5 Benefits to Getting a Portfolio Second Opinion

Durham NC Financial Planner

Do you worry about your current or future financial situation?  Perhaps you have these questions float through your mind periodically:

  • Will my money last as long as I do?
  • Will I have enough to live comfortably?
  • Should I be doing something different with my investments to improve my outlook?
  • Do I have the right advisor to help me achieve my goals?
  • Should I get a second opinion from a financial planner to see if my investments are positioned correctly to achieve my goals?

If you are not certain that your financial planner is adding value to your financial investments, or if you haven’t had a financial review in the last twelve months, then you should seriously consider a Portfolio Second Opinion (or first opinion if you have never had an advisor!). 

Here are the major benefits of getting a Portfolio Second Opinion:

1. Forces you to revisit your goals and priorities.

A second opinion means that you need to evaluate your short and long-term goals.  Maybe you haven’t done this for a while.  When do you want to retire?  How much money do you need?  What other significant financial goals do you have?  What issues might arise in the next 5 or 10 years that might need to be accounted for, such as aging parents?

2. Determine what return you need to achieve the life you want.

See if your portfolio is properly positioned to achieve your targeted return within your risk parameters.  Do you have the right balance of stocks, bonds, real estate, etc. that have historically delivered the returns you require?  

3. Demystify your financial affairs.

If you feel like you lack control and understanding of your financial picture, you will worry.  A second opinion will give you a clear, fact-based overview over where you stand financially so you can make intelligent decisions based on what you discover.

4. Recieve investment recommendations.

Your Second Portfolio Opinion will provide you with specific investment and savings recommendations based on analysis of your goals vs. your finances. You can evaluate these recommendations to see if they agree or disagree with your first advisor’s suggestions.   

5. Choose the best advisor for you going forward.

It is not uncommon for an individual to switch advisors after receiving a comprehensive second opinion.  People who seek out second opinions in the first place are often unsatisfied or doubtful about the effectiveness of their original advisor.  The experience of meeting with a second advisor allows you to evaluate whether the new advisor is a better match for you in the long-term.  Is the chemistry better?  Does he seem more interested in working toward your life goals?  Does the second advisor seem to have more time to understand your needs and provide regular reviews of your investments?

A Portfolio Second Opinion Brings Confidence.

Regardless of whether you decide to switch advisors or not, getting a Second Portfolio Opinion enables you to find out if there are opportunities to position your investments and savings in an efficient way as opposed to just leaving things as they are. Being armed with more information and a greater understanding of your goals and potential outcome, increases your confidence that your financial plan is on target.

I hope this article has helped you to prepare for your Second Portfolio Opinion with a financial planner.  If you are looking for a fee-only financial planner book a consultation meeting with me.  I would be delighted to help you work towards your financial goals.

Located in Durham, NC, Integrated Life and Financial Planning is an independent financial services firm founded by Jerry Bergner, AAMS CMFC. As a Durham, NC, Financial Planner, Jerry’s mission is to help you work toward the life YOU envision for yourself and those you care about. If you need help in clarifying that vision, he can work with you on that as well! Book a consultation meeting today.