Second Opinion On My Finances
30/07/2020

Second Opinion On My Finances

If you have doubts about the state of your finances it is understandable to seek a second opinion. In this article, we will look at some of the things you may want to ask when obtaining a second opinion and where to get it.

The first section will cover points which everyone will want to consider. The second part will be of interest to those who have appointed a professional adviser.

Where to Get A Second Opinion

When seeking a second opinion on your finances, the person you ask should know why you are asking. They should also have a full picture of your circumstances. This may make asking friends and relatives a little difficult. As you may not wish to share a lot of detail. For more information on what financial planning is and why it is important to use all, whether you use an adviser or not, click here.

Hiring a professional will provide you with the advice you need. However, you will need to do some research first, click here for more information about selecting financial planners.

When asked for a second opinion on a person’s finances you may find the following checklist helpful:

  1. Why are they investing?
  2. How much experience do they have in making their own investment decisions?
  3. Their strategy for selecting investments?
  4. What level of risk are they happy to accept?
  5. The other assets do they have to fall back on if the strategy does not work?
  6. What occurred to make them seek a second opinion

By comparing the objectives of the investor to their portfolio, it is possible to see whether there are any mis-matches. For example, a person who describes themselves as being low risk may have inadvertently invested in high risk assets or vice versa.

Second Opinion for Advised Clients

Investors who have been advised to buy a product or invest in a fund often ask for a second opinion on their finances. This may be years after they made the investment and maybe because they have lost touch with their original adviser. Regular reviews of investments are important. Primarily to make sure your investments are on track to achieve your goals. Also, over time lifetime goals may change so your investments will need to adapt to those changes too.

Like many products and services, financial services, are being continually improved due to competitive pressures. Therefore, old products are likely to be more expensive and less flexible than the newer ones available on the market.

Helping investors understand the options available to them and how to future proof their investments is part of the second opinion service I offer via my financial clinic. Often this results in significant savings.

Having completed the analysis it is possible to have a further discussion with the investor and offer a second opinion.

If you are thinking of selling your investments and considering an alternative, contact me or call 050 594 5217 for a free, no-obligation review of the options.

ABOUT STUART

Stuart Porter - Expat Financial Advisor UAE
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