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Jeff, 50, is a specialized surgeon. His wife Susan, 48, is a stay-at-home mom. Even though Jeff earns an enviable $665,000 a year, the couple -- married 19 years -- are still struggling to pay the bills.

Finance expert Ramit Sethi points out that people can feel money anxiety and develop poor spending habits, whether they make $50,000 or $500,000 a year.

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"If you feel bad about money at $50,000, you're probably going to feel that way when you make 10 times your income," he said during an episode of his podcast, "I Will Teach You To Be Rich," (1) where he spoke with the couple.

Jeff's salary is high (his take-home pay, after taxes, is $426,000 a year), but he only started earning that much around the age of 40. As his income grew, the family's discretionary spending ballooned.

Commission fee

Sethi points to some of the psychological issues at play. For example, Susan grew up without a lot of money, and while she often deprives herself of small expenditures like pedicures, she also has a hard time saying no to her kids when it comes to big-ticket items.

But, according to Sethi, one of their biggest problems has to do with their financial advisor. Sethi regularly recommends that people avoid working with an advisor who charges a percentage of assets under management (AUM) as this means the more assets you have, the more you will pay. Some advisors will instead charge a flat or hourly fee.

Jeff has two brokerage accounts managed by an advisor who charges a fee of 1.24%, in addition to a whole life policy and an annuity.

"I generally feel as though most people are good and they're not trying to rip us off," Susan said.

But when she asked their financial advisor about his fee, "he told me, 'oh, it's roughly around 1%.' I'll never forget, he made this face like, oh, it's not that much."

Sethi says he knows that face.

"Most advisors make their money when your portfolio grows, which is why they love older people and wealthy people who specifically do not understand commission structures," he said.

Traditional advisors typically charge fees between 0.5% to 2% AUM, or $1,000 to $3,000 plus for comprehensive advising plans. This is where Range differs -- they're an all-in-one wealth management platform for high-earning professionals making $250,000 per year or households making over $300,000. Even better, they use a flat fee structure with 0% AUM fees.