Whether you’re currently working with an advisor or considering finding one, getting a second opinion on your portfolio is a valuable way to make sure your money is working for you.

A Portfolio Review will:

• Determine if your investments are properly aligned with your financial goals
• Provide insight into areas of risk in your portfolio
• Identify potential opportunities for improving tax efficiency
  

1. My financial situation recently changed” – Most people will encounter a large, sudden change in their financial situation at some point that prompts them to consider what to do with a windfall of cash. This can result from a payout of employer stock following M&A or an IPO, an exceptional year for salespeople, or after receiving an inheritance. In most cases, the answer lies in balancing (and pursuing) multiple financial priorities.
2. “I pay sales commissions” – If the professional you are currently working with isn’t a “fee-only” advisor, then you may be paying sales commissions on investment vehicles that are recommended to you. This means that your advisor is being incentivized to push you toward certain investment products, and ultimately that they may not be in your best interest. (To be clear, this is different from trading commissions, which are minimal.)
3. “I don’t feel like I have a clear investment strategy” – If your advisor isn’t providing a clearly articulated investment strategy, then how do you know if the decisions that are being made are the right ones? You should have a clearly defined investment objective that you and your advisor agree on prior to making any big investments.
4. “I don’t understand how investment recommendations relate to my financial goals” – Even if there is a strategy in place, if you don’t understand how the investment recommendations will help you meet your financial goals, then it’s hard to feel confident that you’re on the right track. Your advisor should be able to explain to you how and why each investment will help you meet your goals (hint: look for these 3 components).
5. “I have multiple investment accounts across several platforms and don’t have a consolidated view of all of them” – If, like most people, you have a variety of different investment accounts, make sure you’re getting a single view of all of your accounts so that you get a clear picture of your financial situation. It’s hard to understand the totality of your wealth if you have to compare information across many different platforms.  
6. “I’m not sure if my strategy is tax-efficient” – While your advisor isn’t likely a CPA, a good advisor will understand the tax implications of the investments they’re recommending. As your wealth grows, so will your taxes, so make sure you’re getting investment advice that takes your taxes into consideration.
7. “I’m not comfortable with the level of risk in my portfolio” – It’s critical that you and your advisor are on the same page when it comes to the appropriate level of risk for your portfolio. And determining that level of risk isn’t a “one and done” conversation. Your risk profile will evolve through different stages of your career, big milestones, etc., and it’s important that your portfolio evolve with it.
8. “My advisor is a sales person rather than an experienced investor” – Many financial advisors come from a sales background and are skilled at acquiring your business, not growing your wealth. Look for an advisor that has investment experience to ensure you’re getting a skilled advisor that can help you maximize your returns.
9. “I’m not working with a fiduciary” – This may be the most important one of all. A fiduciary is the highest standard that requires an advisor to always put your best interest first (not theirs). This means the advisor must provide accurate financial advice, and always make sure that they are doing what is best for their clients. Working with a fiduciary is the single most important thing to keep your interests aligned with your advisor.

• “I’m managing my investment portfolio by myself” – If you’re not currently working with an advisor at all, then it’s definitely worth getting a second opinion on your portfolio. A trained financial advisor can make sure that your money is working for you, and will give your portfolio the time and attention it deserves.