We seek out second opinions in life for just about everything we do – whether we’re making a large purchase, hiring a professional for an upcoming project, or on a more serious note, a medical diagnosis and procedure.
But what about inside our own financial lives? When should you seek out a second opinion on your own portfolio and financial plan?
For many of us, this happens when we’re just not happy with our current advisor. Often times because they don’t reach out and you haven’t heard from them in while. Especially during times like last year, where the markets are down significantly, and you need to hear their reassurances the most.
Another reason to seek a second opinion is when you are unsure or you have doubts about whether or not you are on track to reach your goals.
I’ve helped many people that, when they come into the office, are going through the motions – they have an emergency fund setup and are contributing to their 401k’s at work, saving each month in a non-IRA. Yet, not having a clear investment strategy that is directly tied backed to their financial plan has created a certain level of anxiety and uncertainty about their situation.
By seeking out a second opinion, I was able to help this couple create a plan that gave purpose to their actions. Reaffirming that the steps they are taking today was helping them make progress towards their financial goals.
The third reason you should seek out a second opinion is when you are feeling overwhelmed with the time and effort involved in managing your finances. Many people start out as do it yourself investors; yet as time goes on, work gets busy, and your family grows. Seeking a second opinion can help alleviate the stress that comes as our financial situations become more complicated.
For many of us, we’ve made it a priority to get our financial lives in order. Getting a second opinion on your personal situation is the 1st step in accomplishing that goal. It won’t change what the market has done. But it will let you know if you are still on track.
I want to encourage you not to procrastinate and give me a call today. You’ll be surprised at how easy it is to get your financial life in order.
