If you use wealth manager A Ltd to look after your money, is a second opinion from wealth manager B worth it?
The answer is…NO
It is in the interests of wealth manager B to persuade you that they are better than wealth manager A. The chances are that the second opinion is biased. It probably does not make sense to act on what wealth manager B tells you. Why? If you follow the logic, you could ask wealth managers C,D,E F, etc etc…each one will have their reasons why they should manage your money.
However, there is nothing wrong with asking for a second opinion to help with perspective and education. With increased knowledge, you may be able to make a better-informed decision.
Your objective of wanting a second opinion is not the same as the wealth manager’s objective. In reality, you don’t really care if you use wealth manager A, B, C, D…etc…but you do care about outcomes. You, therefore, need to look for ways to improve your decision-making process.
You don’t need a second opinion, instead, you need to test your knowledge to ask better questions of those you delegate your money and future. That’s what we are good at.