Brett Clark, an Investment Advisor with Envision Financial, says everyone’s finances can benefit from a second opinion.

Brett Clark, an Investment Advisor with Envision Financial, says everyone’s finances can benefit from a second opinion.

Invest in success — why a second-opinion can pay dividends

Time for a check-up on your financial health! A second set of eyes ensures you’re on the right track

When you’re facing a serious medical situation, it’s normal to seek out a second opinion. Assuming you have the time, energy and opportunity, why wouldn’t you? Your life’s on the line, after all.

Brett Clark, an Investment Advisor with Envision Financial, says we should treat our investments the same way.

“Getting a qualified financial advisor to take a second-look at your investments is something everyone should do on a semi-regular basis, every five years or so. You’ve worked hard to build your nest egg — it makes sense to gather as much information as possible on taking care of it.”

Getting a second-opinion isn’t just something to do when you’re unhappy — even talented advisors sometimes overlook important opportunities, and unless you’re a trained financial expert you’re not likely to notice.

“It’s not about changing advisors or switching your loyalty — if you’re in good shape, a second opinion won’t lead to any drastic changes. But it gives you extra knowledge, an extra set of eyes that will give your portfolio the best chance at success,” Clark says.

What to expect from your second opinion

1. The face-to-face

A second opinion is more than just giving your investment statements a once-over. It starts with a conversation.

  • What level of risk can you tolerate?
  • What are your long term goals?
  • What is your budget, and how much are you saving month-to-month?
  • Are you expecting to make any big changes to your lifestyle?

“You may have discussed these things when you first started investing, but it’s important to keep that information up-to-date,” Clark says. “It even happens in great advisor-client relationships. You may think you know the other person well enough that you don’t have to ask, but that’s how little things can get missed.”

You’ll likely keep your financial advisor up-to-date on big changes like marriage, divorce, or the birth of a child, but gradual changes matter too.

2. The plan

Once the advisor outlines your current goals, they’ll take a look at your financial plan.

“It may be very straightforward, but we’ll check to see if anything’s missing,” Clark says. “Someone giving a second-opinion may have suggestions to fit your current lifestyle.”

3. The investments

Now it’s time to study your investment statements and other paperwork. Are you invested beyond your risk tolerance, just for your advisor’s benefit? Are you being charged unnecessarily high fees?

“Some companies are still charging high fees, but there’s no way the average investor would know they’ve been overcharged, unless they get a second opinion,” Clark says.

Get a second-opinion on your finances — book an appointment with an Envision Financial wealth expert online, or call 1-888-597-6083. For more investment advice visit envisionfinancial.ca/invest.

Envision Financial is a division of First West Credit Union.

Financial planning

Just Posted

RCMP are looking for “an unknown man who wrapped his arms around” a female youth in Clayton Feb. 26. (Black Press file photo)
Youth assaulted by unknown man in Cloverdale

Mounties looking for ‘tall and thin’ Caucasian man in his 40’s with short dark brown hair

Framed photos of Travis Selje and other items fill the top of a dresser in his bedroom. (Photo: Tom Zillich)
Crown says defence case epilepsy caused fatal Surrey crash fails on balance of probabilities

‘She very clearly had some form of control over that vehicle,’ Crown argues

Alex Browne photo The felling of two mature Douglas Fir ‘eagle trees’ on Oxford Street, just south of Prospect Avenue, in June of 2019, prompted a review of tree management bylaws and policies now before White Rock council. The trees were felled on instructions from City of White Rock staff, who said the work was necessary because they had become hazardous. (File photo)
City of White Rock mulls ‘tree protection’ bylaw

More stringent measures needed to protect canopy – councillor

teeaser
Surrey TEDx talks move online with ‘fast-paced’ event that’s free to watch March 27

Last year’s TEDxBearCreekPark attracted 900 spectators to Bell theatre

Dr. Bonnie Henry leaves the podium after talking about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
COVID: 589 new cases in B.C., and 7 new deaths

No new outbreaks being reported Feb. 26

Staff from the Marine Mammal Rescue Centre, passersby, RCMP and Nanaimo Fire Rescue carried a sick 300-kilogram steller sea lion up the steep bluff at Invermere Beach in north Nanaimo in an attempt to save the animal’s life Thursday. (Photo courtesy Marine Mammal Rescue Centre)
300-kilogram sea lion muscled up from B.C. beach in rescue attempt

Animal dies despite efforts of Nanaimo marine mammal rescue team, emergency personnel and bystanders

Gina Adams as she works on her latest piece titled ‘Undying Love’. (Submitted photo)
‘Toothless’ the kitty inspires B.C. wood carver to break out the chainsaw

Inspired by plight of a toothless cat, Gina Adams offers proceeds from her artwork to help animals

B.C. Finance Minister Selina Robinson presents bill to delay B.C.’s budget as late as April 30, and allow further spending before that, B.C. legislature, Dec. 8, 2020. (Hansard TV)
How big is B.C.’s COVID-19 deficit? We’ll find out April 20

More borrowing expected as pandemic enters second year

Passengers aboard Komagata Maru in Vancouver’s Burrard Inlet, 1914 - Library and Archives Canada image
Abbotsford council is asked to rename street in memory of Komagata Maru victims

Most of 376 the passengers aboard ship were denied entry into Canada in 1914

The first of 11 Dash 8 Q400 aircraft's have arrived in Abbotsford. Conair Group Inc. will soon transform them into firefighting airtankers. (Submitted)
Abbotsford’s Conair begins airtanker transformation

Aerial firefighting company creating Q400AT airtanker in advance of local forest fire season

The Canada Revenue Agency says there were 32 tax fraud convictions across the country between April 2019 and March 2020. (Pixabay)
Vancouver man sentenced to 29 months, fined $645K for tax evasion, forgery

Michael Sholz reportedly forged documents to support ineligible tax credits linked to homeownership

Then-Liberal leader Andrew Wilkinson looks on as MLA Shirley Bond answers questions during a press conference at Legislature in Victoria. (Chad Hipolito / THE CANADIAN PRESS)
B.C. Liberal party to choose next leader in February 2022

Candidates have until Nov. 30 to declare whether they are running

After nearly 10 months of investigations, Mounties have made an arrest in the tripping of an elderly woman in Burnaby this past April. (RCMP handout)
VIDEO: Mounties charge suspect for tripping elderly woman near Metrotown in April

32-year-old Hayun Song is accused of causing bodily harm to an 84-year-old using her walker

Most Read