Greg Daugherty, executive editor at Consumer Reports, says there are some good reasons to doing this.
"Often you'll get a better deal if you have more money at a particular financial institution, lower fees for example," Daugherty said. "It also cuts down on all the paperwork and all the junk mail you get. And when you have to take required minimum distributions when you turn 70 1/2, it also makes it easier to calculate how much money you have and take that money out at an appropriate pace."
Daugherty suggests one easy way to consolidate.
"Pick a good financial services provider that offers a range of things, such as mutual funds, stocks, bonds and all the rest of it -- and look for a low-fee one also," he said. "If you're already doing business with a place like that you might want to move as much of your stuff as you can there."
Very often, they'll help you do it. Before you do anything, be sure to find out if there are any transfer fees involved and if there's a way to get them waived or paid for by the brokerage firm getting your business.
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