By Jeffrey Meenes, CFP® (Published Date June 21, 2022)
Could Your Portfolio Use a Second Opinion?
“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.” -Warren Buffett
Are you a working professional (or a retired professional) who is unsure if your current investment portfolio is on track to get you where you want to go? Not sure if your investment selection and allocations are aimed at your final destination?
When it comes to financial planning, the outcome of you and your advisor’s decisions can be life-changing. Mistakes made with your portfolio can be detrimental to you and your family’s ability to save, build wealth, and retire comfortably. You won’t want to wake up ten or twenty years from now to learn that your financial plan was off track from the start—costing you time, energy, and resources you may never be able to recover.
The sooner you act, the more time you will have to correct any problems threatening your probability of success.
What Can a Second Opinion Uncover?
- If You are Paying too Much in Fees: Not all advisors are compensated in the same manner, and exorbitant advisor fees can significantly hinder investment growth. This is why Meenes Wealth Partners uses a complexity-based fee model. Instead of basing our fees on an arbitrary percentage of your Assets Under Management (AUM), we price each client relationship based on the actual complexities involved with the planning and advisory services. Our model enables you to retain more of your returns to continue building upon your wealth.
- If You are Overexposed to Risk: Managing risk and reward are essential to maximizing returns without overexposing your principal to threat of significant loss. Assessing the proper balance, diversification, and risk tolerance level for your situation are how this is achieved. However, many working professionals, due to the nature of their compensation structures, find they are unknowingly holding highly concentrated positions in a particular company, overexposing them to market risk that could severely injure their net worth.
- What You Could Reasonably Expect in the Future: A second opinion on your financial plan should reveal what you can reasonably expect from your current position going forward. Will your current plan allow you to reach your short and long-term goals? How does your current plan align with best-in-class investment management?
You may already be working with a fiduciary advisor who is helping you to meet your goals. If you are unsure if they have set you up for success or question their ability to do so, getting a second opinion can oftentimes help to reveal those answers and is a great way to see how their plan for your future measures up.
If you are interested in a second opinion, Meenes Wealth Partners will perform an overall review of your current investments, including your 401(k)/403(b) and IRA holdings, your portfolio’s current level of risk, as well as your asset allocation. We’ll provide you with an objective opinion of your situation as well as recommendations on how to improve them.
This individual service is only offered to working or retired professionals for a fixed, one-time fee; however, I have found that this second opinion review can open up the door to a successful, long-term wealth management relationship.
To learn more about our work and how we help working professionals and their families reach the financial milestones to live life on their own terms schedule your complimentary initial conversation here.