs, each worth just over a million. (His total in IRAs is over $3,000,000.) He's done well with noload funds but said he had always admired the American Funds family (other than the scandals of a couple of years ago.) He  has done pretty well selecting noload funds on his own and has his accounts at Vanguard, Fidelity and Wells Fargo Brokerage.

After speaking with him, the thought occured to me that he might benefit from establishing a relationship with a financial consultant and moving a million dollars of his IRA money into American Funds, to (1) get the professional help of an adviser, and (2) get American Funds Class A shares with no sales charge. (There's no commission on purchases of at least a million bucks.) My guess is that the financial consultant would be nevertheless be fairly handsomely compensated by A.F. for this purchase.

Do you think I should mention this idea to my friend? We are both aware that some financial consultants are much more professional than others and that some offer more than others to this kind of relationship. I don't want to throw my friend to the wolves of course.

 I'm going to sleep on this before I say anything to him. What are your thoughts?