We’ve all heard the phrase: “Don’t put all your eggs in one basket.” In the world of investing, it’s solid advice.

Unfortunately, some people misinterpret this wisdom. They spread money across multiple financial institutions, working with several financial advisors.

But this creates some drawbacks. You may be paying more in fees. Managing the paperwork could get complicated. And working with multiple financial advisors may result in conflicting investment strategies. Without a comprehensive view of your portfolio, each financial advisor may recommend investments that don’t work well together.

Diversification does matter. While consolidating accounts makes sense, diversifying your actual investments remains crucial. You’ll want a balanced mix of stocks and bonds appropriate for your age

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