Article from todays Wall St. Journal on choosing a financial planner. Plus, what to do in the event that your current financial planner retires or sells his business to a larger company.
From , "Advisor turnover roils investors".
When Jerry Roberts got news that his longtime financial planner was retiring and selling his practice to a larger company, "it was very unnerving."
"I very carefully chose my original planner," a sole practitioner in the Robertses' hometown of Indianapolis. "I was cognizant of his investment philosophy, his range of capabilities, and his past experience. I didn't know anything about the new firm coming on," says Mr. Roberts, a 64-year-old retired bank officer.
Like the Robertses, a growing number of people who have spent years building a relationship with a trusted financial adviser are having to start over again with someone new. Planners are getting older -- the average age is 55, and nearly a third are over 60 -- and they are retiring at an accelerating pace, often without a specific succession plan in place. That in turn is helping to fuel a wave of consolidation in the industry, as big financial-advisory firms and banks, including Wachovia Corp., Pennsylvania's Susquehanna Bancshares Inc. and Alabama's Compass Bancshares Inc., seek to control a larger share of Americans' retirement assets.
Read the whole article at the link above. Not just for those whose planners are moving on; there are tips in there for anyone who's shopping around for a financial planner.
From , "Advisor turnover roils investors".
When Jerry Roberts got news that his longtime financial planner was retiring and selling his practice to a larger company, "it was very unnerving."
"I very carefully chose my original planner," a sole practitioner in the Robertses' hometown of Indianapolis. "I was cognizant of his investment philosophy, his range of capabilities, and his past experience. I didn't know anything about the new firm coming on," says Mr. Roberts, a 64-year-old retired bank officer.
Like the Robertses, a growing number of people who have spent years building a relationship with a trusted financial adviser are having to start over again with someone new. Planners are getting older -- the average age is 55, and nearly a third are over 60 -- and they are retiring at an accelerating pace, often without a specific succession plan in place. That in turn is helping to fuel a wave of consolidation in the industry, as big financial-advisory firms and banks, including Wachovia Corp., Pennsylvania's Susquehanna Bancshares Inc. and Alabama's Compass Bancshares Inc., seek to control a larger share of Americans' retirement assets.
Read the whole article at the link above. Not just for those whose planners are moving on; there are tips in there for anyone who's shopping around for a financial planner.