Advisors turn to peers for advice

One cynical advisor called it “castaways clinging to each other to stay afloat.” It reminded us never to give money to this advisor.

Advisor networking and the creation of new peer groups, thankfully, are on the rise reports Ian Salisbury of Dow Jones Newswires. Call it a silver lining in the market morass, but advisors with questions are turning to the best source of market knowledge, other advisors.

The National Association of Personal Financial Advisors says there are at least two dozen active groups with as many as 12 members, all from different cities to avoid encroaching on each other’s territory, Salisbury says.