Ask Terry Questions Money with one Financial Firm

Money with one Financial Firm

By Terry Savage on August 13, 2015 | Financial Planning / Retirement

Do you think it is wise to have all your money with one financial firm? The financial advisor at one firm I have money with would like me to move the rest of my money over to his firm because now that I am retired he thinks it makes sense for him to manage all my funds. What do you think?

Terry Says:  I think he/she will earn more money!  Why don’t you just tell the advisor that you are happy the way you are — BUT, you will be happy to give him/her a list of your other investments and listen to his recommendations.  See how that works.  (There is a genuine reason for an advisor to know what else you own/owe — so that the recommendations can balance out your risk and reward.)  Do the same with your advisor at the other firm — and you’ll get the benefit of two viewpoints!

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