If you spend a lot of time and effort reviewing numerous bank, brokerage and mutual fund account statements each month, you may want to consider placing your assets in a central assets account that gives you one consolidated statement.
A central assets account can help you gain greater control over your finances and simplify your administrative chores.
Different brokerage firms offer various extra features as part of their central assets account packages.
Most central assets accounts offer a daily sweep for balances of $ 1,000 or more, or a weekly sweep for balances of $1 or more.
Fees for central assets accounts tend to be competitive with, or possibly lower than, fees charged by banks for services such as credit cards, checking accounts and safe-deposit boxes.
One way to help oversee your company's financial activities is through a central assets account.
The securities in the central assets account serve as collateral.
Says Dean Witter Reynolds account executive Pierre Dunagan, a central assets account is worthwhile if you maintain multiple relationships with banks or other financial service firms or if you keep money in low-yielding bank accounts.
While a central assets account makes it easier to maintain a basic recording system, it's no substitute for a detailed accounting system, mainly because it deals just with the disbursement side of the business," says Robyn T.