How should you monitor all your investment accounts?

Tired of juggling multiple 401(k)s, IRAs, and brokerage accounts? Managing asset allocation by downloading statements into Excel is tedious and overwhelming. As your portfolio grows, maintaining oversight becomes even harder. Consolidation is one option, but how do you consolidate your 529s as well as you and your spouse's employer provided 401(k)s into a single broker? There's now a growing need to see all investment accounts in one place

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The growing complexity of modern portfolios

Online brokerage and trading platforms have made investing incredibly easy - now you can buy or sell a stock in a couple of taps, whereas, making a trade could take hours or even days. As a result of this ease, customers can easily switch between brokerage firms, and brokerage firms have become more competitive by providing incredible incentives to invest with them. This means a lot more households are holding accounts at multiple brokerage firms, as a Broadridge study pointed out.

And here’s another thing: as folks start building up their net worth, they also tend to spread their money around more. The Federal Reserve has data showing that as you get wealthier, you're more likely to open up different accounts for different investment strategies.

Plus, as we get older, our financial goals change, and we start picking up new accounts from each employer. We go from trying to build wealth to managing retirement funds, and that usually means adding more accounts to the mix. Envestnet's research backs this up – age and affluence impact how investors behave.

You might think consolidating all your investments into one brokerage is the answer. But it’s not that straightforward. Merging accounts can be a time-consuming task, and if you don't stay on top of it, you might find yourself with even more accounts than when you started. Often you are locked in on a brokerage firm your employer uses - in fact - that brokerage firm often pays employers to be their exclusive firm because they know you likely will move all your other assets to them. Plus, relying on a single institution might mean missing out on valuable incentives and support offered by others. This "vendor lock-in" can limit your options and potentially hinder your financial growth - you may not be able to invest effectively in other assets like crypto, real estate, angel investments or other investments.

Instead of fighting the growing number of accounts, it's time to adapt and reframe the way we manage our finances. We believe having accounts spread across multiple institutions is not only inevitable—it can actually be beneficial, giving you access to a range of investment opportunities, competitive rates, and diverse asset classes. What’s important, however, is a set of tools that provides a complete view of your financial landscape. It’s beneficial to have a solution that doesn't just show your investments at the account level, but instead aggregates your portfolio across institutions, offering insights into how everything works together to achieve your financial goals.

Most existing tools are limited. They treat each account as a silo, preventing you from seeing the bigger picture. Worse, many require you to move your money into their platform, locking you into their ecosystem and reducing your flexibility. The right tools should empower you—not restrict you—by integrating with your existing accounts. You’ll have visibility over how your assets are performing collectively. We believe that this aggregate view enables you to optimize which investment should be in which account, and ensure your wealth building strategy stays on track.¹ Adaptability is critical to effective financial management in today's dynamic world.

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An aggregation solution

Enrich connects brokerage accounts in one place. Enrich can help simplify and enhance how you manage your finances by keeping information in one place without sacrificing goal-specific strategies. Most tools combine all investments into a single "net worth" category and assign a uniform asset allocation. Enrich allows you, if you like, to take a different approach, tailoring strategies to each goal's time horizon, risk profile, and asset allocation, redefining wealth management. This approach allows you to customize the portfolio you pick for your kids' college fund to be different from the portfolio you pick for your retirement.

With Enrich, you can:

• Aggregate Investments
  View and track each retirement and brokerage account in a single dashboard with automatic updates. We connect to 11,000+ US banks, so you can manage your finances more efficiently.
• Detailed Account Insights
  No need to log into multiple portals. Now you can view the details of each holding within each account, all in one place. We've already pulled in the information for you!
• Customizable Portfolios
  Select specific holdings to associate with tailored portfolios. Portfolios are viewed at the underlying asset level, not just the account level, contributing to deeper control and flexibility.
• Tailor Asset Allocations for Your Goals
  Whether it’s retirement, saving for your kids’ college, or a vacation home, design an asset allocation strategy unique to each goal.

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How It Works

Step 1: Define Your Financial Goals

What’s most important for your financial independence? Retiring comfortably? Saving for your kids' education? Building a travel fund? Share your goals so we can tailor investments to help you achieve them.

Step 2: Link Your Accounts

Sync your retirement, brokerage, and alternative investments into one intuitive dashboard. It’s simple, secure, and automatic.

Step 3: Define your asset allocation strategy

For each portfolio, define the strategy you want to use to achieve your goal. 

Step 4: See and Balance Your Portfolio Effortlessly

Get a broad view of your portfolio's actual allocation without logging into separate accounts. Use our tools to identify when and how to rebalance.

Step 5: Invest with Confidence

With goal-specific strategies and self-serve tools, you can confidently plan and manage your financial goals. We'll alert you when action is needed.²

Footnotes

¹ Investing in the market involves inherent volatility and carries the risk of loss of principal.

² Relying on enablement tools poses risks that may result due to latency in reporting market volatility data, platform errors, or the possibility that goals may not be achieved