Broker Check
Does Your Financial Plan Deserve a Second Opinion?

Does Your Financial Plan Deserve a Second Opinion?

March 15, 2018

Think back to your last major decision, whether it was a career move, a relocation, a medical treatment, or something else entirely. Did you make a quick choice without exploring your options, or did you conduct research and gather as much information as possible? Did you approach the decision-making process on your own, or did you look to trusted mentors, family, friends, or even the Internet to help?

In the same way, creating and customizing a financial plan is a significant decision. It involves building up the security and confidence you need to pursue your goals, retire, and live the life you desire. It’s just as worthwhile to get a second opinion on your finances as it is on anything else.

The Value of Another View

According to an article in Forbes, while Americans today are quite confident about their retirement and financial future, in most cases they are not truly prepared. Since we want you to be both confident and prepared, here are three reasons to get a second opinion and let us guide you as you work towards your goals:

1. It Solidifies Your Strategy 

If multiple professionals offer similar advice independent of each other, it gives you confidence that your plan is appropriate for your goals. If they contradict each other, they can each explain why they’re making a particular recommendation and help you better understand your options.

2. It Eliminates Doubt

Some investment professionals may promote certain products or investments over others due to the commission they are paid. Luckily, the new DOL rules require that anyone advising you on a retirement account provide unbiased advice. Getting the opinion of an independent, objective advisor can help eliminate doubt about your plan.

3. Two Heads are Better Than One

Using the "two heads are better than one" approach, more information is always better than less, and another set of eyes can be invaluable. I recently sat down with a successful business owner who had already done thorough planning. But while following our discovery process, we realized they had an inefficient life insurance policy. We were able to redirect the premiums of $56,000 to a new policy which picked up an additional $1.1 million dollars of guaranteed insurance proceeds for life. This simple change made a difference and the end result was that their financial products and strategies were in perfect alignment with their goals. Even if you think your plan is set, getting a second opinion could fuel creativity and open your eyes to other options.

Spring Cleaning for Your Financial House

One article on NerdWallet, the blog, advocates for an annual spring cleaning of the performance of investments with your financial advisor. This way, you may be able to adjust tax withholding in order to have more cash on hand, ramp up retirement contributions if possible, and rebalance your portfolio if needed. This regular review helps you communicate with your advisor at least once a year and also helps convey any new goals you have or life changes that have occurred.

How Do I Know if My Financial Plan is Right for Me?

Financial planning can be complicated and overwhelming. In order to make the best decisions possible and create a financial plan that helps you feel secure and confident, it is important to work with a qualified and experienced financial professional.

If you think your financial plan deserves a second opinion, I would love to meet with you to discuss and answer any questions you may have. At Lutz & Associates, we will walk you through our DREAM process, starting with discovering your goals, revealing obstacles, and evaluating your options. As I get to know you and your unique situation, I may be able to offer advice and solutions that make a difference in your financial future. Click here to schedule your complimentary introductory phone call.

About Carl

Since 1999, Carl Lutz has served more than 400 families and business owners in the area of building and protecting wealth. Today he spends much of his time helping pre-retirees transition from accumulation to distribution, in conjunction with serving business owners in the areas of estate and succession planning. Along with nearly two decades of experience, he has received the "Advanced Financial Planning" designation, the Chartered Financial Consultant® (ChFC®), signifying his comprehensive and in-depth knowledge of financial services. To learn more about Carl, visit or connect with him on LinkedIn.

This material was prepared by an independent third party.