OK, I know what the pros say about this. Consolidate all those different retirement accounts with a single provider or mutual fund “supermarket” for lower fees, easier personal asset management and streamlined administration. I understand their point—really I do—having once been the queen of benefits administration for a Fortune 1000 company. In an ideal world, I’d agree whole-heartedly. But let’s be real. The financial investment marketplace, past, present, and no doubt future, is anything but ideal.
As a boomer, I remember what happened to friends who had their investments consolidated at one bank during the savings and loan debacle. More recently, the impact of the sub-prime loan mess demonstrated that all investment houses are not alike.
Investment advisers are always counseling us not to put all our investment eggs in one basket. So why is it such a good idea to invest all my assets with one investment company? Is this truly “independent” advice?
For now, I think I’ll continue to keep my eggs in a few different baskets, and shop around for good investment deals wherever I can find them, not just take what’s offered from just one marketplace.
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