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)