Response: When it comes to getting a second opinion I would suggest that it's always a good idea. What can it hurt? I would suggest a few rules of engagement when dealing with multiple advisors during this process and here are a few tips to help you wade through those waters.
1. Be up front with the advisor you are working with. You are expecting the person you are speaking with to be upfront, truthful and transparent with you... you should offer the same courtesy.
2. If you ask the advisor your speaking with if it's ok to get a second opinion and they discourage you from doing so... there might be an issue with that person.
3. If you are going to get a second opinion get it from a qualified source not your golf partner or someone who watches CNBC a lot and you think is pretty smart.
4. Get everything in writing from both sources... remember, there has to be a clear economic benefit to you to make changes with your portfolio.
5. Be deathly afraid of the advisor who's reasoning for suggesting you make a change is because of a bonus or some other enticement in the contract... this will end up costing you money.
6. Don't do the disappearing act with the first person you spent time with. Being up front with both advisors is not only common courtesy, but it will also ward off the "follow up" phone calls.
Thanks so much for the annuity question Kelli
Carl Barnowski has 25 yrs. of experience as a retirement income expert specializing in principal protected annuities.