When most HENRYs (High Earners, Not Rich Yet) first come to us, their investments are spread across many accounts at multiple companies. They might have old 401(k), IRA and brokerage accounts they set up years ago. They often just receive a hard-to-read account statement each quarter, sometimes still on paper. They typically do not have a good sense of whether their investments are set up appropriately to reach their goals, which can be a source of anxiety.
As part of the financial planning process we go through with our clients, we clean up their accounts, often consolidating them into a smaller number of accounts. We also line up their accounts with their goals in a tax-efficient manner.
Last month, we rolled out our new mobile-friendly client portal. As we have been going through it with each client, we often see a dramatic moment as they realize that all of their accounts are now linked and they now have the ability to address their questions quickly and easily.