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Time: 60-90 minutes to set up + 30 min monthly review Cost: $0 Platform: Ape AI (askape.com) + Spreadsheet/tracking tool + All your brokerage accounts Best for: Investors with multiple accounts across different institutions Companion: Sage (for portfolio strategy) + Money (for account coordination)

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What You’ll Learn

By the end of this workflow, you’ll be able to:
  1. ✅ View all your accounts as one unified portfolio
  2. ✅ Calculate your true overall asset allocation across accounts
  3. ✅ Coordinate contributions and rebalancing across multiple accounts
  4. ✅ Track performance holistically (not just individual accounts)
  5. ✅ Avoid unintentional concentration or duplication
  6. ✅ Simplify complex multi-account situations
  7. ✅ Maintain optimal asset location while keeping balance

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Why Multi-Account Management Matters

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The Common Scenario

Typical investor has 5-8 accounts:
  1. Employer 401(k) (current job) - $120,000
  2. Old 401(k) (previous job) - $45,000
  3. Traditional IRA (rollover from old job) - $30,000
  4. Roth IRA (personal contributions) - $25,000
  5. Taxable Brokerage (Robinhood) - $35,000
  6. HSA (Health Savings Account) - $8,000
  7. Spouse’s 401(k) - $90,000
  8. Joint Taxable Account - $50,000
Total: $403,000 across 8 accounts!

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The Problems Without Unified Management

Problem #1: Don’t know your true allocation Example:
  • 401(k) is 60% stocks, 40% bonds
  • IRA is 80% stocks, 20% bonds
  • Taxable is 100% stocks
  • What’s your ACTUAL allocation?
  • Most people don’t know! (It’s ~73% stocks, 27% bonds)
Problem #2: Unintentional over-concentration Example:
  • 401(k): Heavy in tech (company match in company stock)
  • Roth IRA: Bought AAPL, MSFT, NVDA
  • Taxable: Bought QQQ (tech-heavy)
  • Actual exposure: 45% tech sector! (WAY too concentrated)
Problem #3: Missing rebalancing opportunities Example:
  • Stocks up 30% (now overweight overall)
  • But you rebalance each account individually to 60/40
  • Result: Still overweight stocks when viewed holistically
  • Missed opportunity to truly rebalance
Problem #4: Inefficient contributions Example:
  • Adding $1,000/month
  • Splitting equally across all accounts
  • Result: Small additions to many accounts, can’t buy full shares
  • Better: Concentrate contributions strategically

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Step 1: Inventory All Accounts

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Create Your Account Master List

Use a spreadsheet (Google Sheets recommended):
Account NameInstitutionAccount TypeCurrent Balance% of TotalLogin URL
John 401(k)FidelityTraditional 401(k)$120,00029.8%fidelity.com
Jane 401(k)VanguardTraditional 401(k)$90,00022.3%vanguard.com
Old 401(k)T. Rowe PriceTraditional 401(k)$45,00011.2%troweprice.com
John Trad IRASchwabTraditional IRA$30,0007.4%schwab.com
John Roth IRASchwabRoth IRA$25,0006.2%schwab.com
Joint BrokerageRobinhoodTaxable$50,00012.4%robinhood.com
John BrokerageFidelityTaxable$35,0008.7%fidelity.com
John HSAFidelityHSA$8,0002.0%fidelity.com
TOTAL$403,000100%
Include:
  • Account owner (John, Jane, Joint)
  • Institution
  • Account type (tax treatment)
  • Current balance
  • Percentage of total portfolio
  • Login info (for easy access)
Frequency: Update balances monthly (1st of month)

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Step 2: Inventory All Holdings

Create Holdings Master List:
AccountTickerAsset ClassShares/UnitsCurrent Value% of Account% of Total Portfolio
John 401(k)Target Date 2055MixedN/A$120,000100%29.8%
Jane 401(k)VTSAXU.S. Stock250$63,00070%15.6%
Jane 401(k)VBMFXU.S. Bond500$27,00030%6.7%
Old 401(k)VariousMixedN/A$45,000100%11.2%
John Trad IRAVTIU.S. Stock100$22,00073%5.5%
John Trad IRABNDU.S. Bond100$8,00027%2.0%
John Roth IRAVWOEM Stock500$25,000100%6.2%
Joint BrokerageVTIU.S. Stock150$33,00066%8.2%
Joint BrokerageVXUSIntl Stock100$17,00034%4.2%
John BrokerageAAPLU.S. Stock50$10,00028.6%2.5%
John BrokerageMSFTU.S. Stock25$10,00028.6%2.5%
John BrokerageNVDAU.S. Stock10$15,00042.9%3.7%
John HSAVTIU.S. Stock30$6,60082.5%1.6%
John HSABNDU.S. Bond15$1,40017.5%0.3%
Note: This is detailed! But necessary to understand your TRUE holdings.

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Step 3: Calculate True Asset Allocation

Consolidate by asset class:
Asset ClassTotal Value% of Portfolio
U.S. Stocks$279,60069.4%
International Stocks$17,0004.2%
Emerging Markets$25,0006.2%
Bonds$36,4009.0%
Target Date Funds (mix)$45,00011.2%
TOTAL$403,000100%
Breakdown target date fund (assumed 80% stocks, 20% bonds):
  • Stocks from TDF: 36,000(8036,000 (80% of 45k)
  • Bonds from TDF: 9,000(209,000 (20% of 45k)
TRUE allocation:
  • Total Stocks: 279.6k+279.6k + 17k + 25k+25k + 36k = $357,600 = 88.7%
  • Total Bonds: 36.4k+36.4k + 9k = $45,400 = 11.3%
Uh oh! You thought you were 60/40, but you’re actually 89/11! This is why unified tracking matters!

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Step 4: Set Target Allocation

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Determine Portfolio-Wide Targets

Based on your goals, age, risk tolerance: Example (Age 40, Moderate-Aggressive): Target Allocation:
  • 75% Stocks
    • 50% U.S. Stocks
    • 15% International Developed
    • 10% Emerging Markets
  • 25% Bonds
In dollars (on $403,000):
  • U.S. Stocks: $201,500 (50%)
  • International: $60,450 (15%)
  • Emerging Markets: $40,300 (10%)
  • Bonds: $100,750 (25%)
Compare to actual:
Asset ClassTargetActualDifference
U.S. Stocks$201,500 (50%)$279,600 (69.4%)+$78,100 (overweight!)
International$60,450 (15%)$17,000 (4.2%)-$43,450 (underweight!)
Emerging Markets$40,300 (10%)$25,000 (6.2%)-$15,300 (underweight!)
Bonds$100,750 (25%)$45,400 (11.3%)-$55,350 (underweight!)
Actions needed:
  • Sell $78k U.S. stocks
  • Buy $43k international stocks
  • Buy $15k emerging markets
  • Buy $55k bonds
But WHERE to make these trades? (See next section)

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Step 5: Coordinate Rebalancing Across Accounts

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The Smart Rebalancing Strategy

Rules:
  1. Prioritize tax-advantaged accounts (no tax consequences)
  2. Maintain optimal asset location (bonds in IRA, stocks in taxable)
  3. Use new contributions first (before selling)
  4. Minimize trades in taxable accounts (tax implications)
Example Rebalancing Plan: Current Status:
  • Need to reduce U.S. stocks by $78k
  • Need to add international by $43k
  • Need to add EM by $15k
  • Need to add bonds by $55k
Account-by-Account Strategy: John 401(k) ($120,000 - currently all target-date fund):
  • Action: Switch from target-date to individual funds
  • Sell target-date fund
  • Buy: 60kU.S.stocks,60k U.S. stocks, 25k bonds, 20kinternational,20k international, 15k EM
  • Why: 401k = tax-deferred, no taxes on this repositioning
Jane 401(k) ($90,000 - currently 70/30):
  • Action: Reduce U.S. stocks, add bonds
  • Sell $18k VTSAX
  • Buy $18k VBMFX (bonds)
  • New allocation: 45kstocks(5045k stocks (50%), 45k bonds (50%)
  • Why: 401k = tax-deferred, no taxes
Old 401(k) ($45,000 - currently mixed in TDF):
  • Action: Roll over to John’s Traditional IRA (consolidate accounts!)
  • Why: Fewer accounts to manage, better fund options
John Roth IRA ($25,000 - currently all EM):
  • Action: Keep as-is (EM appropriate for Roth - high growth potential)
  • Why: Maximize tax-free growth with highest-growth asset
IRAs (30,000Trad+30,000 Trad + 45,000 rollover = $75,000 total after rollover):
  • Action: Allocate to bonds (tax-inefficient asset)
  • Current: 22kstocks,22k stocks, 8k bonds
  • New: 0stocks,0 stocks, 75k bonds
  • Why: Bonds tax-inefficient, best in IRA
Taxable Accounts ($85,000 total):
  • Action: Maintain tax-efficient stocks
  • Sell individual stocks (AAPL, MSFT, NVDA) = $35k
  • Buy VTI and VXUS (index funds, more tax-efficient)
  • New: 60kVTI,60k VTI, 25k VXUS
  • Why: Index funds lower tax drag than individual stocks
HSA ($8,000):
  • Action: Keep current allocation (82.5% stocks, 17.5% bonds)
  • Why: HSA is triple tax-advantaged, invest aggressively
Final Allocation After Rebalancing:
AccountHoldingsValuePurpose
John 401(k)50% US, 17% Intl, 12% EM, 21% Bonds$120,000Broad diversification
Jane 401(k)50% US Stocks, 50% Bonds$90,000Balanced
John Trad IRA100% Bonds$75,000Tax-inefficient bonds shielded
John Roth IRA100% EM$25,000Highest growth, tax-free
Joint Brokerage71% VTI, 29% VXUS$50,000Tax-efficient stocks
John Brokerage71% VTI, 29% VXUS$35,000Tax-efficient stocks
John HSA82.5% Stocks, 17.5% Bonds$8,000Aggressive (long horizon)
Total Portfolio:
  • U.S. Stocks: ~$202k (50%) ✅
  • International: ~$60k (15%) ✅
  • EM: ~$40k (10%) ✅
  • Bonds: ~$101k (25%) ✅
Perfect 75/25 stocks/bonds with optimal asset location!

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Step 6: Manage Ongoing Contributions

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The Contribution Strategy

Monthly contributions across accounts:
AccountMonthly ContributionAnnual Contribution
John 401(k)1,500(+1,500 (+ 500 match)$24,000
Jane 401(k)1,200(+1,200 (+ 400 match)$19,200
John Roth IRA$583$7,000
Joint Brokerage$1,000$12,000
John HSA$333$4,000
TOTAL$5,016/month$66,200/year
Smart contribution approach: Instead of spreading equally, direct contributions strategically: Goal: Maintain 75/25 stocks/bonds while respecting asset location Quarterly Review:
  1. Calculate current allocation
  2. Identify underweight asset classes
  3. Direct next 3 months of contributions to underweight areas
Example: Q1 Check (March):
  • Stocks drifted to 78% (overweight by 3%)
  • Bonds at 22% (underweight by 3%)
Q2 Contribution Plan (April-June):
  • John 401(k): Direct to bonds (increase bond allocation)
  • Jane 401(k): Direct to bonds
  • Roth IRA: Continue EM (as planned)
  • Taxable: Skip new contributions (already overweight stocks)
  • HSA: Continue current allocation
Result: Drift corrected without selling (tax-free rebalancing!)

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Step 7: Simplify and Consolidate

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Account Consolidation Opportunities

Too many accounts = complexity Consolidation strategies: 1. Roll Old 401(k)s to IRA Benefits:
  • Fewer accounts to track
  • Better investment options (ETFs vs. limited 401k funds)
  • Lower fees (401k fees often 0.5-1%, IRAs can be 0%)
How:
  • Contact old 401(k) provider
  • Request “direct rollover” to IRA (avoids taxes)
  • Moves to Traditional IRA (tax treatment unchanged)
When NOT to roll over:
  • 401(k) has excellent low-cost funds (rare)
  • Need to access before 59.5 (401k allows at 55, IRA doesn’t)
  • Mega backdoor Roth strategy (keep 401k open)
2. Use One Primary Brokerage Instead of:
  • Robinhood for stocks
  • Fidelity for 401k
  • Schwab for IRA
  • Vanguard for Roth
Consolidate to:
  • Fidelity for everything (401k, IRA, Roth, taxable)
  • Benefit: One login, one dashboard, easier tracking
How:
  • Open accounts at chosen brokerage
  • Transfer positions (“ACAT transfer”) from other brokerages
  • Close old accounts
Best brokerages for consolidation:
  • Fidelity (excellent all-around)
  • Schwab (great if you bank with them)
  • Vanguard (best for Vanguard fund investors)
3. Combine Spouse IRAs (If Applicable) Can’t actually combine, but can simplify: Example:
  • John has Trad IRA at Schwab
  • Jane has Trad IRA at Fidelity
  • John has Roth IRA at Vanguard
  • Jane has Roth IRA at Fidelity
Simplified:
  • Both Trad IRAs at Fidelity
  • Both Roth IRAs at Fidelity
  • Result: 2 accounts instead of 4 (still separate ownership, but one platform)

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Step 8: Track Performance Holistically

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Don’t Judge Accounts Individually

Wrong thinking:
  • “My Roth IRA is up 15%, my 401k is only up 5%”
  • “Roth is better!”
Why it’s wrong:
  • Roth holds emerging markets (high growth, high volatility)
  • 401k holds bonds (low growth, stability)
  • Different purposes! Can’t compare.
Right thinking:
  • Total portfolio up 8%
  • Each account playing its role
  • Roth provides growth, 401k provides stability

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Calculate True Portfolio Return

Formula: 
Total Return = (Ending Value - Beginning Value - Contributions) / Beginning Value
Example: Beginning of Year:
  • Total portfolio: $403,000
End of Year:
  • Total portfolio: $448,000
Contributions during year:
  • $66,200
Calculation:
  • Change: 448k−448k - 403k = $45,000
  • Less contributions: 45k−45k - 66.2k = -$21,200 (wait, negative?)
  • Actually: 448k=448k = 403k + $66.2k (contributions) + return
  • Return = 448k−448k - 403k - 66.2k=−66.2k = -21.2k
Hmm, that’s a loss. Let me recalculate: Correct Calculation:
  • Ending value: $448,000
  • Beginning value: $403,000
  • Contributions: $66,200
  • Investment gains = 448k−448k - 403k - 66.2k=−66.2k = -21,200 (loss!)
Wait, that means:
  • Started with $403k
  • Added $66k
  • Should have $469k
  • Only have $448k
  • Lost $21k = -4.4% return
OR if it was a gain:
  • Ending value: $490,000 (example)
  • Beginning value: $403,000
  • Contributions: $66,200
  • Gains = 490k−490k - 403k - 66.2k=66.2k = 20,800
  • Return = 20,800/20,800 / 403,000 = 5.2%
Use portfolio tracking tools to automate this:
  • Personal Capital (free)
  • Empower (free)
  • Kubera (paid)
  • Spreadsheet (manual but flexible)

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Using Technology to Manage Multi-Account Portfolios

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Portfolio Aggregation Tools

1. Personal Capital (Free) Features:
  • Links all accounts automatically
  • Shows total allocation
  • Calculates overall return
  • Fee analyzer (finds high-fee funds)
Pros: Free, comprehensive, good dashboard Cons: Pushes wealth management services Best for: Most investors (free and powerful)
2. Kubera ($150/year) Features:
  • Portfolio tracking
  • Net worth tracking
  • Cryptocurrency tracking
  • Real estate, alternative assets
Pros: Clean interface, privacy-focused Cons: Paid ($150/year) Best for: High net worth ($500k+) or crypto investors
3. Spreadsheet (Google Sheets - Free) Build your own tracker: Template columns:
  • Account name
  • Asset class
  • Ticker
  • Shares
  • Price (use GOOGLEFINANCE function to auto-update)
  • Current value
  • % of account
  • % of total portfolio
Pros: Full control, customizable, no fees Cons: Manual effort, no automatic linking Best for: Spreadsheet enthusiasts, those who don’t trust third-party links Example formula: 
=GOOGLEFINANCE("VTI", "price") * [shares]

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Using Sage for Multi-Account Management

Portfolio-Wide Rebalancing Plan: 
Hey Sage, help me rebalance across my multiple accounts:

MY ACCOUNTS:
1. 401(k) at Fidelity: $120,000 (currently: 100% target-date 2055)
2. Roth IRA at Schwab: $25,000 (currently: 100% VWO)
3. Trad IRA at Schwab: $30,000 (currently: 73% VTI, 27% BND)
4. Taxable at Robinhood: $50,000 (currently: 60% VTI, 40% VXUS)

TOTAL: $225,000

MY TARGET ALLOCATION:
- 70% Stocks (U.S. 50%, International 15%, EM 5%)
- 30% Bonds

CONSTRAINTS:
- Want to maintain tax-efficient asset location
- Prefer not to sell in taxable (avoid taxes)
- Can trade freely in IRAs/401k

Can you recommend:
1. What should I hold in each account to hit targets?
2. Specific trades to make in each account
3. Dollar amounts for each holding
4. Any tax implications I should be aware of
Contribution Coordination: 
Hey Sage, I'm contributing $4,000/month across multiple accounts:

MONTHLY CONTRIBUTIONS:
- 401(k): $1,500
- Roth IRA: $583
- Taxable: $1,500
- HSA: $417

CURRENT ALLOCATION:
- 78% stocks (target: 75%)
- 22% bonds (target: 25%)

How should I direct my contributions over the next 3 months to rebalance back to 75/25 without selling anything?

Which accounts should get stocks vs. bonds to optimize?

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Common Multi-Account Mistakes

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Mistake #1: Rebalancing Each Account Independently

The Trap:
  • Rebalance 401k to 60/40
  • Rebalance IRA to 60/40
  • Rebalance taxable to 60/40
Why it’s wrong:
  • Ignores asset location optimization
  • Forces tax-inefficient assets into taxable
  • Miss opportunities to concentrate assets
The Fix:
  • View all accounts as ONE portfolio
  • Rebalance to target OVERALL
  • Maintain asset location (bonds in IRA, stocks in taxable)
  • Might mean 80/20 in one account, 40/60 in another (averages to 60/40)

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Mistake #2: Forgetting About Old 401(k)s

The Trap:
  • Leave old 401(k)s forgotten at previous employers
  • Don’t track them
  • They drift out of alignment
Why it’s wrong:
  • Old 401(k)s often have high fees (0.5-1%+)
  • Limited investment options
  • No longer contributing, so no reason to keep there
The Fix:
  • Roll over to IRA (better options, lower fees)
  • Or roll into current employer 401(k) (if allowed)
  • Consolidate and actively manage
Tax savings: 500+/yearon500+/year on 100k (from fee reduction alone)

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Mistake #3: Duplicating Holdings Across Accounts

The Trap:
  • 401(k): Holds VTI (total market)
  • IRA: Holds VTI
  • Taxable: Holds VTI
  • Roth: Holds VTI
Why it’s wrong:
  • You’re 100% in one fund! (Zero diversification)
  • Each account should have different purpose
  • Missing asset location benefits
The Fix:
  • Differentiate holdings by account:
    • 401(k): Bonds (tax-inefficient)
    • IRA: Bonds + REITs
    • Roth: EM/Small-cap (growth)
    • Taxable: VTI + VXUS (tax-efficient)

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Mistake #4: Not Communicating with Spouse

The Trap:
  • You manage your accounts your way
  • Spouse manages theirs differently
  • No coordination
Result:
  • Household allocation is unknown
  • Potential over-concentration
  • Inefficient asset location
The Fix:
  • Quarterly portfolio review TOGETHER
  • Treat all accounts as one household portfolio
  • Coordinate contributions and rebalancing
  • One person tracks everything (or use shared spreadsheet)

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Success Checklist

By the end of this workflow, you should have:
  • Created master list of all accounts (with balances)
  • Inventoried all holdings across all accounts
  • Calculated true portfolio-wide asset allocation
  • Identified drift from target allocation
  • Set target allocation for total portfolio
  • Designed account-specific holdings (respecting asset location)
  • Planned rebalancing trades across accounts
  • Consolidated unnecessary duplicate accounts
  • Set up contribution strategy (where to direct new money)
  • Implemented portfolio tracking system (tool or spreadsheet)
  • Scheduled quarterly portfolio review
  • Coordinated with spouse (if applicable)
🎉 Congratulations! You’ve unified your fragmented accounts into one coherent, optimized portfolio!

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What’s Next?

Now that you’ve mastered multi-account management:

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Continue Learning:

  • Use portfolio aggregation tools (Personal Capital, Empower)
  • Read “The Bogleheads’ Guide to the Three-Fund Portfolio”
  • Join r/Bogleheads (experts in multi-account management)
  • Consider fee-only financial advisor for complex situations ($1M+)

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Take Action:

  • This week: Create account inventory spreadsheet
  • This month: Calculate true allocation and identify drift
  • This quarter: Rebalance across accounts
  • Quarterly: Review and maintain coordination
Remember: Multiple accounts are fine (even beneficial for tax optimization), but you must manage them as ONE unified portfolio! “Simplicity is the ultimate sophistication.” — Leonardo da Vinci Simplify the complex! Your future self will thank you! 💰📊🎯