Morgan Stanley
  • Wealth Management
  • Mar 30, 2021

Help Simplify Your Life through Financial Consolidation

Suffering from “account sprawl” because your various accounts are housed at many different financial institutions? New account options can help.

Many of us have been here: You try to log in to your checking, savings or retirement account and after a number of incorrect username or password issues, you realize that the account you really wanted to access is at a different financial institution and another website—which you then visit with another set of username/password issues.

Or maybe this one: You're thinking about buying a new boat or car but you're not sure if you should buy it outright, or perhaps just provide a down payment. But which account should you draw from?

These are typical problems for many people. Over time you’ve accumulated a number of accounts and now it’s become difficult to keep track of where all of your assets are located.

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The Issue of “Account Sprawl”

Many people find that their financial accounts can end up being spread too thin because they're using one brokerage firm for investments, another for retirement savings and a traditional bank for day-to-day finances. Having an array of accounts can give you an unclear picture of your actual net worth.

“I get it all the time, it doesn't matter how much money people have," said Lynn Blanchard, a Senior Vice-President and Financial Advisor with Morgan Stanley. “People call to ask me if they can afford a certain purchase or investment, but I can't answer because I don’t have the full picture of where their assets are—usually because even the client can’t keep track. It’s a very typical issue.”

Managing numerous financial streams and expenses can be complex and can hinder the ability to effectively track cash flow. Consolidating your financial accounts into one relationship can help you meet both your long term investment goals while also meeting your day-to-day cash management needs. 

The Ease of Accounts Under One Roof

Consider consolidating your financial assets at the brokerage firm where your long term investments are held. For example, in addition to offering comprehensive investment advice and long-term goals planning, Morgan Stanley also offers, CashPlus, a cash management focused brokerage account that allows you to manage all of your finances in one seamless digital experience.

CashPlus provides two account options – Premier CashPlus and Platinum CashPlus – and the benefits include the Morgan Stanley Debit Card1 with Unlimited ATM Fee Rebates Worldwide as well as complimentary Identity and Credit Protection from Experian. There are no cash advance fees2 and no foreign transaction fees. CashPlus account holders can opt for Insufficient Funds Coverage,3 which can be helpful if you inadvertently dip below your balance. Clients with the Platinum CashPlus account can be eligible to receive an Annual Engagement Bonus.

In addition to the knowledge, flexibility and convenience of having your finances and investments managed under one roof, the benefits of consolidation may also extend to simplifying your taxes and making it easier if you move or when you're traveling.

A Complete View of Your Wealth

If you prefer to maintain accounts with different firms, having a comprehensive view of your finances can still help you stay on course toward achieving your financial goals. Online tools can help. For example, with Morgan Stanley Total Wealth View, you can link your accounts to see a complete financial picture.

Other tools on Morgan Stanley Online and the Morgan Stanley Mobile App can help you pay bills, transfer funds electronically, track your spending and create a budget. Whether you’re at home or away, you’re able to check your accounts and securely access important documents.

But perhaps the most important service offered to clients is access to a Financial Advisor, who can help you consolidate your assets, provide advice toward managing them and make sure you have a handle on your cash flow.

“I'm not only involved in cash management or investments," Blanchard explains. “I'm involved in all my clients’ financial needs. The more complete picture I have of their financial lives and long-term goals, the more I can do to help them.”

To learn more about CashPlus and Total Wealth View, contact your Morgan Stanley team today. If you don’t have a Morgan Stanley Financial Advisor, find one near you using the locator below. 

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