After all the turmoil in Wall Street firms last year it is no wonder that wealthy investors are considering other options.  Lehman Brothers failed.  Bear Stearns failed.  Merrill Lynch (where I began my career) was acquired in a shotgun wedding by Bank of America.  And, Morgan Stanley and Goldman Sachs were forced to reorganize as bank holding companies.

That’s not exactly a record of stability.

For many years, brokerage firms have been trying to keep investors from fleeing to independent financial advisors, also know as registered investment advisors.  Initially, the big brokers just ignored the whole ‘fee-only’ practice of rendering investment advice.  Now, that has changed and the big firms all have significant investment advisory practices. ...