By Suzanne Hazlett, MBA, CIMA®, CFP®
Health. Politics. World events. Investments. It is a crucial time to have an understanding of these diverse aspects of our lives. With so much happening around us, now is the time to be engaged in obtaining financial clarity. A financial wellness checkup, perhaps a second opinion, might be just what you need to prepare better to navigate market uncertainty.
I have long felt there are parallels between health care and wealth care. My earlier career was in direct patient care. I communicated with patients, documented their medical history, and performed diagnostics that served as the basis for their resulting diagnoses and prognoses.
Within the medical realm, when patients pursue a second opinion, they consult with another physician to confirm a diagnosis. They may also seek different treatment choices. A second opinion can provide us with additional confidence that we are doing the best thing for ourselves and those we love who depend on us.
In guiding clients with their financial wellness for more than 23 years, I see similarities in medical and financial services every day. As advisors, we first analyze an investor’s current experience. Based upon thorough examination, we define a course to customize and tailor an investment and planning approach that is most suitable—not for the masses—but the unique bundle of financial symptoms presented. Then, together with our clients’ engagement, we implement those steps and strategies for their betterment. As with medicine, financial wellness checkups are an ongoing and essential part of a successful wealth management process.
With personal finance, there are five instances when it may be warranted to seek a second opinion.
- When the recommendations you are receiving are ambiguous
- There is a lot at stake
- When you are presented with controversial recommendations
- Your current plan is falling short of your objectives
- When you lack confidence in your advisor
For yourself, and those you care about, seeking a financial second opinion is a prudent exercise that may offer peace of mind with current strategies, or may provide the motivation to find an alternative route.
Suzanne Hazlett, MBA, CIMA®, CFP®, is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNERTM. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. 675 Sun Valley Road Ketchum, Idaho, 208.726.0605. HazlettWealthManagement.com