Approaching a financial adviser will often help you clarify your financial objectives, but what should you do if you still have doubts? Sometimes, you may consider getting a second opinion – but before doing so, you may consider whether it is worth it. Our guide offers a few useful tips.
What exactly is a financial second opinion?
A financial second opinion has been likened to getting an alternative perspective from a doctor or mechanic. Some people might opt only to consult a financial adviser after doing the initial groundwork themselves, or after liaising with friends or family.
Whichever course you take, a professional overview of your financial investments is an opinion – which is why you will need to evaluate what you are told by different advisers and understand the fee structure in place. Only then should you pursue a determined financial strategy.
At what point should you get a financial second opinion?
Identifying when to reach out to a financial adviser will ultimately depend on individual circumstances. These are often related to whether you are currently working with someone else and if you have concerns over your existing direction.
Typically, people seek a second opinion if the first adviser has been inattentive, uncommunicative or unhelpful. In other instances, it may be due to a portfolio not performing as well as anticipated.
For some, it may simply be an opportunity to explore new avenues; and for those managing their own affairs, a logical follow-up to your own review of your financial health. It could be that you need additional expertise on risky decisions or that you no longer have the time or energy to think about them, due to evolving personal circumstances or life changes.
A second opinion may be necessary for anyone still unsure about how to best allocate their assets. It could help you assess how realistic you are being while identifying further areas for improvement. In the end, it may just offer reassurance or confirmation of your initial instincts.
For financial advice in Cheshire, call our team of impartial and independent advisers at Hartey Wealth Management today. Our unique “Second Opinion Service” is there to help you manage your financial affairs with confidence.
