Consolidation of Financial Statements

Katharine Perry in Wealth Management 16 July, 2020

There are a variety of things you should consider when consolidating accounts and organizing your finances. At Fort Pitt, it’s a priority of ours to help clients organize their financial lives and help them with their financial planning goals.

There are several benefits that come along with consolidating old accounts, such as 401(k)s from previous employers. When looking at it from a financial planning perspective, it can work to your benefit to have all of these accounts in one place.

Here are some other benefits you may experience by consolidating your financial statements:

1.) Peace of Mind. Everything will be in one place and you’ll know where it is. Receiving one statement in the mail can help simplify things.

2.) The ability to put together a stronger plan with one allocation to make it less complicated and less challenging to coordinate across multiple accounts at many different institutions.

3.) You can implement a real strategy and control over-diversification.

4.) Cost savings. It may be less expensive with fees and fees on investments

5.) Taxable accounts – provide better control over taxes

6.) Retirement accounts – easier to figure out distributions

7.) Estate planning – leaves a cleaner legacy for your loved ones to settle when you are gone

The bottom line is that consolidation can make life easier because you’ll only have to make one phone call or remember one login. Want to know more about consolidating your accounts? Read our 401(k) Confusion or IRA Consolidation post.

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