Concerned Investors Seek Second Opinion on Portfolio Strategy / Financial Game Plan

    LEAWOOD, KS, June 09, 2010 /24-7PressRelease/ -- In a gut-wrenching afternoon for Wall Street traders and market timers across the United States, the Dow Jones Industrial Average dropped 700 points in just ten minutes on May 10. While the sharp plunge (and subsequent recovery) has since been dubbed an anomaly--a favorite word among computer people when complex systems produce output that is inexplicable--many investors sat up in their chairs and took note. What's going on here and how can individual investors not only weather the frequent storms but improve their financial position by taking advantage of market conditions?

Some of the statistics are cause for concern: Since the Great Recession started in mid 2007, over two trillion dollars of wealth has evaporated. According to the Conference Board, consumer confidence in 2009 plunged to an all-time 41-year low. According to market research, the continuing turmoil has 86 percent of investors thinking twice about their financial advisors.

"Who can blame them?" asks Gordon Bernhardt, founder and president of Bernhardt Wealth Management (BWM), an independent financial planning and investment advisory firm based in McLean, VA. "Given that so many so-called financial experts saw their predictions crumple in the wake of the recent economic crisis, of course people have doubts. They should absolutely re-examine their essential decisions to ensure that they, personally, as well as their families and loved ones, will be okay in the long run."

Some investors may be throwing their hands in the air and declaring they could do the job better themselves, while others may be left questioning how much they trust their current financial advisor but unsure of where to find a competent second opinion. Bernhardt says more individuals should exercise more caution, do more homework and ask more questions.

"A properly vetted financial professional can help you to take a therapeutic, big picture view of your finances," says Bernhardt. "Yes, market volatility likely will continue but an advisor should be listening to your fears, goals and dreams in order to develop and implement a plan designed to see you through the ups and downs of life."

To help those investors questioning the quality of advice they have been receiving from their current financial advisor, insurance agent or stockbroker, Bernhardt is offering an independent professional assessment in the form of a second-opinion service. The second opinion service is being provided on a complimentary basis to professionals and business owners in the D.C. area who have either been referred in to the firm or who would otherwise match up with the firm's new client criteria.

"Planning is the antidote to anxiety and an independent second opinion can provide some additional measure of comfort," says Bernhardt. "The effective implementation of a financial plan requires careful day-to-day attention. Individual investors should choose a financial advisor carefully and communicate with their advisor on a regular basis. While an overall portfolio heavy in certain equity, bond and alternative investment classes may be inadvisable for some investors, a portfolio too light, or under-weighted, in certain asset classes might lack sufficient diversification to mitigate market volatility," Bernhardt says. "It comes down to the unique needs and circumstances of the individual."

Bernhardt offers these questions for individuals who may be assessing their financial situation now:

- Are you concerned that your goals and vision of the future are in jeopardy?
- Is there alignment between your long-term financial strategy and investments?
- Does your current financial advisory team review your entire financial situation, including investments, insurance, estate planning, taxes, and charitable giving to make sure you are making smart choices right now?
- Does your current advisor deeply understand you, your family and your unique situation?
- Have you structured the right plan for turbulent markets? Are you working together with your advisor, as a team, to make it a reality?
- Do you trust your financial advisor? Are you getting "big picture" advice?
- If you have been self-managing your investment portfolio and have accumulated significant assets, are you confident that you've covered all the bases and made the best decisions for your immediate and long-term future?

"If you are not confident in your answers, then you might benefit from a professional second opinion," says Bernhardt.

About Bernhardt Wealth Management
Gordon J. Bernhardt, CPA, PFS, CFP , AIF of Bernhardt Wealth Management in McLean, Virginia provides financial planning and wealth management services to affluent individuals, families and business-owners throughout the Washington, DC area. He is a Certified Public Accountant and Personal Financial Specialist. Committed to a higher fiduciary standard of excellence, he has earned the professional designations of CERTIFIED FINANCIAL PLANNER(TM) professional and Accredited Investment Fiduciary. Gordon received his degree in commerce from the University of Virginia. Since establishing his firm in 1994, he has been focused on providing high-quality service and independent financial advice in order to help his clients make smart decisions about their money. For more information, visit www.bernhardtwealth.com

# # #