When it comes to our finances, we don't like changes. A good example: Once we select a bank or brokerage, we tend to stick with it, even if we're being nickeled and dimed by fees or insulted by piddling interest rates on deposits.

The reason may be less about loyalty and more about inertia. Switching banks can be a chore, especially if your account is set up for direct deposit of paychecks and automatic bill-paying.

But when your financial institution is being acquired, you are forced to re-evaluate your relationship. That's something facing clients of longtime Baltimore brokerage Ferris, Baker Watts, which is in the process of being bought by Canada's largest bank.

A new owner of a bank or brokerage could be a good thing. You might gain access to more products, better services and lower fees. Your trusted adviser might not change. Staying put, then, would make sense.

Then again, the opposite could occur. In that case, you should shop around.

You might not have to look very far, particularly during a bank acquisition. Other banks often beef up advertising when a competitor is being gobbled up.

"Rival banks will target the customers of the old bank. 'Hey, you're going to have to deal with the new buyer anyway, why not deal with us?' " said Lawrence White, an economics professor at New York University's Stern School of Business. "The customers are more up for grabs than usual."

The pace of consolidation in the financial services industry has slowed lately. Would-be buyers have seen the price of their stock - often used to finance acquisitions - tank in the fallout from the subprime mortgage mess, says Kris Niswander, associate director of financial institutions for research firm SNL Financial.

Still, deals are being done, as we see with Ferris.

No two deals are alike. But acquisitions tend to fall into two categories, experts say.

The first is when one competitor buys another in the same market to knock out competition. The second type occurs when an institution buys another to enter a market.

The Ferris, Baker Watts deal appears to be the latter, said Brian Adams, an assistant professor of finance of the University of Portland in Oregon. The Royal Bank of Canada plans to merge Ferris into its investment advisory and money management arm, RCB Dain Rauscher Inc. Minneapolis-based Dain Rauscher has a small presence in Maryland.

"From a consumer side, it looks good. They are bringing a bigger organization with more resources for individuals," Adams said.

Dain Rauscher chief executive John Taft said it is too early to know the changes Ferris' clients will encounter. The deal will close in a month or two, and Ferris will continue to operate as usual for another six to nine months while officials work to combine operations, he said. Ferris clients eventually will gain access to more services and products through Dain Rauscher, including hedge funds, Taft said.

It is not unusual, though, for brokers to be offered big bucks by rivals to jump ship after an acquisition. That can defeat the purpose of the deal, since the acquirer's aim is to gain brokers and their clients. Taft said he expects Ferris' brokers to stay with the firm.

If you're caught up in a merger - and there's a good chance you will be at some point - here are some things to watch out for:

Account mistakes

Did the institution accurately transfer your account information from the old institution to the new one? Mistakes have occurred during bank mergers.

"That's the one thing that irritates consumers the most. That's the one aspect that can spur the consumer to take their money and go someplace else," said Greg McBride, senior financial analyst with Bankrate.com.

Continue to monitor bank statements closely for six months to a year after your account is transferred, advised New York University's White. "Make sure there aren't any glitches," he said.

Branch closings

Maybe the only reason you chose the institution in the first place is that it has an office nearby. Will the new owner keep all the offices open? Even in these tech-savvy times, consumers want to be able to ask questions face-to-face rather than spend 30 minutes on the phone pressing buttons, Adams said.

Employee changes

Maybe your most trusted adviser is your broker. Will he or she stay or join a competing firm after the acquisition?

If your broker suddenly leaves, the brokerage will notify you and ask if you would mind changing to another adviser, says Ellyn Brown, a former Maryland securities commissioner. Count on your old broker calling you, too, to see if you want to switch to his or her new firm.

"It's the client's choice," Brown said. Are you more loyal to the brokerage or the broker? Small investors sometimes work with a pool of brokers, so they might not care if one of them leaves, she said.

Be aware that if you own proprietary products of the brokerage, you might have to sell your position if you switch firms, Brown said. That can trigger taxes.

Changes in fees and terms

A new owner won't have exactly the same accounts or pricing structure as the old one.

It is likely that if a brokerage charging $15 a trade buys another firm charging $10, "sooner or later, $10 will be $15," McBride said.

You'll get notices of changes. Make sure you read the fine print. You might still have free checking, for instance, but the new bank might require a higher minimum balance.

If you're unhappy with the changes from a merger, you owe it to yourself to check out the competition.

"Don't be afraid to shop around," said Gail Hillebrand, senior attorney with Consumers Union in San Francisco. "There is legwork, and you have to do it. In the long run, you can save yourself some money or avoid some headaches."

To suggest a topic or share tips with readers, contact Eileen Ambrose at 410-332-6984 or by e-mail at eileen.ambrose@ baltsun.com.