Giant brokerage firms, insurance companies, money center banks, and all manner of financial firms are acquiring financial planners and money managers so they can offer “one-stop shopping” for financial services. Large firms can back up a financial advisor with expertise in investments,
taxes, retirement planning, estate planning, insurance, and so on, which can make your life easier.
Nevertheless, you need to be careful. Many of the large firms acquiring smaller ones pressure their advisors to push the firm’s own products, even though those products are not the best ones for all clients.
Similarly, you should be wary of boilerplate financial plans, where only the names have been changed. Before paying for a plan (which might cost thousands of dollars), ask to see a few existing plans, with the names obscured, so you can tell if they’re really customized.