After years of investing, many individuals have stock, bonds, and mutual funds spread out among several institutions. For most people, it starts unintentionally as they accumulate inherited assets in one place, a retirement account in another, etc. However, most financial services experts agree that the “don’t put all your eggs in one basket” applies to your investment accounts as long as your “hens are in the same barn.”
Essentially, your investment risk should be spread out, but your investment advice and management should be managed under the same roof.
When all your investments are in the same place, one phone call can reveal how your assets are performing or enable your advisor to make quick adjustments to maximize your returns in multiple investment areas. OneAscent Wealth clients also have access to an app that provides real-time performance, activity, a timeline, and an encrypted vault to store secure documents.
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When all your investments are in the same place, communication is streamlined, and your strategies are coordinated. When they are spread across multiple companies and advisors, you can have unidentified gaps in your strategy or overexposure in certain areas.
No area benefits from efficiency and coordination more than taxes. Small changes in your retirement strategy can have a dramatic effect on your tax exposure. And when tax season rolls around, all your investment documents come from the same place at the same time. Your CPA will appreciate having a single point of contact who has full knowledge of your short and long-term investment strategies.
Your CPA isn’t the only person who will appreciate having your investments managed by an advisor familiar with your comprehensive strategy. It can be challenging for your beneficiaries to settle your affairs if your accounts are in several different places when you pass. And if you haven’t stated beneficiaries on every account, those assets will have to pass through probate and are subject to the courts. Estate planning becomes much easier when you consolidate your assets, ensuring your beneficiaries are listed on the appropriate accounts.
While consolidating your assets simplifies the investment process, the best aspect of consolidation is the opportunity to create an integrated, comprehensive, and customized financial plan.
Your investments should align to support your goals, and they should also align with your values. That is why we believe financial planning is about more than managing assets. It’s about understanding your needs, values, and goals for your family and your future and creating a customized plan that fits your life.
Our goal is to help you find clarity, confidence, and control in your financial decisions. To learn more about the OneAscent process or how to take the first step towards consolidation, contact us here!
Past performance may not be representative of future results. All investments are subject to loss. Forecasts regarding the market or economy are subject to a wide range of possible outcomes. The views presented in this market update may prove to be inaccurate for a variety of factors. These views are as of the date listed above and are subject to change based on changes in fundamental economic or market-related data. Please contact your Financial Advisor in order to complete an updated risk assessment to ensure that your investment allocation is appropriate.