Dear Liz: My wife and I recently retired. Our investments are managed by a certified financial planner. Our nest egg has not shown much growth over the last several years. We think it is time for another professional advisor to analyze our portfolio and see if we are really heading in the right direction. Is this out of the ordinary to seek more advice and how would we go about it, without offending our current planner?
Answer: You can certainly consult another advisor, but consider talking to your own first.
Start by asking the certified financial planner how your portfolio has performed relative to an appropriate benchmark over the last five years. The planner should be able to explain what benchmark was chosen and why. A portfolio that invests heavily in bonds, for example, will have a different benchmark than one that invests mostly in stocks.
If your portfolio is lagging behind this benchmark, then ask the planner what changes can be made to improve your investment performance. Switching from actively managed investments to passive ones, such as index mutual funds or index exchange traded funds, could save on costs and improve performance because few actively managed investments manage to beat the market.
If your portfolio is performing appropriately relative to its benchmark, then discuss whether you want to take on more risk for better returns. Many planners recommend retirees have a substantial portion of their portfolios in stocks for inflation-beating growth.
Your certified financial planner should be open to this discussion and ready to course correct if necessary. If you find that’s not the case, then it may be time not just for a second opinion but for a new advisor.
Don’t hesitate to reach out to us to discuss your specific needs. Our team is ready and eager to provide you with tailored solutions that align with your firm’s goals and enhance your digital marketing efforts. We look forward to helping you grow your law practice online.
Blog Post Writing
We do well-researched, timely, and engaging blog posts that resonate with your clientele, positioning you as a thought leader in your domain.
Beyond articles and content for blogs, we delve into comprehensive content pieces like eBooks, and case studies, tailored to showcase your expertise.
Website Content Writing: First impressions matter. Our content ensures your website reflects the professionalism, dedication, and expertise you bring to the table.
Social Media Management
In today’s interconnected world, your online presence extends to social platforms. We help you navigate this terrain, ensuring your voice is consistently represented and heard.
WordPress Website Maintenance
Your digital office should be as polished and functional as your physical one. We ensure your WordPress site remains updated, secure, and user-friendly.
For more information, ad placements in our attorney blog network, article requests, social media management, or listings on our top 10 attorney sites, reach out to us at firstname.lastname@example.org.