As with health, a second opinion on finances is always a good idea

My husband once quipped that he thinks some people have a harder time leaving their investment advisor than they do a marriage. But what should be foremost in your mind at all times truly is your financial well-being.

Everyone agrees that when it comes to your physical health a second opinion always makes sense. As your financial well-being also contributes to your peace of mind, a second opinion on your financial health is also important.

Now nobody wants their finances to consume their lives so the ideal is to find an investment advisor or financial planner you can trust and whose primary goal is to do what’s right by you ~ someone you sense is confident in the relationship because their purpose is to achieve your financial goals with a strategy designed for your specific situation.

A good advisor is one familiar with the marketplace, and all the products available to better your investment portfolio. Someone who is not afraid to say “I don’t know but, I will find out for you.” Someone who will lean on other experts and all available resources to find the solutions you need. Someone who has a real grasp of the complications of financial theory and language. But their real value will show through with their ability to simplify all these complications, so you thoroughly understand your financial situation today and the plan going forward.

When do you know if you need a second opinion? First and foremost (and as odd as it sounds), if you are too afraid to seek a second opinion, you need one immediately. You may be afraid because with all the market turmoil you are pretty sure “you’re not richer than you think” and the mere thought of a reality check is terrifying. Maybe your life is getting complicated as the family grows, your income rises, or you receive an inheritance. Perhaps you need to look at insurance issues and it is something you are happy putting off. Maybe you truly do not have an accurate picture of your financial well-being and it somehow just seems easier to forget about it and assume it will all work out.

If your investment person makes you feel like you know nothing about your own finances and you should buy what they’re selling without question, it’s time for a second opinion.

As your situation becomes more complicated, you should expect your advisor to sit you down with specialists more in tune with the needs of financially well-off clients, such as Estate and Trust Advisors, Insurance, Business and Estate Planning Specialists. If that is not happening, again, it’s time for a second opinion.

Good financial health for all of you.

Whether you are looking for a full time, full service financial advisor or seeking expert financial advice as a second opinion, call Elizabeth. With offices in Haliburton, Huntsville and Bracebridge, Elizabeth works closely with clients in cottage country from the lakes and surrounding towns.

Elizabeth O’Connor is an Investment Advisor with RBC Dominion Securities, which is a member of the Canadian Investor Protection Fund.

705-789-2100