When you have multiple accounts, it can be more difficult to understand how much money you have and where it is.Over time, you may even lose track of some older accounts.
Having money in multiple accounts with different funds does not necessarily make your portfolio more diversified.In fact, it may make it harder to see your holdings, and may actually conceal very similar investments in various accounts.Even if you are doing the 401k yourself, it is likely less expensive and more functional to combine them. You could certainly rollover your Guidestone account to your current 401k. The point I would like to make is that it is important to know why you are looking to consolidate your “old” 401(k)’s.If it is simply for convenience, then you may be limiting some potential financial benefits now and in the future.Consolidating your accounts can save time by reducing the number of accounts you have and need to track.
It also may allow your financial advisor to provide you with broader services and easily integrate your retirement accounts with a financial plan.Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. If they are all retirement accounts, such as 401k, 403b, IRA, etc.that can be rolled over into an IRA, it is probably a good idea to consolidate them into one account.Ameriprise Financial Services Inc., and its affiliates do not offer tax or legal advice.