Consolidate Your Accounts to See the Big Picture

As you may have noticed, many financial institutions are raising or re-instituting fees for services that used to be free. Often these fees aren’t much, but if you have a number of accounts, it adds up quickly.

Fees aside, having multiple financial accounts can make it more difficult to see the “big picture” of your financial situation. This is particularly true when it comes to investment accounts, where it’s critical to understand your asset allocation and overall performance.

Financial accounts tend to accumulate over time – people open one because the ATM locations are convenient, another because of a special promotion, yet another because they have a car loan or mortgage with the institution. But this is one area where fewer is better, because having one account can make it simpler to keep track of your expenses and withdrawals to ensure they are sustainable.

Consolidating all your accounts with one company may mean you are eligible for discounts on some services the institution offers. And if you do a lot of your financial transactions online, there’s a big advantage – you won’t have to remember several different customer identities and passwords!


Material prepared by Raymond James for use by its financial advisors.

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