When is it Time to Get a Second Opinion?

Whether you have a financial advisor or you are a DIY investor and handle it all yourself, there are some red flags to watch out for from your financial advisor as you approach retirement.

Red flags that indicate it might be time to get a second opinion: 

1. If your advisor hasn’t mentioned an income plan and you’re within 5 years of retirement. 

By the time you are within 5 years of retirement, you should have a written income plan from your advisor. 

2. If your advisor doesn’t talk about tax planning. 

Many advisors don’t talk about taxes, and we consider that borderline malpractice. It is essential that tax planning be considered as part of your retirement plan. 

3. If your advisor doesn’t talk about how they get paid. 

There are multiple acceptable models for how an advisor gets paid. You should have transparency with your advisor and understand how much it is costing you to work together. Even if you are handling your own investments and not currently working with an advisor, there is still a cost to investing. If you don’t clearly understand your all-in costs, get a second opinion. 

4. If your advisor doesn’t talk about the why behind your investments. 

You should have a clear understanding of why you are invested the way you are, especially as you approach retirement. If you don’t understand all of your investments or why you are in them, it is time to get a second opinion. 

For more red flags, check out this checklist. There you can look through indicators that will help you evaluate how it benefits you to get a second opinion. 

If you have experienced red flags and need to resolve them, it is time to get a second opinion. Give us a call at 844-CARLSON (844-227-5766), and set up a time to speak with an advisor today. Check out Carl’s Corner to stay informed on the latest financial news, and sign up for our bi-weekly videos to learn more from Scott and see informative videos on topics that may affect your retirement.

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