When it comes to making financial planning and wealth management decisions, it just makes sense to follow conventional wisdom... doesn't it?

Not always. Though conventional wisdom can be defined as ideas that are so widely accepted no one really bothers to question them, there may be times when going against the grain makes a lot of financial sense. Don't believe it? Consider that — not so very long ago — conventional wisdom told us that the sun revolved around the Earth... an Earth that just happened to be flat.

While that may be an extreme example, there are a few bits of "commonsense" financial planning concepts floating around out there that probably shouldn't be accepted as conventional wisdom. Here are 5 wealth management taboos that you might want to consider breaking.

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You know how important it is to rebalance your portfolio as a part of your financial planning process. Rebalancing on a regular basis — whether annually, quarterly, or after certain percentage changes in your portfolio — helps your investments remain truly diversified. 

But do you know how to effectively rebalance your portfolio so you retain the right asset class allocation for your comprehensive financial plan? These eight tips from portfolio managers will help you keep your portfolio balanced... and diversified.

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"Do I really need to work with a wealth advisor?" It's a common question, and if you've ever asked yourself if working with wealth management consultants makes sense, you're not alone. After all, the services of an investment professional cost money. Would you be better off keeping those fees for yourself?

While — of course — the answer to this question varies by individual circumstances, we can tell you that working with a wealth advisor offers many advantages. Read on to discover how working with wealth management advisors can benefit you.

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Ever felt intimidated by investing? If so, you're not alone. Many investors, from first-timers to well-established investors, experience a pang of anxiety (or a few) when it's time to make financial decisions that involve risk and don't involve guarantees. 

But that's not the only factor that tends to intimate investors; the jargon commonly used by investment professionals and others associated with the financial industry can add another layer of uncertainty to the financial planning process. From indexes to expense ratios, financial buzzwords can Read More

Whether your teenager is already working at their first job or they're not quite ready to enter the job market, now is the perfect time to teach her about investment planning. Getting an early start in financial literacy can help her to grow up to be a financially savvy adult. 

And if your child is like most American teens, they're somewhere in the middle of the pack when it comes to financial literacy. Research indicates that about 18 percent of American students can't perform basic personal financial tasks — such as

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All you have to do is tune in to a financial advice show on TV, listen to a financial planner on the radio, or log in to a financial advice website, and you're sure to find one: The self-appointed financial "expert" or investment "guru" with the hot stock tip of the day. From the latest market direction predictions to opinions on economic conditions, these financial pundits may sound intelligent, but their predictions are, historically, the opposite of accurate. 

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Many Americans dream of retiring early. A 2015 study found that a majority of those with assets of $1 million or more planned to retire by age 56... and 20 percent planned on retiring by 40! Despite these numbers, more than half of those polled indicated that their retirement plans, early though they may be, also included part-time work. 

9These figures aren't that surprising, given that working hard, saving a lot, and exiting the rat race with plenty of time left to enjoy those golden years has long been the

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At Premier, we understand that every individual has their own wealth management philosophy. After all, everyone needs to identify the financial strategies that work best for their unique situation. 

Our team also understands the necessity of basing a wealth management philosophy on research, good advice, and quantitative evidence. We encourage our clients to educate themselves on schools of thought around finances, investing, retirement, and researching your wealth planning options.

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Why is asset allocation so important to investors? A propery allocated portfolio means that your money is spread across a range of investments. But not just any combination of assets will do; rather, a truly diversified portfolio includes assets from across multiple classes, all carefully chosen to reduce exposure to risk through low correlation. 

In other words, a well-allocated portfolio achieves the right combination of risk and return for your needs. 

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Clients often ask our family wealth advisors exactly how involved their children should be in the financial planning process. It's easy to understand the question, as involving your child in financial decisions is an ideal way to teach them valuable lessons that will help them later in life.

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