Brokerage Firm - Question 35

I am 74 years old and have account at three brokerage firms. Do you advise that I consolidate these three accounts into one?

I recommend that you do whatever you feel most comfortable doing. If you can manage three different accounts, and each of the accounts is enabling you to achieve your investment objectives, there may be no need to consolidate them. However, many investors who maintain different accounts may be creating a tremendous amount of unnecessary paperwork for themselves.

If you are one of these people, consolidate your investments with the financial advisor with whom you feel most comfortable and believe is most able to help you obtain your objectives. Consolidation of brokerage accounts facilitates timely settlements and helps to prevent late fees and interest charges. Remember, it is important for you to streamline your portfolio and eliminate unnecessary paperwork while you’re in good health. Can you imagine the hassles and added expenses that your loved ones will have trying to unravel your affairs if you are not able to help them?