Does Your Financial Plan Deserve a Second Opinion?

Does Your Financial Plan Deserve a Second Opinion?

June 09, 2016

In general, we understand the value of obtaining a second opinion, whether it is for our health, our families, or our career. When we research all the options, gather information, and get second opinions, we tend to have more peace of mind, a better understanding of the situation and potentially, a better outcome to our decisions.

So why don’t we treat our finances the same way? If we seek out a second opinion with our money management, we could see the same benefits as in other areas of life and avoid repeating past financial mistakes. There are many reasons we avoid getting a second opinion, such as being comfortable with our current advisors or strategies, fear of making changes, not knowing where to start, or simply putting the change off for another day. Or, we assume that if we keep doing what we are doing, it will eventually work.

But our finances are integral to our goals and dreams, so why don’t we see it as worthwhile to get a second opinion?

The Value of An Additional View

According to an article in Forbes, while Americans today are quite confident about their retirement and financial future, in most cases they are not truly prepared. To me, this indicates that many people make a financial plan but let it gather dust without reviewing it or modifying it to see how each aspect of the plan could be improved.

Experts recommend that investors should regularly request second opinions on their portfolios. Here are three reasons why receiving a second opinion is a good practice:

1. It Strengthens Your Strategy

If multiple professionals offer similar advice independent of each other, it gives you confidence that your plan is appropriate for your goals. If they contradict each other, they can each explain why they’re making a specific recommendation and help you better understand your options.

2. It Eliminates Doubt

Some investment professionals may promote certain products or investments over others due to the commission they are paid. Luckily, the new DOL rules require that anyone advising you on a retirement account provide unbiased advice. Getting the opinion of an independent, impartial advisor can help eliminate doubt about your plan.

3. Two Heads are Better Than One

Using the “two heads are better than one” approach, more information is always better than less. Having more than one perspective can help you steer clear of common financial pitfalls. Also, the team approach often fuels creativity, even when it comes to retirement planning, points out a recent Financial-Planning blog post.

What To Look For in a Second Opinion

So now that we are convinced of the benefits of seeking out a second opinion on our financial matters, what questions should you ask when getting additional advice?

  • Am I still on track to meet my goals?
  • Do I need to make changes in order to achieve those aims?
  • What milestones am I nearing and what can I do to prepare for them?
  • Am I taking the right amount of risk for my age, personality, and situation?
  • Do I have the right perspective regarding my finances?
  • Is there anything I have overlooked?

How We Can Help

Financial planning can be complicated and overwhelming. In order to make the best decisions possible and create a financial plan that helps you feel secure and confident, it is important to work with a qualified and experienced financial professional.

This is where we come in. When meeting with us, you can expect to have the opportunity to communicate what you want and tell us where your past decisions and plans have taken you. We will then give you unbiased advice based upon principles, not products. We will walk you through our clear thoughts on your finances and discuss how you can improve potential outcomes.

We want your financial plan to succeed and surpass your expectations. If you think your finances deserve a second opinion, we would love to meet with you and discuss and answer any questions you may have. Please contact us at info@goostreefinancial or call us at (913) 663-1144.

About Michael Goostree

Michael Goostree is the founder of Goostree Financial Group, an independent, father-son financial planning firm serving individuals, families, and business owners in the greater Kansas City metropolitan area. With more than 45 years of experience in the financial services and insurance industries, he brings a wealth of knowledge to the table in regards to retirement planning, wealth management, and insurance. Believing plans are the key to success, he focuses on building comprehensive and personalized plans for every client he works with. To learn more about how Michael may be able to help, connect with him on LinkedIn, call his office at (913) 663-1144, or email him at info@goostreefinancial.com.

About Toby Goostree

Toby Goostree joined Goostree Financial Group in 2006 after completing his graduate degree at the University of Arizona.  He is a CERTIFIED FINANCIAL PLANNER™ practitioner with over 10 years of experience and has worked, over the past two years, to become a Certified Financial Transitionist™, an expert in the stages of transition as well as the way to approach it.  His ideas have appeared in The Wall Street Journal.  To learn more about Toby, or how he can help you, connect with him on LinkedIn, send him an email attoby@goostreefinancial.com, or call him at 913-663-1144.