Consolidation benefits

We learned with the last blog that the best idea is to consolidate all of yours and your partner’s assets under one advisor. Making best use of your income goes hand in hand with making the best use of your assets. Having things scattered about between competing advisors is not a form of efficient diversification. Consolidating offers the following benefits:

  • Better planning, no conflicting advice, less confusion
  • More control over amounts and sources of income
  • More efficient asset allocation / better portfolios
  • More opportunity for tax efficiency / savings
  • Less administration (reporting, number of cheques)
  • The potential for higher deposit rates
  • Access to enhanced investment options and lower fee structures
  • More orderly, expedient and less costly wealth transfer (easier for surviving spouse, beneficiaries and estate)

Remember, consolidating does not necessarily mean selling the existing investments or “cashing things in.”  A change of servicing agent and the ability to move investments to another advisor or institution ‘in kind’ (meaning “as they are”) may allow the change to be made seamlessly and/or without creating a taxable disposition.

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