4 Reasons Why We Believe Wealth Consolidation is Worth the Effort

The benefits of choosing a single financial custodian.

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In meeting with people to review their finances, it quickly becomes apparent that many do not understand the benefits of consolidation. The old adage, “Don’t put all your eggs in one basket,” is frequently misunderstood when it comes to consolidating investments. When you choose a single financial custodian, you might actually improve your portfolio’s diversification and strengthen the concept of putting your investments in different baskets.

Here are 4 reasons why we believe you should consider consolidating your finances:

1. More in-depth financial information at hand.

Centralized assets provide vital information to better manage your wealth. One of the most important benefits is that you’ll have a deeper understanding of your current asset mix. Many financial advisers have technology that permits daily valuation and analysis of a given portfolio. By understanding your true overall market position, you can then make better decisions on how to invest and rebalance your portfolio.

2. Cash flow is significantly easier to monitor.

When different types of accounts are held at the same financial institution, funding IRAs or ROTH IRAs, calculating and distributing your IRA Required Minimum Distribution, and distributing cash for monthly spending in retirement all become easier and more efficient. Many people know they should be doing these things, but then hesitate at the unknowns of obtaining, signing, and submitting paperwork to accomplish their goals.

3. Tax time is less burdensome.

Because you will have fewer tax reporting forms to receive, track, and input, you will reduce preparation time and fees. Harvesting losses, incurring capital gains, or making ROTH conversions can also be facilitated when this information is presented in a consolidated fashion prior to the end of the year, instead of when you are meeting with your accountant.

4. Family finances are easier.

Financial support from spouses and other family members also becomes easier. The simple act of consolidating assets sets the stage for a more understandable accounting of your finances, eases the burden on anyone looking to assist you or take over for you when you can no longer manage them yourself, and ultimately when you pass your assets on to your heirs.

Most people don’t realize the amount of paperwork and knowledge it takes to bring assets into alignment through consolidation. By working with a trusted financial advisor, you can gain the assistance to intelligently pursue this worthwhile goal. By taking on this task now, you will be in a better position to meet life’s challenges and to take control of your financial destiny.

Will Your Money Last Through Retirement?

No one wants to run out of money. But without goals and a solid plan,
how can you know for sure whether you’re on the right track?

Will I be able to maintain my current lifestyle?

What will my monthly income be in retirement?

Can I protect my hard-earned savings and still
have the income I want?

Rodgers & Associates answers questions like these every day.

Get Personalized Answers
2025 Lititz Pike, Lancaster, PA 17601
Phone: 717-560-3800, Toll-Free: 888-876-3437