As Accounts Pile Up, Less Becomes More

by David Strege, CFP®, CFA, CKA®, Senior Financial Planner | March 8, 2008

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The unwieldy task of looking after many financial accounts, the cost of paying for their upkeep and the risk of losing track of money in the process can lead to diminishing returns.  In fact, investors who cannot tally their accounts on two hands might want to consolidate, financial advisors say.

Such financial juggling can happen to anyone who has hopscotched through jobs and left 401(k)’s at previous employers; moved often; opened several bank, savings, or credit union accounts; bought and sold stocks; or accumulated wealth over the years.

It can be especially overwhelming for people who have inherited a lot of money or sold all or part of their business, said Hannah Shaw Grove, a private wealth specialist.

Learn more about what you can do to help consolidate your accounts to help manage your wealth.

Read the PDF Article from The New York Times and comments from David Strege.

– David Strege, CFA, CFP®