Providing a higher
level of service
Simplifying your accounts with one team
While it's prudent to diversify your portfolio, bringing your accounts together under the management of one team is not just convenient. It also typically provides opportunity for more effective management of asset allocation and diversification, lower fees, higher service levels and more comprehensive planning.
After consolidating accounts, our clients appreciate the simplicity of working with one, trusted team and value the service we provide. We see four major benefits of consolidation, and offer some additional thoughts to consider before making this change:
With multiple investments scattered among providers, it's often hard to stay in control of your overall portfolio, make your investments work together and avoid duplicating asset class exposure. Taking charge of your portfolio can allow your investments to work for your goals, help keep your asset allocation on track and simplify rebalancing to keep you there.
Bringing retirement and brokerage accounts together may make implementing a tax-efficient investing strategy smoother. Having your gains and losses in one account may make it easier to take advantage of tax-loss harvesting or allocating assets.
Multiple providers equal multiple fees. Since financial providers usually have set asset and trading limits before offering price breaks, you might be paying more fees than necessary. More assets housed with one provider could give you more opportunities to avoid certain account fees and pay lower expenses associated with the specific investment vehicle.
The complexities of your financial life are challenging enough. And, managing across multiple providers can make it harder to realistically see your total cash flow, needs and progress. With consolidation, planning for needs such as retirement income may be improved due to the comprehensive understanding one team has of you and your financial life.
Take your time when determining if consolidating your assets is the right move for you. Review your assets carefully to be sure that the tangible benefits of consolidation outweigh any potential costs and tax consequences that may come with holding certain assets.
Changes in tax laws may occur at any time and could have a substantial impact upon each person’s situation. Investors should consult a tax professional for tax advice specific to their situation. Asset allocation does not ensure a profit or protect against a loss.
