Tips To Reduce The Number Of Brokerage Accounts

Thursday, May 13, 2010, 12:10 AM | 12 Comments

Most people are very busy in their personal and professional life, at least they pretend to be in which case procrastination comes in the forefront of their financial life.

For whatever reason, you seem to be busy. You can’t handle your family’s finances especially investments.

I am sure you realize the importance of more saving, less expenses and investing but keeping with your investment and the market’s ups and downs can chew up your precious time.

  • What do you do?

    You hire brokerage firms to take care of your investment with the money that you are saving. Whenever you see an advertisement of a brokerage firm inviting you to open an account with them, “mindlessly” you play along and do what the ad says.

  • More than one brokerage firm is one too many

    Sometimes it can be overwhelming to keep track of all the brokerage accounts. The expenses in the form of commissions and fees can become difficult to keep track of. Most folks have far too many of them. Many have more than one IRA account – some with full-service brokers and a few others with discount brokers.

    In addition to costing more in expenses, a large number of accounts can be bothersome at best, especially at tax time.

  • One brokerage account is enough

    If you have more than one brokerage account, find out which brokerage firm in particular you deal with the most, may that be full-service or discount broker. Then pick one and close all the rest. If you are an average investor that trades only a few times a year, it does not pay to maintain more than one account.

In a Nutshell
By consolidating your brokerage accounts, you are also likely to get better service. The larger your account, chances are the more attention you would get.

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