Wu shares 5 benefits of consolidating your assets with one advisor or one group of advisors:
1. A more holistic and easy-to-understand plan
When you work with one advisor, they have greater insight into your full financial picture, says Wu. “This can help them offer a strategy that will get all your assets working together towards your goals. One single plan ensures you don’t have multiple strategies that aren’t working together.”
“It can be hard enough to follow a single plan. It’s even harder to follow multiple plans,” says Wu. “Consolidating your investments gives you and your advisor a clearer picture of how your savings are performing.”
It can also be difficult to form saving habits when you’re working with multiple advisors. An advisor is there to help Clients develop these habits. They can also provide coaching when the market is volatile. It can be confusing when you’re getting different advice from multiple advisors or when you’re having to share your concerns with multiple people.
2. Saves you time and simplifies your life
It can take time to create a good financial plan that accounts for all of the unique aspects of your life. When you work with one trusted advisor you only have to create one plan versus multiple plans. “This also means you have one login and one monthly statement. And you can access all your financial information on one online platform,” Says Wu.
And if your circumstances change? It’s easier to review and update your plans with one advisor than multiple advisors. And you don’t have to repeat yourself.
A Sun Life advisor can help you address your changing needs by looking at the big picture, says Wu. “The best plans change with your needs and goals.” However, you may lose visibility and flexibility to adjust your course if you invest across multiple platforms.