Mixing friends, family with business is a danger

Case in point, one adviser was fired by his dad, only to find himself replaced by his own son

Clyde Wyatt managed his father's money for about 18 months before he was abruptly dumped for another adviser: His own son Chris.

“One day my father was asking some questions about investment options for some maturing certificates of deposit while my son was with me,” recalled Mr. Wyatt, managing director of Navigation Financial Group, which manages $900 million in assets. “From that moment, I lost my father as my client and he has been working with my son since. My dad likes having his grandson as his adviser better. There's no friction..."

Investment News: Mixing friends, family with business is a danger