Does It Benefit You to Have Multiple Financial Advisors

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Today’s Question:

We’ve been trained to believe that more is better but is that always true in the financial world? Having more than one advisor might seem like a great way to diversify your portfolio, but can it end up doing you more harm than good? This episode focuses on that topic to help you decide what will benefit you the most.

Confidence Corner

When it comes to financial planning, the most common belief is diversification is key. And while that’s mostly true, there’s one specific time when it’s better to take a less is more approach.

Choosing a financial planner can be a very valuable decision for you, but have you ever considered using more than one to help you diversify your portfolio? If so, that might not be in your best interest according to Nathan O’Bryant. In the latest episode of The Financial Answer podcast, the reasons behind this are laid out to help you understand why sticking to one will give you better results.

The most obvious concern he has is whether your investments are being diversified as much as you believe. But don’t think about it strictly from an investment perspective. Having multiple advisors can also affect your time, cost you more money, and slow down your growth potential.  

We even take it a step further and help lay out some criteria to use when deciding which advisor you will ultimately go with. Picking the right direction could end up saving you much more money and lead you on the path to stronger diversification.

To save you a little time, we’ve highlighted the key topics on this podcast below. Just click on the timestamp to skip directly to that discussion.

[2:17] – INTRODUCING TODAY’S TOPIC AND WHY IT’S IMPORTANT

[3:21] – WHY IS MULTIPLE ADVISORS THE WRONG WAY TO GO?

[4:25] – ESTABLISHING PROPER DIVERSIFICATION IN YOUR PORTFOLIO

[7:10] – HOW AND WHEN TO REBALANCE YOUR PORTFOLIO          

[9:44] – SPREADING YOUR INVESTMENTS MIGHT EVEN BE COSTING YOU MONEY

[12:26] – WHAT ABOUT YOUR MOST PRECIOUS ASSET: YOUR TIME?

[14:20] – THE INSTITUTIONAL MODEL AND WHY YOU SHOULD CONSIDER IT

[15:40] – SO YOU’VE DECIDED TO GO WITH ONE ADVISOR, NOW HOW DO YOU SELECT THAT PERSON?

 

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