Am I On Track to Achieve My Long-Term Financial Goals?

Am I On Track to Achieve My Long-Term Financial Goals?

May 16, 2022

Advisor Consolidation Can Improve Your Chances

Investors sometimes think that their investments are better allocated to multiple advisors – you know the saying “Don't put all your eggs in one basket,” right? However, this strategy can prove detrimental to the ultimate goal of organizing your finances, staying on top of your financial picture, and achieving your long-term financial goals. Advisor consolidation can actually improve your chances of achieving those goals, and with that, you'll also find increased peace of mind.

Here are some common myths about advisor consolidation, followed by the benefits of advisor consolidation.

Common Myths About Advisor Consolidation

More advisors = lower risk.

FALSE. When investing, diversification is a very wise choice for risk management. That said, while diversification within your investment portfolio is a great strategy for success, using several financial advisors to build your investment strategy is not likely to be as beneficial. A financial plan should be holistic, considering all of your goals and concerns, as well as all of the resources you have available to reach those goals. More advisors simply means more cooks in the kitchen, which often leads to a breakdown in coordination and in focus on your singular success.

More advisors = better returns.

FALSE. The most reliable way to increase the probability of better returns is to decrease investment costs in your portfolio. These investment costs arise from a number of places: advisory costs, fund and asset management fees, transaction fees, taxes, etc. Dividing your assets among various financial advisors is typically counterproductive if your goal is to reduce fees and, hopefully, to enhance your returns. Consolidating your assets into a low-cost, globally diversified portfolio with a trusted advisor like Liberty Wealth Advisors® reduces your expenses and ensures that your entire portfolio is coordinated and that your asset allocation and exposure to risk are appropriate for you and your goals.

Benefits of Advisor Consolidation

Know your full financial picture at a glance.

By consolidating your assets with a single advisor, you'll gain a better sense of your overall asset allocation, diversity, risk exposure, and returns. Moreover, you'll have an advisor who knows your full financial picture and is therefore able to offer more informed and focused guidance to provide a comprehensive financial plan.

Know your returns and your fees.

A single, transparent, trustworthy advisor will be able to lay out all your fees – transaction fees, fund fees, advisor fees, etc. – so that you understand the full cost of maintaining your portfolio. As a result, you'll know exactly what your returns are, no hidden costs.

Maintain a unified portfolio strategy.

By consolidating your assets with a trusted advisor, you'll know your entire portfolio is aligned with your long-term financial goals and that your trusted financial advisor will keep both you and your portfolio on track through all market conditions. Moreover, you'll be better able to employ industry-leading risk assessment technologies, stress tests, and more.

Ensure your portfolio is correctly allocated.

A trusted financial advisor overseeing your portfolio is well suited to ensuring that rebalancing occurs exactly when it needs to. At Liberty Wealth Advisors®, we do the daily work necessary to help you achieve peace of mind and attain assurance that your financial future is secure.

Simplify your financial life.

A trusted advisor working with you and your consolidated assets can quickly advise you on the best and most efficient strategy to generate cash within your portfolio, keeping in mind factors like cost basis, withdrawal penalties, tax efficiency, and your long-term goals. Additionally, you'll get better service: your deep relationship with a trusted advisor makes it easier for them to understand your financial situation and better serve you. Moreover, you'll simplify your financial life by dealing with fewer tax statements and performance reports.

Get better advice.

A trusted advisor who knows your entire financial picture and goals, and your holistic life, is better equipped to provide you with quality, customized advice than an advisor who only has a glimpse into a fragment of your assets.

Work better with your spouse or family members on your finances.

When you and your family work with a single trusted advisor, you'll all be on the same page about goals, concerns, estate planning, etc. In the event one of you passes away, your family will already be fully up to date on everything and able to continue managing finances with the trusted advisor without interruption. This can be critically important in a challenging time.

A unified financial life can lead to substantial monetary and lifestyle benefits for investors. Working with a single, trusted financial advisor can ensure better service, transparent fees, and a unified portfolio strategy - not to mention peace of mind. Liberty Wealth Advisors® takes pride in serving you by offering a full range of wealth planning services designed with your unique needs in mind. To learn more about advisor consolidation and how to achieve your long-term financial goals, email us at or call us at 800-448-3550.

All information presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. This information is distributed for education purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, product, or service