Why Your Financial Plan Needs a Second Opinion
People often question if they’re doing all they can to protect their portfolios from losses while taking advantage of buying opportunities. To help you gain more confidence in your financial well-being, it can be beneficial to get a second opinion. Even if you’re happy with your current plan, a second opinion can help pinpoint issues or call attention to parts that might be overlooked otherwise. Here are five reasons why it might be time to consider a second opinion.
- All financial planners are different, and each offers different services and products. You need a planner who is truly independent and not forced to offer a limited selection of options to meet your goals and objectives. The advisor you want is one that can customize a solution for whatever your circumstances may be.
- You’ll want to make sure your advisor is a fiduciary, which means that an advisor puts your needs and goals before their own. If you’re currently seeing an advisor that is not a fiduciary like ours, that may mean they’re not keeping your best interests in mind.
- Make sure you’re working with someone with the proper credentials. Ideally, you’ll want to see a Certified Financial Planner (CFP) because they follow higher standards in terms of education and ethics. The best of both worlds would be an independent fiduciary who is a CFP. Then they’d have access to almost any strategy, product or security and have to put your interests first.
- Many advisors just do their own research and make investment decisions for your portfolio or put you in a cookie-cutter portfolio that isn’t really designed or customized for your specific goals. What you really need is an investment committee made up of people with the right experience and the right credentials. It should be a team with access to up to date research performed by qualified and experienced professionals ideally lead by a Certified Financial Analyst (CFA).
- Among the most important reasons to consider a second opinion is coordination. At Lineweaver Financial Group, we offer all our clients total coordination between all of their financial, tax, legal and insurance planning. We can even work alongside advisors they already know and trust. This helps ensure they have a holistic plan, focused on their best interest while making sure nothing slips through the cracks.
Just like you’d get a second opinion from a doctor, it’s always a good idea to get a second opinion when it comes to your finances and we offer all PSE clients one with no cost or obligation. Give us a call 216-520-1711 so we can help you and answer any questions about your retirement decisions.
Information contained herein is not tax advice and should not be considered as such. Each individual’s tax situation is unique and different. For advice related to your specific tax situation, please contact your personal tax professional. Not FDIC insured. Not bank guaranteed. May lose value.
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
Crain's Cleveland Business is a print and online newspaper delivering local business news and information to Cleveland's business executives, which is published by Crain Communications Inc. The Crain's 2024 list may employ different methodology than described above for similar designations granted in other years. No clients were consulted and no fees were paid to determine the winners; the award is based on assets under management. Neither the participating candidates nor their employees pay a fee in exchange for inclusion on Crain's 2024 List. However, recipients may pay a fee to Crain, an affiliate, or an unaffiliated third party in exchange for plaques or article reprints commemorating the designation. The publication should not be construed by a client or prospective client as a guarantee that they will experience a certain level of results if the recipient is engaged, or continues to be engaged, to provide investment advisory services; and should not be construed as a current or past endorsement of the recipient by any of its clients. Lineweaver Wealth Advisors was ranked in the Top 25 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. The award is based on assets under management in the years 2024. In 2023, Lineweaver Wealth Advisors was ranked in the Top 15 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. The award is based on assets under management in the years 2023. In 2021 and 2022, Lineweaver Wealth Advisors was ranked in the Top 20 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. The award is based on assets under management in the years 2021 and 2022 respectively.
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