Asset consolidation
Our financial advisor suggested we consolidate all our 401k’s, IRA’s, stock funds, bank accounts in their company to get a better feel for if we are too heavy in one area and if we are within our risk level. Also, should we die, it would be much less complicated for our beneficiaries to handle their inheritance than tracking multiple accounts. What are your thoughts on this?
Terry Says
Does your financial advisor charge fees based on AUM– assets under management?? That might be a reason for the recommendation!
I’d think twice about this recommendation. The advisor might want to “know” about other assets so that you have an appropriate balance of risky assets and conservative ones. But as long as you keep track of your accounts (consider printing out the free “personal financial organizer form” on the top right corner of my website), you don’t have to move your money to get advice.
In fact, while you’re in the top right corner of my website, click on the box that says “Find Your Trusted Advisor” and check out Wealthramp.com — carefully vetted, fee-only FIDUCIARY certified financial planners. I’d rest a lot easier if I knew the training and motives of your advisor!!