The Importance of a Second Opinion

By Bryan Cooper – Vice President & Wealth Management Advisor

Can you ever truly know if you are on track to achieve your financial goals?

The answer to this important question, is a resounding YES! Now, that normally requires you to work closely with a financial professional. It means you have placed your trust in them to guide you, help make the right decisions, know about changes in your financial and family situation and protect you against unforeseen financial shocks. But more than that, it often requires a comprehensive financial plan with well-established and monetized financial goals. Regular meetings and communication ensure that those goals are met. It also ensures that the goals are achieved with the appropriate amount of risk and at the best possible cost.

Mostly, it requires a significant amount of trust being placed on a financial advisor. And does your advisor really have all the answers? Are they truly doing what is in you and your family’s best interest? And if they are, how do you know?

If you are working with a financial advisor, bank, or investment firm and you don’t absolutely know if you are on track to achieve your goals, it is strongly encouraged that you get a second opinion.

Second opinions are offered by Central Trust Company because we recognize that your goals are unique to you and the path you take to achieve these goals should also be unique to you. This means your path is customized and created together with your financial advisor or team to meet your specific financial goals. We also adhere to the Fiduciary Standard. Meaning, that we act in your best interest, always. We are legally obligated and ethically bound to provide wealth management advice without conflicts of interest. Our clients know that our recommendations are made because it’s the right thing for them, not because we receive some type of remuneration.

A second opinion service will provide an objective evaluation of your current financial picture including:

• Investment analysis
• Estate planning
• Retirement planning
• Financial planning
• Tax planning
• Risk analysis

For individuals with investible assets of $500,000 or more, our second opinion service is a complimentary, objective, no obligation evaluation with an experienced wealth management consultant to determine what key pieces of information are needed for analysis. Specific financial goals will be discussed and established, and the process will provide enhanced knowledge of the plan and better understanding of how well it is working. There is nothing to lose but there is significant opportunity to gain valuable insight. So how do you know if it is time to get a second look?

Often, what drives someone to see if they are on track to meet their goals is a change in family dynamics like the death of a spouse or parent, a marriage, a divorce, or the birth of a child or grandchild.  But there are many reasons that make it prudent to re-evaluate financial goals:

• Retirement;
• the sale of a business;
• an inheritance or settlement;
• getting a raise or promotion;
• having many accounts at multiple institutions;
• earning outside income from rental properties;
• changes in health; or
• Even changes in tax laws and policies.

Anything that could affect a family or individual financial situation today, or in the future, brings with it the need to reevaluate where you are today, where you would like to be and if you are on track to get there. So in the event you are not on track, you can make the appropriate changes to ensure financial success.