When it comes to medical or legal advice, the value of getting a second opinion is fairly well
established and defined. What about financial decisions? At what point does it make sense to get a second (or a
third) opinion on money matters? Here we discuss some benefits of seeking a second financial opinion, including a
few situations in which a gut check may not just be useful but downright necessary.

Many Eggs, Many Baskets

As the adage goes, you never want to put all your eggs into one basket—and jumping headlong into a
financial strategy recommended by one person does just that. What if their advice is outdated or does not fit your
particular financial situation? What if the person providing the advice may actually be receiving a commission based
on the products you select? By getting a second opinion, you will have a stronger strategy and a way to confirm that
the initial advice you received was either on target or not suitable for you.

Another benefit of a second financial opinion is that it can encourage you to reevaluate and
reassess your goals. If your personal, employment, or financial situation has changed since the last time you
reviewed your portfolio, it is an excellent time to make sure these changes are taken into account in future
decisions. You may also need to reevaluate your investments or rebalance your asset allocation.

Finally, by getting a second opinion, you will also have a chance to compare the costs and fees
charged by different financial professionals. You may discover that you are happy to pay a higher fee for more
tailored advice; on the other hand, you may decide that your financial situation does not warrant advice from
someone whose fees are more at the high end of the scale.

When You May Need a Second Opinion

Situations in which you could benefit from a second opinion include:

• You are a DIY investor. If you have been managing your own investments, it is a good idea to
  bring in a professional to give your portfolio a top-to-bottom review. You may discover some opportunities you
  have missed.
• You have been using the same financial professional since you began investing. If the second
  opinion matches up with your original financial professional’s advice, you may feel more confident that you are on
  track. If this advice is different, you will know there is a disconnect somewhere and can work to track it down.
• You do not have a relationship with a financial professional. If you have not yet partnered
  with a financial professional, you may not be aware of all the services and strategies available. It is important
  that any financial professional you choose is a good fit for your style and financial situation. An initial
  interview can help you assess their investment strategies, values, and principles before you become a client.

There are more circumstances in which a second opinion may be warranted, but these three
situations cover a great deal of ground. If you’re concerned about taking your next financial steps or just want a
comprehensive review of your balance sheet, our team at Planned Financial Services can help. Click here to download
information and learn more about our firm’s complimentary
Second Opinion service offering.

Important Disclosures

Investment advice offered through Planned Financial Services, a Registered Investment
Advisor.

The opinions voiced in this material are for general information only and are not intended to
provide specific advice or recommendations for any individual.

Investing involves risks including possible loss of principal. No investment strategy or risk
management technique can guarantee return or eliminate risk in all market environments.

Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and
does not assure a profit or protect against a loss.

Asset allocation does not ensure a profit or protect against a loss.

This article was prepared by WriterAccess.

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