By Bryan Trugman, CFPⓇ
Getting a second opinion isn’t just for medical diagnoses. Your financial health is just as important as your physical health, so why not ask other trusted professionals for their advice? Whether you’re an investment novice or a daily Market Watch reader, we all know the markets have been especially volatile and confusing these last few years. This instability can affect even the most patient investors, who may start to question the strength of their investment plan. As a result, their “winning attitude” can change to one of “loss aversion” pretty quickly because in general, people feel pain from losses much more acutely than they feel pleasure from gains of the same size. If this sounds like someone you know, maybe it’s time for a financial second opinion. Here’s how we can help.
Is it Time for a Financial Check-Up?
You can think of a second opinion as a financial check-up, just like a physical check-up or eye exam you’d get from your doctor. Meeting with your friend or family member, we’ll take the time to get to know them and their unique financial situation, ask them to outline their financial goals and review their current plan, 401(k), investment portfolio, insurance policies, and more. This allows us to determine where they stand and where they want to be so that we are on the same page with their objectives.
We’ll also answer any questions they may have about the market, strategies, or basic financial tips and principles. Then, we can apply their concerns, ideas, and aims to their current plan to see how everything lines up.
The Benefits of a Financial Check-Up
Once we have a good overview of their financial picture, we can work together to reevaluate and readjust. If we think their investments, insurance, etc. continue to be well suited to their long-term goals despite the market turmoil, we’ll gladly tell them so and send them on their way.
If, on the other hand, we think their plan no longer fits their goals, we’ll explain why in a way they can understand. And, if they’d like, we’ll recommend some alternatives. It may be that minor adjustments are needed based on their age, current economic concerns, or a change in priorities and plans. We understand the multifaceted set of financial worries people face as they approach retirement and strive to help people find financial balance in their lives so they can live life well.
It never hurts to take a second look at their financial plan to ensure that it is up-to-date, still applicable to all aspects of their life, and ideally suited to achieve their long-term dreams. Regardless of the outcome of our second look, we want them to have confidence in their decisions and their financial plan.
Do You Know Someone Who Would Benefit?
Many of our clients were referred to us by other clients. We like to think that’s because of our emphasis on building strong, long-lasting relationships. We value our clients and take the time to get to know each individual we work with on a personal level. We believe one of the highest compliments you can give us is to let someone else know about your exceptional experience working with Attitude Financial Advisors.
If you know someone who needs a second financial opinion, feel free to send them our way. We can assist them in assessing their current situation, establishing their goals, and resolving any issues that arise. Or if you think you could gain from a financial check-up, reach out to us via email at firstname.lastname@example.org or give me a call at (516) 762-7603 to set up a free consultation. Thank you for your business and trust!
Bryan Trugman is managing partner, co-founder, and a CERTIFIED FINANCIAL PLANNER™ practitioner at Attitude Financial Advisors. With more than 14 years of experience, Bryan specializes in addressing the financial needs of new parents as they seek to realign their finances, assisting divorced individuals as they navigate an unforeseen fork in the road, and strategizing with those seeking to accrue a dependable retirement nest egg. Bryan is known for being a good listener and building strong relationships with his clients so he can help them develop a customized financial plan based on what’s important to them. He is passionate about helping his clients experience financial confidence so they can worry less and play more. Bryan has a bachelor’s degree in industrial and systems engineering with a minor in mathematics from State University of New York at Binghamton. He has served on the board of the Financial Planning Association and continues to be actively involved in the national organization. He is also a member of the Plainview-Old Bethpage Chamber of Commerce and has served as its vice president and board member. When he’s not working, you can find Bryan on the ballroom dance floor or engaged in a fast-paced game of doubles on the tennis court. To learn more about Bryan, connect with him on LinkedIn. Or, watch his latest webinar on: How Much Is Enough? A Surprisingly Simple Way to Calculate Your Retirement Savings Needs.