Prudent or just paranoid

Diversifying your assets is smart. Diversifying your advisers isn't. You may think you're providing a check and balance against bad advice - or worse. But you won't be getting the best advice from any of those advisers if none of them has your complete financial picture.

Plus, the more professionals you having managing your money, the less likely it is that you'll qualify for discounts in fees or commissions based on assets, lowering whatever returns you get, says Michael Pompian, an author on behavioral finance.

You're better off finding one person you can trust. Yes, dolts and crooks are out there. But whether you're dealing with a broker, an investment adviser or a financial planner, there are plenty of ways to check an investment professional's track record.

Get recommendations from friends, family and colleagues. Meet in person to ask how the adviser is compensated for the products and services sold. And check out their records.

For brokers, look up disciplinary actions and complaints at brokercheck.finra.org; for an investment adviser's record, read Form ADV Part 1A at adviserinfo.sec.gov (click on Investment Adviser Search). To verify that a certified financial planner is indeed a CFP and see whether he's ever been disciplined, go to www.cfpboard.org/search.

The prudent conclusion: Do the legwork to find one pro you can trust rather than three you're not sure about.