The Benefits of Consolidating Your Investments

Andy Garvik — B. Comm, CIM, FCSI, Wealth Advisor, Credential Securities
Andy Garvik
Andy Garvik

B. Comm, CIM, FCSI

Wealth Advisor

Credential Securities

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Are you overwhelmed by investment statements? Are you spending a lot of time meeting with multiple Investment Advisors?

Consolidating your investments can solve these frustrations.

Lower Fees

Consolidating your investment portfolio with one Investment Advisor can potentially lead to lower fees in the following areas:

  1. Annual Trustee Fees. If you have registered portfolios at multiple firms, you could be paying anywhere from $26.25 to $204.75 per year per registered account in annual trustee administration fees.
  2. Management Expense Ratios (MERs). Some mutual funds have lower MERs, the larger the dollar amount that is invested in the fund.
  3. Fee-based accounts. These types of accounts generally have lower Investment Advisory fees.
  4. Accounting fees. These fees could decrease if it takes your accountant less time to review tax slips and dispositions of investments.

Some people think they are diversifying their portfolio by having investments with several Investment Advisors. Their intent to diversify could actually lead to duplication as the same investment could be held with different firms. It can also lead to a mishmash of different investments that can make it more challenging to reach their goals. Larger portfolio sizes can also open the doors to more investment opportunities.

Dealing with one Investment Advisor will reduce the amount of mail you receive as you will be getting only one statement for your RRSP, TFSA, and non-registered portfolio, etc., instead of multiple statements for the same account type from many firms.

Better Service

Spreading your investments amongst several firms may mean you aren’t getting the amount of personalized service you deserve.

Choosing one Investment Advisor for your entire investment portfolio should also translate into better service. You will also have more time to do the things you like to do instead of meeting with several Investment Advisors to do portfolio reviews.

Innovation Wealth Can Help

Consolidating your investments with one investment firm can lead to lower fees, less duplication, better diversification, new investment opportunities, reduced mail, and better service. Consider moving your investments to one Advisor today.

Mutual funds are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

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