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WEALTH ADVICE


Consolidating Your Investment Accounts with One Advisor


​Over time, you may find yourself with more than one advisor, at more than one institution. Perhaps this is from opening a personal banking account at one financial institution and opening a business banking account at another. Or, from getting a mortgage through one organization and opening an investment account through another. 

While diversifying your investments in your portfolio is one thing, it doesn’t mean you need to diversify the advice you receive. This is particularly true when you start thinking about investing for retirement. And, it’s never too early to do that. If you are serious about your investment future, it is important to seek guidance. While it may seem logical to get multiple opinions on the investment landscape, it’s far more effective to have one person who understands your goals and has a clear view of your investments, rather than you having to manage multiple accounts with a variety of people and institutions. 

Is Two, Three, Four Advisors Better Than One? 

Having one advisor results in a more in depth understanding of your current situation, and a well-informed view to help you develop a customized plan that reflects your objectives and matches your vision. An expert advisor should be helping you to meet all your goals. 

While you may have a team that is helping you on the various components, an advisor can act as a quarterback, to help oversee your plan. Your Wealth Advisor should have the professional designations, knowledge and expertise on how to help you invest and manage your portfolio. 

Getting the Big Picture from One Viewpoint 

It’s important to keep your eye on the big picture. If you have multiple advisors, they may be approaching your future from differing angles. This can cause confusion and, ultimately, you could end up working against yourself, rather than moving your entire portfolio towards the same end-goal. 

What you should seek is one advisor who will work with you to build a team of specialized experts that can provide you with rigour and discipline throughout market cycles, milestones and the full growth of your wealth. Working with one advisor and having your investments registered with the same institution streamlines your process and ensures you aren’t over-investing in one area and under-investing in another. This advisor should also help you in consolidating your accounts and diversifying your investments

Efficiency and Convenience 

With so many investment choices - real estate, mutual funds, stocks and bonds, savings, term deposits, and retirement plans, among others - consolidating the location of your investments means you can go to one place and talk to one person. This convenience could come in especially handy when it comes to tax season, or major financial decisions like retirement or estate planning, where commuting or calling into different meetings all the time to talk about your finances could become arduous and time consuming.  

For example, during the first few months of the year you could be spending a lot of time talking about finances. There may be contributions to make to your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). You could also be renewing Life Insurance or Health Insurance. Then, there’s your personal income tax return to prepare or possibly business income tax reporting. Knowing your tax opportunities and taking advantage of them all is important. There are also penalties for over-contributions, which could be in play if there are two similar investments operating in two different places. Additionally, fees are often charged in a variety of ways. If all your investments are managed in one place, your fees could be significantly reduced and your time with one advisor could be streamlined. More time for you and less money spent is always good for you. 

Looking Ahead in One Direction 

Your road to financial freedom is best paved going in one direction. Streamlining your investment accounts with one institution can help create less diversions to your destination. You’ve taken great care to grow your wealth, let our experts help you further your vision and your legacy. As a credit union, we share a common bond and are committed to helping you succeed. Talk to an advisor to discover how we can help. 



​Mutual funds, other securities and securities related financial planning services are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. Mutual funds and related financial planning services are offered through Qtrade Asset Management Inc. Financial planning services are available only from advisors who hold financial planning accreditation from applicable regulator authorities.


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