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Personalized Advice

Account Consolidation

When you have multiple accounts, it can be more difficult to understand how much money you have and where it is. Consolidating your accounts can save time by making account information more easily accessible.

Additionally, consolidation of your accounts may actually help you diversify your assets. Having money in multiple accounts with different funds does not necessarily make your portfolio more diversified. In fact, it may make it harder to evaluate your holdings, and may actually conceal very similar investments in various accounts.

Consolidation makes it easier to allocate assets according to your investment strategy. Seeing your entire portfolio in one place can reveal when you are too concentrated in one area of the market, and make it easier to adjust these imbalances. It can also help reduce unnecessary risk and better align your savings with your goals.

Advantages to Account Consolidation

  • Paperwork is reduced
    • Consolidation of statements: all brokerage activity can appear on one statement
  • Chances of (expensive) errors are reduced
    • All assets can be viewed and analyzed in one step
    • Portfolio values are easy to monitor
    • Investment returns are more easily calculated
    • Allocation is easy to monitor
  • Simplified Tax Preparation and Record Keeping
    • One source for 1099’s, capital gains, dividends and interest
    • Maintenance of cost basis information
    • Maintenance of historical information
  • Estate Administration is centralized
    • Benefits of centralized estate administration include:
      • Once source for all requirements
      • One phone call and an experienced, dedicated team to help
      • Continuity of management and custody

Simplicity is the ultimate sophistication.
~Leonardo da Vinci~