Getting a second opinion on your financial advisor

1. What am I paying in total, as a percentage and in dollars?
2. Is my advisor a fiduciary at all times, or only sometimes?
3. How has my portfolio done against a simple index mix with the same risk?
4. Do any products I own pay my advisor a commission?
5. Does my plan reflect my current goals, taxes and timeline?

• You can't get a clear answer on fees.
• Surrender charges or annuities you don't understand.
• Lots of trading with no explanation.
• No written plan or no review in over a year.

Atrium's Second Opinion specialist reviews your statements, totals your all-in fees, and lists the questions to bring to your advisor. Atrium has nothing to sell you. See also Atrium vs. a financial advisor.

When should I get a second opinion on my financial advisor?

Get one when fees are unclear, performance lags a simple benchmark for several years, recommendations seem to favor products your advisor sells, or before a big irreversible decision like an annuity, a pension election or selling a business.

What should I bring to a second opinion review?

Recent account statements, your advisor's fee disclosure (Form ADV Part 2 for registered advisors), any insurance or annuity contracts, your last tax return, and your written financial plan if you have one.

Is a second opinion free?

Many advisory firms offer free second opinions, often hoping to win your business. Flat-fee planners charge a set price. Software like Atrium gives an independent review without a sales pitch.

How do I check what I'm really paying?

Add the advisory fee, the fund expense ratios, and any commissions or insurance charges. A 1% advisory fee plus 0.5% in fund costs is 1.5% a year, which compounds into a large amount over decades.