Your financial plan is winning—need a second look?

The Importance of a Second Opinion in Financial Planning

After hiring an accounting firm to prepare your tax returns, it can be challenging to determine if they performed their job effectively. You pay for professional expertise and expect to receive value for your money. This same uncertainty applies when you hire a financial planner. Even if you trust your adviser, there’s no clear way to know if you’re receiving the best plan tailored to all your needs. It’s reasonable to consider seeking a second opinion from another financial advisor.

According to Phillip Hamman, a certified financial planner based in Houston, a second opinion can help confirm that you're on the right path or reveal gaps in your current plan. “It might show that you don’t have a comprehensive financial plan — just some investments without proper retirement planning or other essential elements,” he said. Many financial advisers offer second opinions, sometimes at no cost, as part of an initial consultation. Ideally, these reviews assess the accuracy and completeness of your existing plan, helping you become more informed about future steps.

However, not all second opinions are created equal. Be cautious of advisers who use the opportunity to promote their own services rather than evaluate your plan objectively. Some may try to scare you into switching by highlighting perceived flaws in your current strategy. A genuine second opinion should focus on analyzing your plan, not pushing sales.

A comprehensive or “holistic” financial plan includes several key components: tax planning, estate planning, insurance considerations, philanthropy (or legacy planning), and retirement planning. A second opinion can add significant value if your current plan lacks depth in any of these areas. For example, Layton Ginder, a certified financial planner in Auburn, Indiana, often finds that clients’ existing plans are overly simplified. “They may have a one-sheet executive summary with some basic pieces, but it's missing a level of depth,” he explained. This could include detailed financial projections based on different scenarios and an analysis of various saving, spending, and investment strategies.

The best financial plans go beyond customization; they blend theoretical concepts with practical implementation. Andrew Connors, a certified financial planner in Cleveland, frequently encounters plans that contain sound ideas but lack actionable steps. “Ideas are welcome, but implementation is worshiped,” he said. “Are the recommendations in the plan simple and clear to implement?” If your financial plan doesn’t serve as a guide for action — including checklists for tasks like updating beneficiary designations or adjusting insurance coverage — you may benefit from a second opinion.

Connors refers to his second-opinion process as a “personal financial audit.” In addition to ensuring that your plan includes follow-up steps, he also explores why you’re seeking a second opinion in the first place. “Often, people come to us during a life change, such as a job transition, promotion, or inheritance,” he noted. These events can prompt individuals to question whether they’re receiving the level of advice they need.

There are two other situations where a second opinion may be particularly useful:

1. Your current adviser is not a fiduciary. While many financial professionals act as fiduciaries (meaning they legally must prioritize your best interests), others may not. Some may use titles like “financial counselor” or “wealth manager” without the same legal obligations.
2. Your current adviser does not have access to a network of trusted professionals, such as CPAs, estate-planning attorneys, or insurance specialists. A good financial planner should have the right team in place to address all aspects of your financial life.

Despite its benefits, seeking a second opinion can also present challenges. Too much conflicting advice can lead to confusion. Hamman warns against having too many “cooks in the kitchen.” “If the second adviser makes too many changes to your plan, it can result in extra costs and missed opportunities,” he said.

Ultimately, a second opinion can provide clarity, identify gaps, and ensure your financial plan is both comprehensive and actionable. Whether you’re going through a major life event or simply want to verify that you’re on the right track, consulting another expert can be a valuable step in securing your financial future.