Is there a benefit to “diversifying advisors”?

Diversifying advisors may provide you insight to the different levels of service other investment professionals provide. However, this perceived diversification may result in inadequate financial planning due to a lack of knowledge of holdings elsewhere, as well, as potentially unsuitable investment allocations due to the lack of knowledge of material changes to your account(s) with other institutions. The investor also may be able to save on overall investment related expenses by consolidating accounts and taking advantage of relative economies of scale.