Do you know how many accounts you have at how many banks, brokerages or otherwise? Let's say you have a mortgage with one bank and a car loan with a different bank. Then, you have checking and savings accounts with another bank (or maybe multiple), and your student loans are funded elsewhere. Perhaps you share an investment account with your spouse, and you also have a retirement account through your employer. It's a lot to keep track of!
To effectively manage your assets, you need a clear understanding of where you stand. That’s where aggregation comes in.
What is aggregation?
Ultimately, aggregation helps you gain a full view of your financial picture. Instead of juggling multiple websites or apps, an aggregation tool allows you to see all of your accounts and assets in one place, so you can more effectively plan for and manage your financial goals. Not to mention, you’ll save time and frustration.
Note that aggregation is not the same as consolidating your accounts, which is when you keep all your accounts with one institution. Aggregation tools allow you to look across multiple institutions all in one place.
When you work with a dedicated financial advisor through Ally Invest Personal Advice, you can access aggregation tools, as well as the expertise and guidance of a fiduciary (i.e., someone who’s obligated to act in your best interest).
An aggregation tool allows you to see all of your accounts and assets in one place, so you can more effectively plan for and manage your financial goals.
Seamlessly balance multiple accounts
As you amass savings, debts, property and so many other pieces of your complex financial puzzle, it can be easy to forget about your ultimate goals. If you’re working with a financial advisor, they’ll guide you through making informed decisions based on those goals — or if an emergency ever pops up.
Aggregation can also help in balancing investment risk by helping you find potential gaps in your full portfolio. For example, if you’re taking a conservative approach in your 401(k), you may be willing to take on more risk in your other investment accounts.
Empower yourself with aggregation
Compiling your financial data in one central place is the first step in assessing your financial needs and pursuing your goals. The meaningful insights you glean from an aggregation platform can help you make informed investment decisions based on your own data.
Working with an Ally Invest dedicated advisor can get you access to aggregation tools and ultimately, help you gain a more realistic understanding of your entire financial situation, enabling you to set feasible goals and assess your needs holistically.
