Come Together: Consolidating Your Assets

I refer to “consolidation” as the coordination of all your planning activities with one person or institution.

Asset building happens in several different places with many different advisors. However, when the time comes to withdraw retirement income from those assets, you cannot have complete efficiency if you have things scattered about at various institutions. If you are married or have a partner, than you both need to have things pulled together. It all has to do with controlling cash flow and taxes, and this cannot be done efficiently unless all of the household investments are consolidated.

Think of it this way: Imagine someone goes to a doctor. Although the patient describes what is causing his discomfort, he does not tell the doctor everything. The doctor writes out a prescription based on what she has been told and what she believes to be the appropriate course of action. Then, the patient immediately meets with another doctor in the next building and describes the rest of his symptoms, but doesn’t mention anything he explained to the first doctor. That second physician also issues a prescription to address what he believes to be the problem.

This is inefficient, right? Neither physician knows the whole story, and solutions they prescribe might be very different than they would be if they were aware of all the details.  And it could lend to unintended negative consequences for you, the patient, when prescribed therapies clash.

Having your assets scattered about means that your income planner does not have all the details they need to construct and monitor a plan which will maximize the favourable outcomes for you.

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