Broker Check

Second Opinion

Getting a Second Opinion

The new state of the economy has caused many to reconsider their original plans. The common reasons for a second opinion fall in these broad categories:

  • Recent headlines have caused investors to question their long standing relationship with Wall Street
  • Previous strategies are being questioned due to the new volatility
  • Personal circumstances have changed and there is a desire for affirmation that investors are on the right track

For whatever reason, you may sense it is time for a second opinion. You may have some well-deserved preconceptions. Recent studies show the importance of relationship development between clients and financial advisors.

In the competitive field of finance you can expect different approaches and criticisms. You may have a good personal relationship with your advisor and you may feel like it, at a small level, is a personal betrayal to question their judgment. You may also be concerned about potential relationship strains with your current advisor if they learn you have sought a second opinion.

The truth is, it is your financial future, your life savings, and seeking a Second Opinion does not have to cause harm or heartache. Approach your decision with clear expectations and remain open to the possibilities. We recommend you establish these measures of success:

  • You are open to the conclusion that what you are doing now is exactly what you should be doing for your future. One positive outcome could be affirmation. This is a hurdle of savings and/or improvement you must meet before you act on any second opinion.
  • You communicate your expectations with any suitor firms: you are looking for clarity, sensitivity, discreet and confidential review with the understanding that you may not make an immediate change and the firm should have no expectations.
  • You are in charge of your decision, if you feel it is appropriate, you may want to inform your existing advisor of your course of action. The decision, the steps and the timing are in your control.

If your current advisor(s) are providing quality service and results and consistently acting with your best interests at heart, you may be in the best hands right where you are now. The disciplines of financial planning, risk management and investment management are often included in a financial advisory relationship. Keep that in mind when you compare pricing.


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