When my son was 10 years old, he needed heart surgery. We understood the risks to his health and the dangers associated with the procedure. So, we decided to look for a second opinion. Luckily, our doctor was very helpful and referred us to a doctor well versed in these types of surgeries.
For some reason, few of us ask for second opinions on our financial situations. Most of the time, this occurs because we are friends with our financial advisor and/or we don’t want to hurt anyone’s feelings. Even though, these reasons could cost you and your family income, trigger taxes that may be avoided, or a loss to your portfolio.
As you get older, your financial situation changes along with your wants, needs, and desires. Your current advisor might not be able to handle your situation after the change.
Financial advisors, coaches, and planners need to adjust your plans to your needs and not their needs. Also, advisors need to be able to adjust with your needs, educate you and your family on the changes that are taking place in the market, and help you take control of your finances and help stop financial illiteracy.
When considering a financial advisor remember, they should help you plan for your future with strategies designed to assist you with your estate planning, income planning, and probate needs. A good financial advisor can help you potentially avoid probate, set up long-term care, and help create a lifetime income stream. Additionally consider if this advisor can help you navigate the ins-and-outs of the current IRS tax codes to potentially create a tax-free retirement. Also, they can help you understand the facts about annuities, your IRA, and what publication 590 says about your IRA.
Remember, we all need to be educated about our financial strengths and weaknesses as we move through the phases of life. This is why it is of the utmost importance to ask for that second opinion. Another set of eyes or a different viewpoint could change your entire financial picture. Spare yourself the worry and remove any doubt about your financial strategy by ensuring that you and your family are in the best position possible when it comes to your future. By doing so, you will be able to SWAN—sleep well at night.
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