Morgan Stanley
Wealth Management

Help Simplify Your Life through Financial Consolidation

Jul 12, 2024

Suffering from “account sprawl” because you have accounts with many different financial institutions? New options can help.

Key Takeaways

  • “Account sprawl” occurs when you have accounts spread over so many financial institutions that it becomes difficult to keep track of your money.
  • Consolidating financial accounts with one provider can both help you meet both long term investment goals and make it easier to manage day-to-day cash needs.
  • Morgan Stanley offers several tools that can make it easier to get a holistic view of your finances and make smarter decisions about your money. 

Many of us have been here: You try to log in to your checking, savings or retirement account and after entering your username or password incorrectly multiple times, you realize the account you really wanted to access is at a different financial institution and another website—which you then visit with another set of username/password issues.

 

Or maybe this one: You're thinking about buying a new boat or car but you're not sure if you should buy it outright, or just provide a down payment. But how much money can you actually lay out right now?

 

These are typical problems for many people. Over time you’ve accumulated several accounts and now it’s become difficult to keep track of the location of all your assets are.

Find a Financial Advisor, Branch and Private Wealth Advisor near you. 

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The Issue of “Account Sprawl”

Many people find that their financial accounts end up spread too thin because they're using one brokerage firm for investments, another for retirement savings and a traditional bank for day-to-day finances. Having an array of accounts can make it hard to get a clear picture of your actual net worth.

 

Managing numerous financial streams and expenses can be complex and hinder your ability to effectively track cash flow. Pruning your financial accounts with one provider, on the other hand, can make it easier to both meet your long-term investment goals while also meeting your day-to-day cash management needs.

The Ease of Accounts Under One Roof

Consider consolidating your financial assets at the brokerage firm where your long-term investments are held. For example, in addition to offering comprehensive investment advice and long-term goals planning, Morgan Stanley also offers CashPlus Brokerage Account, a cash management-focused brokerage account that allows you to manage all your finances in one seamless digital experience.

 

CashPlus provides two account options – Premier CashPlus and Platinum CashPlus. Benefits include the Morgan Stanley Debit Card with Unlimited ATM Fee Rebates Worldwide1 as well as complimentary Identity and Credit Protection from Experian. There are no cash advance fees2 and no foreign transaction fees. CashPlus account holders can opt for Insufficient Funds Coverage,3 which can be helpful if you inadvertently dip below your balance. Clients with the Platinum CashPlus account can be eligible to receive an Annual Engagement Bonus.

 

In addition to the knowledge, flexibility and convenience of having your finances and investments managed under one roof, the benefits of consolidation may also extend to simplifying your taxes and making it easier if you move or when you're traveling.

A Complete View of Your Wealth

If you prefer to maintain accounts with different firms, having a comprehensive view of your finances can still help you stay on course toward achieving your financial goals. Online tools can help. For example, with Morgan Stanley Total Wealth View, you can link your external accounts to see a complete financial picture in one place.

 

Other tools on Morgan Stanley Online and the Morgan Stanley Mobile App can help you pay bills, transfer funds electronically, track your spending and create a budget. Whether you’re at home or away, you’re able to check your accounts and securely access important documents.

 

But perhaps the most important service offered to clients is access to a Financial Advisor, who can help you consolidate your assets, provide advice toward managing them and make sure you have a handle on your cash flow.  

 

To learn more about CashPlus and Total Wealth View, contact your Morgan Stanley team today. If you don’t have a Morgan Stanley Financial Advisor, find one near you using the locator below.

Find a Financial Advisor, Branch and Private Wealth Advisor near you. 

Check the background of Our Firm and Investment Professionals on FINRA's Broker/Check.

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Footnotes:

1 Reserved and CashPlus clients are eligible for unlimited global ATM fee rebates. All other clients are eligible for up to $200 in annual global ATM fee rebates.

2 While Morgan Stanley does not charge for this service, some banks may charge a fee that is either a fixed amount or a percentage of the withdrawal.

3 There is no cost for this feature; however, interest charges may apply if funds are transferred from available margin in your Active Assets Account (AAA) or from your Liquidity Access Line (LAL). (LAL terms and conditions apply.)

Disclosures:

The CashPlus Account is a brokerage account offered through Morgan Stanley Smith Barney LLC. Conditions and restrictions apply. Please refer to the CashPlus Account Disclosure Statement for further details at https://www.morganstanley.com/wealth-disclosures/cashplusaccountdisclosurestatement.pdf

The Morgan Stanley Debit Card is issued by Morgan Stanley Private Bank, National Association pursuant to a license from Mastercard International Incorporated. Mastercard and Maestro are registered trademarks of Mastercard International Incorporated. The third-party trademarks and service marks contained herein are the property of their respective owners. Investments and services offered through Morgan Stanley Smith Barney LLC, Member SIPC.

Information related to your external accounts is provided for informational purposes only. It is provided by third parties, including the financial institutions where your external accounts are held. Morgan Stanley does not verify that the information is accurate and makes no representation or warranty as to its accuracy, timeliness, or completeness. Additional information about the features and services offered through Asset Aggregation are available on the Asset Aggregation site on Morgan Stanley Online and also in the Asset Aggregation Terms and Conditions of Use. 

The Morgan Stanley Mobile App is currently available for iPhone® and iPad® from the App StoreSM and AndroidTM on Google PlayTM. Standard messaging and data rates from your provider may apply.  Subject to device connectivity.

Payments arrive to the payee within 1-2 business days. Check payments arrive to the payee within 5 business days. Same-day and overnight payments are available for an additional fee within the Electronic available payment timeframes.

Platinum CashPlus clients are eligible for the Annual Engagement Bonus (the “Bonus”) if they 1) are the Basic Card Member (primary account holder) of the Platinum Card® from American Express Exclusively for Morgan Stanley (the “Card”); or 2) spend at least $100,000 during the calendar year across Morgan Stanley Debit Cards associated with Platinum CashPlus Accounts in their ALG (the “Debit Card Use Threshold”) .

Basic Card Members who apply for, and are approved for, the Card on or after July 1, 2021 will be eligible to receive a Bonus of $695. Basic Card Members with Card Account opening anniversary months taking place through December 31, 2021 will be eligible to receive a Bonus of $550. Effective January 1, 2022, all Basic Card Members will be eligible for the $695 Bonus, which will be paid starting February 1, 2022. Clients who qualify for the Bonus by meeting the Debit Card Use Threshold are eligible to receive the $695 Bonus, which is typically paid in January of the following calendar year.

Each ALG is eligible for one bonus per calendar year. Each client is only eligible for one bonus per calendar year. For more information please refer to the CashPlus Account Disclosure Statement at https://www.morganstanley.com/wealth-disclosures/cashplusaccountdisclosurestatement.pdfpd.

Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.

Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

© 2024 Morgan Stanley Smith Barney LLC. Member SIPC. All rights reserved.

CRC# 3648838  (07/2024)

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