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How many financial advisors should you have?

Multiple financial advisors may help you get diversified views, but unless they talk to one another, you may end up having duplicate investment products across multiple portfolios, doing similar things. Sometimes, specialists help.S

January 11, 2023 / 08:48 AM IST

Before the onset of Covid, most new customers walking through our doors would either not have been using any financial planning firm or may have been using one, at the most.

That has changed now. In many cases, we see people using more than one financial advisor. Why do people use multiple advisors?

The general reason is that “we don’t want to put all of our eggs in one basket.” That’s a reasoning more applicable in the context of asset allocation rather than advisor selection.

Also read | How should you select your financial advisor?