Second opinion, a term mostly used in the context of medical treatment, is increasingly finding relevance in the world of investing too. As the stock market rally enters its fifth year, investors who have stuck to the recommendations of one financial advisor are seeking a second opinion to fine-tune their investment portfolio to the need of the hour.
Take the case of Yusuf Dohadwala, a 60-year old businessman based in Mumbai. He has been investing in equities through mutual funds for the past five years and has an investment portfolio worth Rs 2 crore, managed by a foreign bank. But recently Dohadwala felt the need of getting his portfolio reviewed by an independent advisor because he put money only in that hand ful of schemes his bank sold. Also, his portfolio has been handled by three relationship managers in the five-year period. He wanted to know if his portfolio had the best products.