When Is It Time To Get a Second Opinion on Your Financial Plan?
Key Takeaways
* Your relationship with your financial advisor should feel comfortable, accessible, and transparent
* A comprehensive financial plan addresses estate planning, tax strategies, investments, budgeting, and scenario planning
* Regular communication (more than just annual meetings) we believe is essential for an effective advisor relationship
* Warning signs include limited accessibility, lack of proactive tax planning, and minimal discussion about your personal goals
* Getting a second opinion is a normal part of working with any professional and can provide valuable perspective
Is Your Current Financial Advisor Meeting Your Needs?
When was the last time you spoke with your financial advisor? Was it a rushed annual meeting, or do you have regular, meaningful conversations throughout the year? The quality of your relationship with your financial advisor is perhaps the most telling indicator of whether you're receiving the guidance you deserve. A truly comprehensive approach should address estate planning, investments, tax strategies, budgeting, and your personal goals.
Signs It's Time for a Financial Second Opinion
1. Your Advisor Is Difficult to Reach
In our opinion, the foundation of any successful financial advisory relationship is accessibility. You should feel comfortable contacting your advisor whenever financial questions arise—not just during scheduled meetings.
If you find yourself hesitating to call your advisor with questions, or if responses are consistently delayed or if their explanations are difficult to understand, this may indicate it's time to explore other options.
2. Your Estate Planning Isn’t Considered
While financial advisors are not estate attorneys, we feel they should understand how your estate plan integrates with your overall financial strategy.
A financial advisor should:
* Review your estate documents and see if it reflects your vision for your legacy
* Work with you to help formulate questions for your estate attorney and facilitate conversations on your behalf if necessary
* Help ensure your investments and financial decisions align with your estate plan
* Reference your estate documents in your financial plan
* Recommend qualified estate planning professionals if needed
3. Tax Strategies Are Only Discussed Annually
We believe tax mitigation shouldn't be a once-a-year conversation. An attentive financial advisor implements tax-efficient strategies year-round.
**What to Expect:** Proactive discussions about tax loss harvesting, donor-advised funds, retirement account strategies, and other tax-efficient approaches that align with your specific situation.
4. Investment Reviews Feel Passive
In our opinion, an advisor should review your investment account on an ongoing basis —including taxable accounts, 401(k)s, and IRAs—with regular communication about market changes and strategy adjustments.
If your advisor rarely discusses how market conditions might affect your specific portfolio or seems to follow a rigid "set it and forget it" approach regardless of economic shifts.
5. Your Budget and Life Changes Aren't Reflected in Your Plan
Life events—career changes, marriage, children, retirement—significantly impact your financial needs. Your financial plan should evolve accordingly.
Your advisor should help you:
* Develop and refine your monthly budget
* Update projections when life circumstances change
* Create scenario planning for major life events
* Adjust strategies to keep you on track toward your goals
What to Expect in a Second Opinion Meeting
Getting a second opinion on your financial plan is not about disloyalty to your current advisor—it's about ensuring you have the most comprehensive guidance for your financial future.
When you schedule a second opinion meeting, the advisor should review your current financial plan and discuss:
* Your personal and professional goals
* Your current investment strategy and performance
* Tax efficiency opportunities
* Estate planning considerations
* Budget optimization strategies
* "What if" scenarios for major life events
They should focus on education and guidance, ensuring you understand every aspect of your financial plan to help you make the most educated decisions for your financial and personal life!
Take the Next Step
If you're questioning whether your current financial plan addresses all your needs, set up a 15-minute call with the President of Primary Financial Advisors and CFP® Practitioner Brian Sullivan.
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Any opinions are those of Primary Financial Advisors and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax or legal issues, these matters should be discussed with the appropriate professional.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP® and CERTIFIED FINANCIAL PLANNER® in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
