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Spring Cleaning - Consolidating Your Accounts!

March 22, 2023

Our oldest son is really into monster trucks.  It’s tons of fun to play with him and see the tricks he can do with those little diecast treasures – backflips, wheelies, and donuts are just a few stunts frequently on display in the “monster truck arena” (aka our living room, his bedroom, and even the kitchen).  But the doozy comes at bedtime when all those monster trucks are flung far and wide across the house!  Sometimes we have to track them down one by one to ensure they are all in their designated basket for the next day’s adventure. 

While you are probably not tracking down your favorite mini diecast monster trucks each night, you might be feeling the burden of tracking down your investment accounts across a variety of locations – an old 401(k) here, a Roth IRA there, and the occasional non-retirement brokerage account that you forgot about.  In the spirit of the upcoming Spring months, here are three reasons that make the case for consolidating those accounts and doing a little financial “Spring Cleaning”:

Save Time

Time is the one resource none of us can get back.  Consolidating all of your investment accounts in one place can save you time.  When you consolidate, you are no longer logging into multiple websites (and wrestling with multiple passwords!) or trying to remember which account belongs where.  Consolidation also provides a single source for those pesky tax documents as April approaches.  With all of your accounts in one place, there’s far less time spent running down account details. 

Avoid Surprises

With all of your accounts visible in one consolidated “home”, you can avoid surprises.  Did you forget that old rollover IRA from 15 years ago was invested in just one stock?!  Maybe an ex-spouse is still the beneficiary on an account.  While those may be extreme examples, having all your accounts in one place gives you visibility into your overall portfolio allocation, provides an opportunity for active management, and can help you keep an eye on fees. 

Streamline Planning

Planning during all phases of life – accumulation, pre-retirement, and retirement – can be complex and dynamic.  When investment accounts are strewn across multiple places without much knowledge of their balance, how they are invested, or even how they are titled, financial planning becomes even more challenging.  We encourage our clients to consolidate accounts under one roof so we can better advise on some critical planning decisions, like saving and investing strategies, ensuring allocations are in-line with your risk tolerance, and paying yourself tax-efficiently during retirement.

If you have any questions about how to consolidate investment accounts, or you would like to discuss the topic of consolidation in more detail, please contact your Stonegate team.  We are always happy to speak with you and encourage you to consider adding consolidation to your “Spring Cleaning” list!


This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Any opinions are those of Trey Wiles and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. There are fees and tax implications that should be considered when consolidating accounts. While we are familiar with tax provisions, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. Every investor's situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Please consult your financial advisor to discuss all of the risks and costs involved with consolidating accounts prior to making a decision. Please consider all of your available options and the applicable fees and features of each option before moving your retirement assets.