In the days following Bill Gross's departure from Pimco, advisor Joe Franklin says his firm took action to shift client investments.

"We immediately got out of the Pimco Total Return fund being run by Gross," says Franklin, who runs an eponymous wealth management firm in Hixson, Tenn. "We already were almost out anyways, because the fund was so huge, it would be hard for anyone to manage a fund that size."

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