What We Do

Account Consolidation

Advantages to Account Consolidation

The majority of our financial assets, including bank, savings, and brokerage and retirement accounts are no longer represented by physical certificates or actual deposits. In reality, our financial assets are represented by entries on hard drives at the institution where we have deposits or investments.

By consolidating, we are merely arranging for these entries to be at one institution, so that we can receive one statement detailing all of our holdings and the activity associated with them. In general, investors can transfer all of their current holdings to a consolidated account without selling or tax consequences.

Remember: the number of accounts that one has does not determine one’s level of diversification. We could have 10 accounts at different institutions and still not be properly diversified. Likewise, one could have 100% of his or her assets at one institution and be perfectly diversified.

Here are some potential advantages to consolidation:

  1. Paperwork is reduced
    • Consolidation of statements: all banking and brokerage activity can appear on one statement.
  2. Easily manage your money flows
    • Direct deposit of paychecks, pensions etc.
    • Automatic sweeps to interest bearing accounts mean less idle money
    • Checks & credit card activity are summarized in one monthly statement
    • IRA distributions start automatically at age 70.5 and are deposited into checking with tax withheld
    • Automatic payment of recurring bills
  3. Chances of (expensive) errors are reduced
    • All assets can be viewed and analyzed in one step
    • Portfolio values are easy to monitor
    • Investment returns can be more easily calculated
    • Allocation is easy to monitor
  4. Simplified Tax Preparation and Record Keeping
    • One source for 1099’s, capital gains, dividends, and interest
    • Check writing and debit card activity is:
      • Categorized
      • Summarized
    • Maintenance of cost basis information and other historical information
  5. Estate administration in case of death or disability is centralized
    • In the event of death, every institution that holds the decedent’s assets will require one set of documents:
      • Death certificate dated 60 days or less from date of death
      • Affidavit of domicile
      • Letters testamentary
      • Copy of trust, if applicable
    • Benefits of centralized estate administration include:
      • One source for all requirements
      • One phone call and an experienced, dedicated specialist to help
      • Continuity of management and custody
  6. Conservative investments traditionally associated with a bank are available
    • FDIC Insured money market funds with checking access
    • U S Treasury securities
    • FDIC Insured CDs (w/ totals over $100k)

CoreStone - The Ultimate Financial Organizer!

CoreStone account turns an ordinary account into a management tool that organizes your cash and expenditures, along with your investments[1]. The check writing and MasterCard functions work like a regular checking account. They are accompanied by a variety of time saving, account building features that only an asset management account can provide. In today’s modern financial world, the old adage “don’t put all of your eggs in one basket” may no longer apply.

The MasterCard Gold or Platinum debit card acts like a check when used for goods and services wherever MasterCard is accepted.

Your MasterCard works at over 300,000 automated teller machines (ATM) locations around the world 24 hours a day.

Checks can be written in any amount, at any time, and earn money market fund yields until the checks are cleared.

All liquid cash, deposits, investment earnings will be automatically swept, on a daily basis, into money market funds

Check or MasterCard purchases that exceed your cash or money market fund balance(s) are automatically covered if you elect to use the optional margin financing.

TaxTrack keeps a record of all your expenses by category when you write a simple code on your checks. MasterCard debit card purchases are coded automatically. At year end, you know exactly how much has been spent

1. Securities held in custody by Pershing LLC have unlimited protection per account. Of this total, the Securities Investor Protection Corporation (SIPC) provides US$500,000 of coverage, including US$100,000 for claims for cash. The remaining coverage, securities only, is provided by Pershing LLC through a commercial insurer.