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With any reasonably sizable amount of money (and 5 mil definitely fits that), you should have multiple investment advisors and accounts with each of them (and they should not know about one another or the rest of your investments).

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that's terrible advice. An investment advisor needs to know about your overall wealth to tailor a strategy to your situation. And 5 million is not that much. Managing 5 million or 10 million is pretty much the same amount of work. It actually gets easier when you're dealing with bigger sums because some bonds only trade in larger amounts.

You're not separating it due to work load.

You're isolating yourself from a bad egg. The point is to insure yourself against utter crooks/total screwups.

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