Think back to your last major decision, whether it was a career move, a relocation, a medical treatment, or something else entirely. Did you make a quick choice without exploring your options, or did you conduct research and gather as much information as possible? Did you approach the decision-making process on your own, or did you look to trusted mentors, family, friends, or even the Internet to help?
In the same way, creating and customizing a financial plan is a significant decision. It involves building up the security and confidence you need to pursue your goals, retire, and live the life you desire. It’s just as worthwhile to get a second opinion on your finances as it is on anything else.
The Value of Another 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. Since we want you to be both confident and prepared, here are three reasons to get a second opinion and let us guide you as you work towards your goals:
1. It Solidifies 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 particular 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 Department of Labor fiduciary rules require that anyone advising you on a retirement account provide unbiased advice. Getting the opinion of an independent, objective 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, and another set of eyes can be invaluable. Even if you think your plan is set, getting a second opinion could fuel creativity and open your eyes to other options as well as help you avoid common financial pitfalls.
Spring Cleaning for Your Financial House
One article on NerdWallet, the NASDAQ.com blog, advocates for an annual spring cleaning of the performance of investments with your financial advisor. This way, you may be able to adjust tax withholding in order to have more cash on hand, ramp up retirement contributions if possible, and rebalance your portfolio if needed. This regular review helps you communicate with your advisor at least once a year and also helps convey any new goals you have or life changes that have occurred.
How Do I Know if My Financial Plan is Right for Me?
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.
If you think your financial plan deserves a second opinion, I would love to meet with you to discuss and answer any questions you may have. At ClearVista Financial, we will walk you through our Spend Life Well ModelTM to evaluate the many possible scenarios in your real financial life. As we get to know you and your unique situation, we may be able to offer advice and solutions that make a difference in your financial future. Email me at firstname.lastname@example.org or call 800-491-4508 or click here to book your free introductory meeting.
Mark Trice is an independent financial advisor with nearly a decade of experience in the industry. As the founder of ClearVista Financial, his mission is to help people find financial balance in their lives and to spend life well. Along with providing financial planning and retirement planning to pre-retirees and 401(k) plan participants, he is also an educator. He currently holds the designation of a Certified Financial Educator® through the Heartland Institute of Financial Education. Mark has offices in Austin, Brownwood, Temple, Houston, and Waco, Texas. Along with serving clients in Texas, he also works with individuals in California, Colorado, West Virginia and Virginia. To learn more, visit www.clearvistafinancial.com or connect with Mark on LinkedIn.