Are you the type of person who has accounts at multiple places? If I asked you to find information about your life insurance policies, would you know where to look? When was the last time you refinanced your mortgage?
With so many accounts, companies, policies, and logins to remember, a common reason people like working with Stewardship is that they can have (almost) everything under one roof.
Benefits of having your finances under one roof
Easier tracking
Trying to keep track of multiple investment accounts is a pain. Having all your finances under one roof is convenient! Different logins, tax documents, and quarterly statements can get old. Did you know you are able to consolidate retirement accounts? A lot of people have old 401(k)’s and IRA’s. These types of accounts can be combined without tax penalties.
With insurance, sometimes it makes sense to use different companies for home, auto, and life insurance. Even if you use multiple companies, you can still have all your insurance under one roof by working with an insurance broker. At Stewardship, our insurance team checks in on your annual renewals so that you don’t have to! One advisor means easier tracking.
Less tax issues to worry about
If you have taxable investment accounts, are you aware of the potential tax issues that arise when you buy and sell securities?
Say you sold an ETF that had gone down in value. Because you sold it at a loss, you get to claim a capital loss. Did you know you have to wait 30 days before you can buy that security again? If you buy the same ETF (or substantially similar ETF) before 30 days, the wash-sale rule is in effect. This rule prevents you from claiming the loss on the original sale.
Normally this wouldn’t be an issue if you have someone managing your accounts. But if you have multiple accounts at different companies, your advisor will be unaware of trades that are being placed in those other accounts. Therefore, a wash-sale rule might be triggered without your advisor’s knowledge
Makes it easier for your family when you pass away
If you were to pass away today, would your spouse know where to turn to take care of the finances? Do your kids know where all your investment accounts are? What about your life insurance policy details?
Locating these items can be cumbersome, especially when you’re not around. Having all your finances under one roof makes it easier for your family when you pass away.
Instead of dealing with multiple back-office support representatives, a trusted advisor can step in to make sure your family is taken care of when they need it most. Your advisor will have all your investment accounts, insurance information, and copies of your estate planning documents.
Better financial planning opportunities
At Stewardship, we have investment, financial planning, insurance, estate planning, and mortgage advisors. Because our advisors work side-by-side with each other, this makes for better financial planning opportunities.
As a financial planner, I get the chance to work with clients on their whole financial picture. However, I’m not an expert on health insurance. Nor do I know the details on current mortgage programs. The good news is I don’t have to! Because I have a team of advisors skilled in these areas, I just have to recognize when a planning opportunity exists. I can leverage the knowledge of these other advisors to help my clients with their needs.
Can we make your financial life easier?
At Stewardship, we believe finances should be easy and make your life more enjoyable. Instead of worrying about money, we want our customers to know that Stewardship has got them covered. This is why we’ve built Stewardship the way we have, with a team of advisors to bring your finances under one roof.
If you’re new to Stewardship, or if you’re already part of the Stewardship family but would like to explore additional ways to bring your finances under one roof, click here to schedule an appointment.
