What To Expect from a Second Opinion Meeting

Who Can Benefit?

It may seem like everything you need to know is in the name – you’d attend a second opinion meeting if you wanted someone who isn’t your current financial advisor to give their perspective on your financial situation. While that’s certainly true, there are also other reasons a second opinion meeting may be beneficial.

For example, you may decide you want a second opinion on your financial situation after handling it solo for a while. Especially when it comes to retirement planning, there may be anxiety that can come with not being quite sure of your investments and how long they will last you. Advisors are there to help you fully understand the logistics of your plan and to help you make changes when necessary.

Unexpected events, like the loss of a partner, are also a common reason why people come to us for a second opinion. Triggering events may warrant a fresh perspective so that you can make an informed decision around what steps you want to take next.

What To Bring

First and foremost, don’t feel like you need to bring any sort of financial expertise with you – because at the end of the day, that’s what a financial advisor is there for. Before your meeting, a member of the advisor team will ask you to bring in various financial documents like investment statements, but knowing what to do with them is simply a burden we aim to take off your chest. And when you come in for your meeting, you don’t have to be alone; in fact, we encourage people to bring along their spouses or elder children for transparency and support.

What You May Be Asked

Prior to your meeting date, some advisors or a member of their team may call you on the phone to get some basic financial information. If not, this will be addressed in your meeting, along with things like your income, expenses and debts. However, once you reach the time of your meeting, don’t be surprised if the advisor starts the conversation off by asking more personal questions that may or may not seem relevant to your finances. Advisors value the relationships they hold with their clients, so it’s important to build a strong foundation that works for both sides. You may be asked questions regarding your family, your hobbies and your long-term goals. We’ll always want to know about things like your investment goals and risk tolerance, but we’ll also be sure to hit on what’s important to you, what experiences you want to enjoy as a family and what your dream retirement looks like. The more we know and understand about you, the more we can ultimately help you reach your goals.

What You Could Ask

Of course, what you ask an advisor is going to vary based on your individual situation and goals – but really, you should ask them whatever you’d like. These meetings can be treated like a two-way interview; while they’re getting to know you, you’re also getting to know them and their style. And part of this interview should include you making sure they possess what you’re looking for in an advisor. Perhaps you’re looking for a certain communication style, or for an advisor who has specific credentials. Whatever it is you want in a financial advisor relationship, be sure to ask questions about it.

As for more situational questions you might want to ask, consider questions like, “Is my current investment strategy going to provide me with enough money in retirement?” or, “Do the recent changes in my family warrant a change to my estate plan?” This is your time to ask questions around what brought you to the second opinion meeting in the first place. Anything you’re concerned about, your advisor should be concerned about as well.

What the Outcomes Could Be

At Baird, second opinion meetings carry no fee and no obligation to continue any further discussion. We simply want to be accessible to those who feel they could use our expertise and resources. If the advisor you meet with feels you could benefit, they will either offer you their own services, or they will point you in the direction of someone in their network who can more effectively work with your particular needs. If the advisor feels you’re in a great financial position, they’ll be transparent about the fact they feel you’re good to go.