If you need a risky surgery, would you get a second opinion?
If your doctor was recommending a major surgery that could affect you for the rest of your life, would you get a second opinion?
You trust your doctor. He’s credentialed. (hopefully) You have known him for a long time. He treats your friends and family as well. BUT… you would still probably get a second opinion. Right?
Sometimes receiving another point of view can be helpful in solving a problem. In fact, an alternative viewpoint could illuminate solutions that you didn’t even know were available. And just because you get another outlook, it doesn’t mean you have to follow that plan.
This scenario often happens when it comes to medical procedures. Years ago, I had an anomaly in my blood work, and my doctor sent me to a hematologist for further testing. She could not find the cause after a dozen tests. Her recommendation was for me to systematically come in and give blood to “level out” my numbers.
During all of this, my mother insisted that I get a second opinion. I resisted because the hematologist was highly respected and credentialed in this area. I finally caved and reached out to another provider to take a look at my case.
The second doctor gave a dramatically different viewpoint - basically, I was dehydrated. This was skewing some of my blood ratios and I needed to drink more fluids!! That’s it!!
So after all of that, I was A) Relieved it wasn’t more serious, and B) Thankful to my mother for pushing me to get a second opinion.
Many times people rely on one financial advisor to help them manage their investments. However, like my doctor, that person only has one point of view. Therefore, it can be beneficial to reach out to your network and get a second opinion. Different experiences, different tools, different philosophies can factor into investment recommendations.
Management of your investments is a critical component to your financial health. Doesn’t it make sense to get a second opinion from time to time? YES!!