Comments on: 5 Reasons Why You Should Consolidate Your Assets With One Institution http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/ This is where your finance takes place Fri, 19 Mar 2010 14:56:46 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Richard http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-5591 Richard Sat, 11 Apr 2009 19:34:48 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-5591 Credit Answers, What many people don't realize is that if your retirement is invested in stocks and mutual funds, the company you are with can go bankrupt, you still own those shares of stocks and mutual funds. Your account can be managed by another firm and you wont loose the money. With banks, if you have too much money there, you run a greater risk if the bank goes under and the company that stands behind it does as well. I'm sorry to say, but FDIC is just a method to make people feel safe. The company behind that only keeps enough cash to protect up to about 20% of all depositor accounts. Credit Answers,

What many people don’t realize is that if your retirement is invested in stocks and mutual funds, the company you are with can go bankrupt, you still own those shares of stocks and mutual funds. Your account can be managed by another firm and you wont loose the money.

With banks, if you have too much money there, you run a greater risk if the bank goes under and the company that stands behind it does as well. I’m sorry to say, but FDIC is just a method to make people feel safe. The company behind that only keeps enough cash to protect up to about 20% of all depositor accounts.

]]> By: Credit Answers http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-5577 Credit Answers Fri, 10 Apr 2009 15:55:57 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-5577 In todays enviorment. putting all your eggs into one area is just downright risky. With major firms folding up tents and relying on the government to bail them out. You might be better servered to diversiify where your money is a little. Unfortunatly it will take a little more upkeep on thhe consumer side. In todays enviorment. putting all your eggs into one area is just downright risky. With major firms folding up tents and relying on the government to bail them out. You might be better servered to diversiify where your money is a little. Unfortunatly it will take a little more upkeep on thhe consumer side.

]]> By: Carnival of Personal Finance #168 - Fire Up the Grill, It’s Labor Day | One Caveman's Financial Journey http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-3153 Carnival of Personal Finance #168 - Fire Up the Grill, It’s Labor Day | One Caveman's Financial Journey Mon, 01 Sep 2008 12:38:24 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-3153 [...] The Financial Blogger - 5 Reasons Why You Should Consolidate Your Assets With One Institution [...] [...] The Financial Blogger – 5 Reasons Why You Should Consolidate Your Assets With One Institution [...]

]]> By: Weekly Dividend Investing Roundup - August 30, 2008 » The Dividend Guy Blog http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-3137 Weekly Dividend Investing Roundup - August 30, 2008 » The Dividend Guy Blog Sat, 30 Aug 2008 11:06:02 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-3137 [...] 5 reasons to consolidate your investment accounts [...] [...] 5 reasons to consolidate your investment accounts [...]

]]> By: Richard http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-3110 Richard Mon, 25 Aug 2008 21:56:49 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-3110 Weakonomist, I have to agree with TFB. The vast majority do not keep up with there finances which is why they need someone to do it for them. Even those who read PF blogs can, and do, benefit from consolidating with one person or institution. Not only will you usually get better rates, but at an unfortunate time of death, the less places you have to call to get things squared away, the better. Any decent institution will give you better rates and lower fees with more money in your cumulative accounts. Weakonomist,

I have to agree with TFB. The vast majority do not keep up with there finances which is why they need someone to do it for them. Even those who read PF blogs can, and do, benefit from consolidating with one person or institution.

Not only will you usually get better rates, but at an unfortunate time of death, the less places you have to call to get things squared away, the better.

Any decent institution will give you better rates and lower fees with more money in your cumulative accounts.

]]> By: The Financial Blogger http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-3109 The Financial Blogger Mon, 25 Aug 2008 21:42:19 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-3109 Weakonomist, I honestly didn't meet one client that is with several institution with an optimal situation so far. The truth is that 95% of the population don't keep up with their finance. And seriously, I you only have your mortgage with me, tell me a good reason why I should give you an amazing rate? We all keep those great rates for our very good clients. Nobody is going to bleed themselves to death unless they desperately need your business. So, the problem that you will face is that you will get a great deal by transferring every time because this guy or this institution need you business badly at that point. 3-4 years later, they won't need it anymore and you will stuck to shop around again. If you do that for you mortgage, banking, investing and insurance protection, you will always be shopping around. Then , that's another cost you have to take into consideration. In regards to investment, it's even worst. Try to get a good deal for managing 4 portion of 250K and go to someone with 1M$ to invest. You will see which kind of deal is the best. Weakonomist,

I honestly didn’t meet one client that is with several institution with an optimal situation so far. The truth is that 95% of the population don’t keep up with their finance.

And seriously, I you only have your mortgage with me, tell me a good reason why I should give you an amazing rate? We all keep those great rates for our very good clients. Nobody is going to bleed themselves to death unless they desperately need your business.

So, the problem that you will face is that you will get a great deal by transferring every time because this guy or this institution need you business badly at that point. 3-4 years later, they won’t need it anymore and you will stuck to shop around again. If you do that for you mortgage, banking, investing and insurance protection, you will always be shopping around. Then , that’s another cost you have to take into consideration.

In regards to investment, it’s even worst. Try to get a good deal for managing 4 portion of 250K and go to someone with 1M$ to invest. You will see which kind of deal is the best.

]]> By: the weakonomist http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-3103 the weakonomist Mon, 25 Aug 2008 13:16:27 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-3103 I'm sorry but this is simply wrong. If you're the type to keep up with your finances in any kind of detail it is NOT a good idea to consolidate. You will pay in higher fees. Some people like my parents might benefit, but the types that actually read PF blogs will not benefit from this. I’m sorry but this is simply wrong. If you’re the type to keep up with your finances in any kind of detail it is NOT a good idea to consolidate. You will pay in higher fees.

Some people like my parents might benefit, but the types that actually read PF blogs will not benefit from this.

]]> By: Richard http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-3102 Richard Mon, 25 Aug 2008 12:43:25 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-3102 TFB, Unfortunately, there never will be. Although that wouldn't be too bad of an idea to create a site for that, it could be prone to too many false negatives. The best way to find one is, among other things, ask questions like you wrote in your posts. TFB,

Unfortunately, there never will be. Although that wouldn’t be too bad of an idea to create a site for that, it could be prone to too many false negatives. The best way to find one is, among other things, ask questions like you wrote in your posts.

]]> By: The Financial Blogger http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-3094 The Financial Blogger Mon, 25 Aug 2008 02:15:06 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-3094 Jeff, I would say that most banks have improved their investment products. Personally, I decided to associate my effort to an investment broker so we can team up and offer all investment product. Regardless on the financial services you are looking for (brokerage account, financial planner, or investment broker), you should be able to find everything under the big banks. Unfortunately, I don't know any place to find or rate financial advisors. However, I wrote a series on how to find a good one: http://www.thefinancialblogger.com/how-to-find-a-good-financial-advisor-part1/ (from this article, you will be able to read all of them!) Good luck! Jeff,
I would say that most banks have improved their investment products. Personally, I decided to associate my effort to an investment broker so we can team up and offer all investment product. Regardless on the financial services you are looking for (brokerage account, financial planner, or investment broker), you should be able to find everything under the big banks.

Unfortunately, I don’t know any place to find or rate financial advisors. However, I wrote a series on how to find a good one:
http://www.thefinancialblogger.com/how-to-find-a-good-financial-advisor-part1/
(from this article, you will be able to read all of them!)

Good luck!

]]> By: Jeff http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/comment-page-1/#comment-3091 Jeff Sun, 24 Aug 2008 14:45:42 +0000 http://www.thefinancialblogger.com/5-reasons-why-you-should-consolidate-your-assets-with-one-institution/#comment-3091 Is there a good resource for finding and rating Canadian financial advisors? I find myself exactly in the situation you describe of having spread assets. Part of my issue in consolidation is that realistically, only the big banks have the breadth of services to consolidate into and my fear is that their talent on the investment side isn't what the specializing firms would offer. Thoughts on any of this? Is there one bank with a better reputation on private banking for instance? Thanks! Is there a good resource for finding and rating Canadian financial advisors? I find myself exactly in the situation you describe of having spread assets. Part of my issue in consolidation is that realistically, only the big banks have the breadth of services to consolidate into and my fear is that their talent on the investment side isn’t what the specializing firms would offer. Thoughts on any of this? Is there one bank with a better reputation on private banking for instance? Thanks!

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