{"id":351682,"date":"2021-10-12T14:25:00","date_gmt":"2021-10-12T11:25:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fa-center-heres-when-your-financial-planners-advice-needs-a-second-opinion\/"},"modified":"2021-10-12T14:25:00","modified_gmt":"2021-10-12T11:25:00","slug":"fa-center-heres-when-your-financial-planners-advice-needs-a-second-opinion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fa-center-heres-when-your-financial-planners-advice-needs-a-second-opinion\/","title":{"rendered":"#FA Center: Here\u2019s when your financial planner\u2019s advice needs a second opinion"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6aef5cdc772c0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6aef5cdc772c0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fa-center-heres-when-your-financial-planners-advice-needs-a-second-opinion\/#A_major_life_change_is_a_good_moment_for_an_independent_review\" >A major life change is a good moment for an independent review<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/fa-center-heres-when-your-financial-planners-advice-needs-a-second-opinion\/#Morey_Stettner\" >Morey Stettner<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#FA Center: Here\u2019s when your financial planner\u2019s advice needs a second opinion<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"A_major_life_change_is_a_good_moment_for_an_independent_review\"><\/span>\n  A major life change is a good moment for an independent review<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\" role=\"region\" aria-label=\"article body\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000440231\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000440231\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Financial advisers often compare themselves to doctors. Like physicians, they provide specialized expertise to deal with complex issues. There\u2019s one big difference: When patients face a serious health diagnosis, they often seek a second opinion.<\/p>\n<p> But when clients hear their adviser\u2019s recommendations for their financial future, they rarely consider getting a second opinion from another adviser. Should they?<\/p>\n<div class=\"paywall\">\n       Pursuing a second opinion when you\u2019re gr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ling with the possibility of a life-altering illness is routine. Rather than take it personally, medical specialists tend to understand patients\u2019 desire to gather another expert\u2019s input and even encourage them to do so.<\/p>\n<p>Advisers, by contrast, aren\u2019t accustomed to having clients say, \u201cThanks for your advice. Now I\u2019ll see what one of your competitors thinks.\u201d<\/p>\n<p>H. Kent Baker, university professor of finance at American University, views second opinions as appropriate for clients under certain circumstances.<\/p>\n<p>\u201cAdvising is an imperfect profession,\u201d he said. \u201cIt\u2019s a combination of art and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a>. So if I\u2019d have no hesitation going to another doctor to get a second opinion for my physical health, I can see how it might make sense for my financial health.\u201d<\/p>\n<p>He cites three interrelated factors for clients to consider when weighing whether to consult with another adviser in order to make well-informed financial decisions:<\/p>\n<p><strong>1. Trust level:<\/strong>\u00a0If the adviser consistently acts in a trustworthy manner, there may be less uncertainty about accepting a high-stakes recommendation.<\/p>\n<p><strong>2. Length of relationship<\/strong>:\u00a0If you\u2019ve successfully worked with an adviser for many years, the longstanding relationship can in itself help you feel more confident sticking to the plan.<\/p>\n<p><strong>3. Track record<\/strong>:\u00a0It\u2019s reassuring when your adviser has delivered prudent, spot-on recommendations time after time. More tellingly, it\u2019s comforting when an adviser shows fallibility, admits it and shares a lesson learned.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Baker adds that advisers, like the rest of us, harbor biases. If a client suspects that their financial planner\u2019s biases interfere with clear advice, a second opinion can prove valuable.<\/p>\n<p>Another red flag is if an adviser applies <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> rules of thumb when crafting your financial plan without customizing it to fit your unique situation, Baker says. You want someone who thinks through your specific needs, risk tolerance and other priorities rather than adopts a cookie-cutter approach.<\/p>\n<p>One of the most common reasons for clients to seek a second opinion (or quit their current adviser) involves discontent with portfolio performance. They may assume if only they chose an adviser with a hotter hand for picking stocks, they\u2019ll generate heftier returns.<\/p>\n<p>Ironically, that\u2019s probably the worst reason to meet with another adviser. It\u2019s easy for someone to boast about his or her prowess and proprietary investment methodology (\u201cI don\u2019t fall into the trap of all those advisers who look at the wrong things when constructing a portfolio\u201d), but no one can guarantee market-beating returns.<\/p>\n<p>A more compelling reason to think about a second opinion is when you\u2019re experiencing a major life change such as divorce, career upheaval or retirement.<\/p>\n<p>\u201cWhen people come to me for a second opinion, it\u2019s often driven by some broader life event,\u201d said Derek Tharp, a certified financial planner in Portland, Me. \u201cThey\u2019re thinking, \u2018Things are changing so maybe I need some new advice.\u2019\u201d<\/p>\n<p>The logistics of getting a second opinion are simple. Many advisers offer free introductory meetings in which they will review an investor\u2019s current strategy and share their perspective.<\/p>\n<p>\u201cYou might find that your [original] adviser was fine,\u201d Tharp said. \u201cBut you have to be careful. You may get a sales pitch. The risk of a second opinion is that adviser might suggest unnecessary tinkering.\u201d<\/p>\n<p><strong>More:<\/strong> Anybody can say, \u2018I\u2019m a financial planner.\u2019 Here\u2019s how to dig deeper to tell what that really means.<\/p>\n<p><strong>Also read:<\/strong> What to watch for \u2014 and watch out for \u2014 before giving your money to a financial adviser<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Morey Stettner\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/author\/morey-stettner\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:contributors@marketwatch.com\",\"text\":\"contributors@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\" aria-label=\"links to  author page\"><span class=\"ez-toc-section\" id=\"Morey_Stettner\"><\/span>Morey Stettner<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-76B7-A7B07771C72F%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#FA Center: Here\u2019s when your financial planner\u2019s advice needs a second opinion&#8221; A major life change is a good moment for an independent review Financial advisers often compare themselves to doctors. Like physicians, they provide specialized expertise to deal with complex issues. There\u2019s one big difference: When patients face a serious health diagnosis, they often&#8230;<\/p>\n","protected":false},"author":1,"featured_media":351683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-351682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/351682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=351682"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/351682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/351683"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=351682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=351682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=351682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}