The days of solitary financial advising may soon be a thing of the past. The abundance of complicated investment products coupled with the complex needs of high net worth investors require the skills of knowledgeable wealth managers and RIAs.

The question is: are solitary advisors ready to become wealth managers or RIAs or, more importantly, are they willing to be members of a wealth management team? Is the title “wealth manager” and the ensuing responsibilities really clear in the minds of advisors? If so they need to get ready to shift their way of thinking and acting.

Anthony Reguero, ChFC, CLU, and Investment Advisory Rep of First Allied Securities, Inc., had this to say,  “The only financial advisors who will survive on their own are those who are capable of multitasking and understanding the multitude of products and the requirements of the affluent. And these advisors are few and far between.”  Read More