A major life change is a good moment for an independent review.
Financial advisers often compare themselves to doctors. Like physicians, they provide specialized expertise to deal with complex issues. There’s one big difference: When patients face a serious health diagnosis, they often seek a second opinion.
Advisers, by contrast, aren’t accustomed to having clients say, “Thanks for your advice. Now I’ll see what one of your competitors thinks.” He cites three interrelated factors for clients to consider when weighing whether to consult with another adviser in order to make well-informed financial decisions:
3. Track record: It’s reassuring when your adviser has delivered prudent, spot-on recommendations time after time. More tellingly, it’s comforting when an adviser shows fallibility, admits it and shares a lesson learned. One of the most common reasons for clients to seek a second opinion involves discontent with portfolio performance. They may assume if only they chose an adviser with a hotter hand for picking stocks, they’ll generate heftier returns.
“When people come to me for a second opinion, it’s often driven by some broader life event,” said Derek Tharp, a certified financial planner in Portland, Me. “They’re thinking, ‘Things are changing so maybe I need some new advice.’”
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