Multiple independently operating investment accounts can create a false sense of diversification. By having your investments divided up among multiple advisors, it is almost impossible for any one of them to know your investment exposure to any one geography, sector, or individual security at any given time. The fact that each of these advisors is incapable of knowing what the others are doing in real time can actually increase the risk of your portfolio rather than decreasing it.
Consolidating your investments with one prudent advisory team allows for the development and implementation of a coordinated wealth management strategy. This provides a holistic real-time view of your assets working in sync, rather than as fragmented parts.
Additional benefits of consolidation include:
Consolidating your investments under one advisory team can result in material cost savings. These savings result in more money invested and compounding over time.
Selecting one team to oversee your investments organizes and simplifies account reporting and allows you to easily track the performance your investments. A single report is also likely to result in lower accounting fees as your accountant will likely require less time to complete your return.
Retirement Income and Tax Planning
One centralized investment strategy allows your advisory team to consider all parts of your wealth and create a tax-smart income solution for your retirement.