When you go to the doctor and get a diagnosis, they often encourage you to get a second opinion. In fact, for most things in our lives, we seek out second opinions naturally. We check reviews before we buy coffee machines, workout equipment, we even ask others about television shows before we commit our time to a series. Second opinions help us feel safe, secure, and in control of our next steps.

Why wouldn’t you apply the same practice to your investment portfolio? Getting a second opinion is the best way to get peace of mind with your financial plan.

Benefits of getting a second opinion on your investment portfolio

1. Feel confident. Sometimes all you need is a new perspective. A second opinion could give you the confidence you need that you are going to be able to send your kids to college or retire when you want, which could mean more restful nights.
2. Rethink your financial plan, holistically. If things have changed in your life since the last time you looked at your plan, perhaps you have a new child or grandchild, your second opinion review is a good time to make sure every part of your life is accounted for.
3. Re-evaluate what you’re invested in. Perhaps over the last few years your priorities have shifted. When you first created your financial plan socially responsible investing (SRI) may not have been top-of-mind, and now it might be. You can take a deep dive into your personal and social values, re-evaluate where you are invested and make shifts to ensure those changes are reflected in your investment plan.
4. Understand your portfolio mix. Different financial professionals have different approaches to how they structure portfolios in terms of equities, alternatives and fixed income. A second opinion could show you how to invest in different parts of the market that you may have never considered before.
5. Reassess your risk profile. When you first started investing, you were likely positioned for growth. As you become more established and reach financial milestones, your risk profile should shift to focus on wealth preservation. A second opinion is a great time to reassess where you are on your wealth journey and if your risk profile has changed due to life circumstances such as starting your own business or retirement.
   
   

Situations where a second opinion on your current financial scenario is crucial

You are a do-it-yourself investor

You might be managing your own investments and want to get a professional to do an overview. Financial advisors have in-depth research methods and teams that they work with to understand investments and products. Getting their opinion on the investments, products and strategy you have been implementing might shed some light on some opportunities you might be missing.  

You have been with the same advisor for many years

Trust is the most important part of your relationship with your financial advisor. After working together for many years, they have likely steered you through difficult decisions and emotional moments. As you and your life evolve, however, your advisor’s advice should change along with it and they should be just as pro-active as the day you started your relationship. If you don’t feel like your new outlook and circumstances are being accounted for, getting a second opinion will give you a fresh perspective and ensure that your financial plan is still working as hard as you are.

You are looking for an advisor

Before you decide to partner with a specific advisor, it is important to understand the services available to you and different strategies that advisors may employ. You should ensure that the advisor you choose is the right fit for you and your family by having in-depth conversations about investment strategies while also keeping in mind that your values and principles align.
 

Get a second opinion

The best advice starts with a personal conversation. Our Wealth Team can help you understand your current plan, ensure you are on track to reach your goals and secure your financial future. Let us help you determine if you are on track, and nothing has been missed.

Book a no-obligation meeting with one of our advisors and get a second opinion, today!