To me, the answer would be to confirm that the first opinion is correct or that we have enough information in which to consider when making a decision. Unless it has something to do with your health, most people don’t think twice about getting a second opinion.
I often find that in the business of financial services, people are not as receptive to getting a second opinion until they start to experience some pain which is usually associated with losing some money.
I recently had a husband and wife come to me through one of my weekly radio shows. On our first visit, they spoke very highly of their current broker who works with a major wirehouse, and they had been with this broker for probably 15 years. They were referred to this broker and felt loyalty to this broker because it was their son’s best friend.
Upon my review of their existing accounts, it became evident that their objectives were not in alignment with what the recommendations of this broker were. In fact, it was so far in the opposite direction that it became quite disturbing to the clients as I spent time helping them to understand their existing investments better.
When we are talking about retirement, we are talking about a very exciting time but a time where we need to be vigilant in how we invest our money for the rest of our lives.
As I’ve said many times before with my clients, I have seen a thousand or more people retire, but you only retire once Mr. & Mrs. Client, so it is essential that we avoid unnecessary mistakes and get it right.
In retirement, most people are not able to go back to work or start a business if their investments don’t support their retirement. Because of mistakes that have been made in the past, it becomes challenging to say the least. Second opinions are for peace of mind.
Knowing that your existing retirement plan will work and provide the income and guarantees necessary to live out retirement or it will determine that some problems can be corrected and solved.
Second opinions do not cost money upfront as I do not charge for my services and time. The most significant requirement is your honesty and a little bit of your time.
The result will be a confirmation to stay where you are and that things are okay or here are pieces of your retirement plan that have to be corrected to solidify the long-term retirement better. Validate that you are doing everything you can to protect your retirement assets.
You owe it to yourself and your family.