Captain’s Log

Why Working with Multiple Advisors May Be Costing You More Than You Think

It’s not uncommon for us to meet families who have assets spread across two or three different advisors. In fact, while this only applies to less than 3% of Anchor Wealth clients today, we see it frequently in new relationships. On the surface, it can feel like a smart strategy—more opinions, more diversification, more oversight. In reality, it often leads to the opposite: increased complexity, misalignment, and a lack of true clarity around the direction of your financial life.

True diversification doesn’t come from the number of advisors you have—it comes from the underlying investments you own. In many cases, multiple advisors are simply selecting similar money managers or strategies, which leads to unintended overlap. You may think you’re diversified, but you could easily own the same investments two or three times over. Instead of building a well-constructed portfolio, you end up with a fragmented one—like a team with
multiple coaches all trying to call plays at the same time.

This lack of coordination extends far beyond investments. Tax efficiency often suffers when advisors aren’t working together, especially when managing pre-tax, after-tax, and brokerage accounts. One advisor may be making a move that unknowingly creates a tax consequence that another advisor could have avoided. Fees can also increase, as many advisory firms use tiered pricing—meaning splitting assets across multiple advisors can result in paying higher overall
costs. And when it comes to important planning areas like Required Minimum Distributions or charitable giving strategies, the complexity only grows. Simple decisions become unnecessarily complicated when no one is clearly responsible for the full picture.

Perhaps the most important issue is leadership. Every family needs a “quarterback”—someone who sees the entire field and coordinates between your financial plan, your CPA, and your attorney. Without that central point of guidance, critical information can fall through the cracks. If you’re meeting with multiple advisors throughout the year, it becomes nearly impossible to ensure that every conversation, every update, and every decision is being fully communicated
and aligned.

At the end of the day, financial success is not about having more advisors—it’s about having a clear, coordinated plan. One comprehensive strategy, built around your goals and the purpose of your money, creates far more value than multiple disconnected opinions. Simplicity, alignment, and leadership are what ultimately drive better outcomes.

Adam

CEO/Wealth Advisor

Adam’s Nightstand

I recently finished reading Evaluate to Elevate: Rethinking Evaluation in the Public Sector by Dr. Patrick C. Patrong, and it’s a short, concise read packed with practical insight. While the book is written with the public sector in mind, the principles clearly apply to any organization, including the private sector. It reinforces that most companies do not have a rhythm of providing feedback to their employees. Recommending that businesses do quarterly performance evaluations between the supervisor and employee.

One of the key takeaways is the importance of structured evaluation systems, such as a five-step scoring framework, combined with clear and intentional communication between leaders and their team members. The book emphasizes that evaluations are not just about rating performance—they are an opportunity to create clarity, set expectations, and foster meaningful conversations. When done well, they become less about judgment and more about development.

Ultimately, the message is simple but powerful: evaluation is leadership. When leaders approach evaluations with purpose and consistency, they create alignment, shared accountability, and a culture of growth. Done right, evaluations don’t just measure performance—they elevate it.

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Calling All Teachers! Let’s Talk TRS with Sandie Benhart

Hey educators! We know that Tier 1, Tier 2, and “retirement math” can be a bit of a headache.

Bring a friend and join us for a relaxed morning where we’ll break down your Teachers’ Retirement System (TRS) benefits in plain English with TRS Outreach
Coordinator Sandie Benhart.

No jargon, just clear steps to help you feel good about your future.

The Details:

When: July 16th @ 9:00 AM
Where: Our Rockford Office (4949 Harrison Ave)
Who: You and your fellow teacher friends!

A light breakfast and beverages will be served

We’ll be emailing official invites with all the RSVP info in mid-May, so keep an eye on your inbox!