What to do when you’re not sure your financial advisor is really on your side, and how to protect yourself even if you never hire one.
Common Moments When People Start Asking the Right Questions
Most people don’t wake up one morning eager to scrutinize their investments. Something usually triggers the concern.
Here are two of the most common and most understandable scenarios.
Scenario 1: When the Person Who Handled the Money Can’t Anymore
I recently responded to an enquiry posing this scenario:
My husband handled all our finances and has just had a stroke. He won’t be able to resume that role. I’m now responsible for everything and feel completely overwhelmed. I have a strong sense that our financial planner set us up to maximize fees. Everyone I speak with wants me to switch to them, and I don’t trust that anyone is putting my interests first. Is there a way to get an unbiased review?
Sadly, this situation is far more common than people realize.
A health event. A death. A divorce. A sudden realization that the person you trusted with the details is no longer able to manage them.
When that happens, the question isn’t just “What do I do now,” it’s:
“Who can I trust to tell me the truth?”
Scenario 2: A Portfolio Built Over Time But Never Revisited
Another very common situation is less dramatic, but can be just as risky in the long run.
Over the years, investments accumulate:
A 401(k) from a prior employer
A rollover IRA opened during a job change
Mutual funds chosen in a very different stage of life
Accounts managed by different advisors at different times
Each decision may have made sense in the moment, but taken together, the portfolio becomes a patchwork, rarely reviewed as a whole, and often misaligned with where life stands today.
People in this situation often say things like:
“I think it’s probably fine. I just don’t really know.”
“No one has ever looked at everything together.”
“I’m not unhappy, just uneasy.”
That quiet unease is usually the signal that a review is overdue.
The Problem With “Free Portfolio Reviews”
Many investors assume that a second opinion is easy to get. After all, plenty of firms offer free portfolio reviews.
But here’s the uncomfortable reality:
A free review is usually a sales process, not an analysis
The recommendation is often predetermined: move your assets here
The person reviewing your portfolio is usually paid only if you switch
Fees, incentives, and product bias are rarely disclosed clearly
That doesn’t mean all advisors are bad. Heck, I'm an advisor! What it does mean, unfortunately, is that most second opinions are conflicted by design.
When you’re already feeling vulnerable or overwhelmed, that conflict matters even more.
What a Verbatim Unbiased Portfolio Review Actually Is
An unbiased portfolio review is intentionally different. It's exactly what it's titled to be.
The goal is not to sell you anything.
The goal is not to convince you to move your money.
The goal is simply to answer one question honestly:
“Is this portfolio serving me as well as it could?”
A proper review looks at things like:
Total all‑in fees (not just what shows up on statements)
Hidden layers of costs inside funds and products
Conflicts of interest or incentive‑driven recommendations
Asset allocation vs. your real goals and risk tolerance
Complexity that exists for someone else’s benefit, not yours
Tax inefficiencies that quietly erode returns
Critically:
You should be able to walk away with clarity, without being asked to hire anyone.
How You Can Do This Yourself (If You’re Willing)
The thing is, you don't even have to hire me to do your review. (Though I might argue that you could end up being the most biased person to audit your own portfolio.) If you’re determined, there are ways to self‑audit a portfolio. Some suggestions follow.
Here are a few starting points:
1. Add Up Every Fee (Yes, Every One)
Look beyond the advisory fee if you're using an advisor.
Expense ratios of every fund
Wrap fees, platform fees, rider costs
Internal costs of annuities or structured products
If you can’t clearly explain what you’re paying and who receives it, that’s a red flag.
2. Ask yourself, “Would I Buy This If No One Got Paid to Sell It?” or, "Would I Buy This If I Didn't Already Own It?"
Complexity is often a tell.
Ask yourself:
Does this product solve a real problem I have?
Or does it mainly justify a higher fee?
There's a cognative bias known as the Endowment Effect. This cognitive bias leads investors to assign a higher value to assets in their portfolio than they would if they did not already own them, often resulting in holding onto underperforming, inherited, or risky investments for too long.
3. Compare Your Portfolio to a Simple Alternative
You don’t need to switch, just compare.
How would a low‑cost, broadly diversified portfolio have performed with:
Lower fees
Less complexity
Fewer moving parts
If the gap is large, you deserve to know why. You can use free tools like Portfolio Visualizer to backtest your portfolio.
4. (If You Use An Advisor) Watch How Defensive the Advisor Gets
A good advisor welcomes scrutiny.
If questions about fees, incentives, or alternatives are met with:
Dismissiveness
Jargon
Pressure
That tells you more than any spreadsheet.
Why Many People Still Choose an Independent Review
Even smart, capable people often don’t want to do this alone, especially during a stressful life transition.
That’s where an Unbiased Portfolio Review can be invaluable.
It’s not ongoing management.
It’s not a sales pitch.
It’s a paid, conflict‑free second opinion designed to give you answers, not obligations.
You should expect:
Clear explanations in plain English
A written summary you can keep
Honest feedback, even if the conclusion is, “your current setup is fine”
Sometimes the best outcome is peace of mind.
Sometimes it’s confirmation that changes are overdue.
Both are wins.
Who This Matters Most For
This kind of review is especially important if:
One spouse historically handled all finances
You’ve experienced a health event, death, or divorce
You’ve accumulated accounts over decades
You feel uneasy but can’t quite explain why
You want clarity without pressure
You don’t need to be wealthy, you just need to care about being treated fairly.
A Final Thought
Trust in finance shouldn’t require blind faith. You deserve transparency and explanations that make sense.
You deserve the ability to understand your own financial life, even if you ultimately choose to delegate it.
Whether you review your portfolio yourself, or work with someone who is willing to be paid only for their opinion, the important thing is this:
Don’t confuse confidence with trust, and don’t confuse sales with advice.
If you’ve ever wondered whether your portfolio is really working for you, that question alone is worth taking seriously.
What a Verbatim Unbiased Portfolio Review Looks Like in Practice
This section is here so you know exactly what to expect and what you won’t be pressured to do.
An Unbiased Portfolio Review (UPR) is a paid, one‑time diagnostic. It is intentionally not ongoing management.
What it includes:
A comprehensive review of your existing accounts and investments
A clear breakdown of all‑in fees and embedded costs
Identification of conflicts of interest and incentive misalignment
A plain‑English assessment of risk, diversification, and complexity
A written summary you can keep and reference
What it does not include:
No requirement to move assets
No sales pitch or product recommendations
No obligation to become an ongoing client
Sometimes the conclusion is that your current setup is reasonable. Sometimes it’s not. Either way, the value is clarity, not conversion.
A Simple Self‑Check: Are You Paying Too Much or Taking the Wrong Risks?
You don’t need to hire anyone to start asking better questions. Use the checklist below as a first pass.
The Unbiased Portfolio Self‑Audit (Quick Checklist)
☐ Can I clearly state my total annual investment costs (advisory + fund + product fees)?
☐ Do I understand how my advisor is compensated and what incentives exist?
☐ Are there products in my portfolio I wouldn’t choose if no one earned a commission?
- ☐ Would I purchase my investments now if I didn't already own them?
☐ Is my asset allocation aligned with my real goals, not just my age?
☐ Would a simpler, lower‑cost portfolio reasonably meet the same objectives?
☐ Can my advisor explain alternatives without getting defensive?
If several of these give you pause, that discomfort is information, not something to ignore.
If you want a neutral, professional second opinion without pressure, an Unbiased Portfolio Review exists for exactly that reason.