The Hidden Costs of Having Multiple Financial Advisors

Some people believe having two financial advisors means double the wisdom, but does that really yield double the benefit? Today, Sean explains why working with multiple advisors can create conflicting advice, overlapping investments, and tax inefficiencies.

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Some people believe having two financial advisors means double the wisdom, but does that really yield double the benefit? Today, Sean explains why working with multiple advisors can create conflicting advice, overlapping investments, and tax inefficiencies. He outlines the few specialized cases where multiple professionals might make sense, but overall, how having one lead advisor keeps your strategy unified.

Here’s what we discuss in this episode:

⚖️ Pros and Cons: the hidden trade-offs of splitting your money

🧩 Communication Breakdown: how conflicting advice creates confusion

📊 Overlapping Investments: why “more” doesn’t always mean better diversification

🤝 Simplify Your Team: how one lead advisor keeps everything aligned

🎯 Confidence Through Clarity: one voice, one plan, one direction

Go inside the episode: 

0:00 – Having Multiple Advisors

2:28 –Pros and Cons of Multiple Advisors

5:25 – Challenges of Communication

7:13 – Fee Efficiency and “Diversification”

9:40 – Building a Financial Team

11:38 – Final Thoughts

Looking Back From The Mountaintop

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MEET YOUR HOST...

For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

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(801) 639-0095

slee@erg-slc.com

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