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Advantages to Consolidation

  1. Paperwork is reduced
    • Consolidation of statements: all banking and brokerage activity can appear on one statement.

  2. Easily manage your money flows
    • Direct deposit of paychecks, pensions etc.
    • Automatic sweeps to interest bearing accounts mean less idle money
    • Checks & credit card activity are summarized in one monthly statement
    • IRA distributions start automatically at age 70.5 and are deposited into checking with tax withheld
    • Automatic payment of recurring bills

  3. Chances of (expensive) errors are reduced
    • All assets can be viewed and analyzed in one step
    • Portfolio values are easy to monitor
    • Investment returns can be more easily calculated
    • Allocation is easy to monitor

  4. Simplified tax preparation and record keeping
    • One source for 1099’s, capital gains, dividends, and interest
    • Check writing and debit card activity is:
      • Categorized
      • Summarized
    • Maintenance of cost basis information and other historical information

  5. Estate administration (in case of death) or disability is centralized
    • In the event of death, every institution that holds the decedent’s assets will require one set of documents:
      • Death certificate dated 60 days or less from date of death
      • Affidavit of domicile
      • Letters testamentary
      • Copy of trust, if applicable
    • Benefits of centralized estate administration include:
      • One source for all requirements
      • Continuity of management and custody

  6. Conservative investments traditionally associated with a bank are available
    • FDIC Insured money market funds with checking access
    • US Treasury securities
    • FDIC Insured CDs (w/ totals over $100k)