6 Signs You Need a Second Opinion on Your Financial Plan
- 8 hours ago
- 4 min read
Developing a long-term relationship with a financial advisor can be a special thing.
Years of consistent communication and shared decision-making often lead to deep trust. In many cases, advisors are among the first calls clients make when a major life event happens.
That level of trust carries enormous responsibility.
But here is the uncomfortable truth: not every long-term advisory relationship continues to deliver value over time.
Sometimes complexity increases.
Sometimes life changes.
Sometimes misalignment quietly grows.
And sometimes, you simply outgrow the advice you are receiving.
As a student of financial planning and the Canadian retail investment world, I have seen firsthand how many consumers are left in the dark about what true wealth management can look like. Investment management alone is not comprehensive planning. A thick printed financial plan is not the same as thoughtful strategy and execution.
Real value goes deeper. It shows up in long-term financial security, emotional peace of mind, coordinated tax planning, retirement income structure, and proactive guidance through life transitions. These are things that cannot be fully modeled in a spreadsheet.
So when should you consider a second opinion?
Here are six of the most common scenarios.
1. Approaching or Entering Retirement
Retirement is the most common reason people seek a second opinion.
At the surface, retirement planning may appear straightforward. Run projections. Estimate income. Choose withdrawal rates.
In reality, retirement is dynamic.
Tax sequencing, pension coordination, government benefits, portfolio decumulation strategies, estate intentions, and changing spending patterns all require ongoing adaptation.
If your plan feels static while your life is evolving, it may be time to revisit the relationship.
2. Your Advisor Is Retiring Without a Clear Succession Plan
According to FP Canada, the average age of financial advisors in Canada is in the mid to late 50s.
If you are nearing retirement and so is your advisor, this matters.
A clear succession plan should already be in place. If it is not, you are entitled to ask:
What happens to my relationship when you retire?
Who takes over?
Have they been introduced to me?
Are they aligned with how I want to be served?
Your retirement livelihood is too important to leave to uncertainty.
3. The Death of a Spouse
When one spouse passes away, everything changes.
If the spouse who managed the finances also managed the advisor relationship, the surviving partner can feel disconnected overnight.
In these moments, trust and personal connection matter more than ever. Many widows and widowers seek a second opinion simply to find someone they can connect with and feel heard by.
4. Receiving a Large Inheritance
An inheritance introduces both opportunity and complexity.
It may involve:
Tax implications
Government benefit adjustments
Family fairness considerations
Real estate or land decisions
Royalties or business assets
Even modest inheritances can carry emotional weight. When complexity increases, so should the level of advice.
5. Divorce
Divorce is one of the most common turning points for financial change.
Assets are divided. Goals shift. Retirement timelines change.
Often, individuals who previously relied on a shared advisor seek independent guidance that reflects their new reality. Finding someone you trust and connect with becomes essential.
6. Sale of a Business
After the lawyers and accountants finalize the deal, the business owner faces a new challenge: managing significant wealth.
The mindset shifts from builder to steward.
Liquidity events introduce:
Tax planning complexity
Investment structure decisions
Family governance considerations
Long-term legacy planning
Without structure, oversight, and diversification, wealth can erode faster than expected.
Ideally, exit planning begins years before a sale. But even afterward, aligning with a team experienced in wealth stewardship is critical.
When Misalignment Creeps In
Sometimes there is no major life event.
Instead, you begin to notice:
You are bringing ideas to your advisor rather than receiving proactive guidance.
Advice feels pre-packaged.
Questions linger longer than they should.
You feel like you have outgrown the relationship.
Ending a professional relationship is never easy, especially when it involves a family friend or long-term connection. But your retirement success may depend on making difficult decisions.
Action Items to Consider
1. Run Financial “Fire Drills.”
Major life transitions can happen abruptly. Death of a spouse. Sudden career loss. Unexpected business offer. Think through how prepared you are. Do you know where your financial “exits” are?
2. Ask About Succession.
If you work with an advisor, ask about their retirement timeline and continuity plan.
3. Evaluate Value Honestly.
Are you receiving coordinated, proactive advice that adapts with your life? Or simply investment management?
Outgrowing an advisor relationship does not mean anyone failed. It simply means your life has evolved.
If your complexity has increased, your advice should too.
If this resonates, it may be time for a second opinion.
And when it comes to your retirement, do not take chances.
Make a plan so you can retire with confidence.
All comments are of a general nature and should not be relied upon as individual advice. The views and opinions expressed in this commentary may not necessarily reflect those of Harbourfront Wealth Management. While every attempt is made to ensure accuracy, facts and figures are not guaranteed, the content is not intended to be a substitute for professional investing or tax advice. Please seek advice from your accountant regarding anything raised in the content of the podcast regarding your Individual tax situation. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.