Multi-Account Portfolio Management
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)
What You'll Learn
By the end of this workflow, you'll be able to:
✅ View all your accounts as one unified portfolio
✅ Calculate your true overall asset allocation across accounts
✅ Coordinate contributions and rebalancing across multiple accounts
✅ Track performance holistically (not just individual accounts)
✅ Avoid unintentional concentration or duplication
✅ Simplify complex multi-account situations
✅ Maintain optimal asset location while keeping balance
Why Multi-Account Management Matters
The Common Scenario
Typical investor has 5-8 accounts:
Employer 401(k) (current job) - $120,000
Old 401(k) (previous job) - $45,000
Traditional IRA (rollover from old job) - $30,000
Roth IRA (personal contributions) - $25,000
Taxable Brokerage (Robinhood) - $35,000
HSA (Health Savings Account) - $8,000
Spouse's 401(k) - $90,000
Joint Taxable Account - $50,000
Total: $403,000 across 8 accounts!
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
Step 1: Inventory All Accounts
Create Your Account Master List
Use a spreadsheet (Google Sheets recommended):
John 401(k)
Fidelity
Traditional 401(k)
$120,000
29.8%
fidelity.com
Jane 401(k)
Vanguard
Traditional 401(k)
$90,000
22.3%
vanguard.com
Old 401(k)
T. Rowe Price
Traditional 401(k)
$45,000
11.2%
troweprice.com
John Trad IRA
Schwab
Traditional IRA
$30,000
7.4%
schwab.com
John Roth IRA
Schwab
Roth IRA
$25,000
6.2%
schwab.com
Joint Brokerage
Robinhood
Taxable
$50,000
12.4%
robinhood.com
John Brokerage
Fidelity
Taxable
$35,000
8.7%
fidelity.com
John HSA
Fidelity
HSA
$8,000
2.0%
fidelity.com
TOTAL
$403,000
100%
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)
Step 2: Inventory All Holdings
Create Holdings Master List:
John 401(k)
Target Date 2055
Mixed
N/A
$120,000
100%
29.8%
Jane 401(k)
VTSAX
U.S. Stock
250
$63,000
70%
15.6%
Jane 401(k)
VBMFX
U.S. Bond
500
$27,000
30%
6.7%
Old 401(k)
Various
Mixed
N/A
$45,000
100%
11.2%
John Trad IRA
VTI
U.S. Stock
100
$22,000
73%
5.5%
John Trad IRA
BND
U.S. Bond
100
$8,000
27%
2.0%
John Roth IRA
VWO
EM Stock
500
$25,000
100%
6.2%
Joint Brokerage
VTI
U.S. Stock
150
$33,000
66%
8.2%
Joint Brokerage
VXUS
Intl Stock
100
$17,000
34%
4.2%
John Brokerage
AAPL
U.S. Stock
50
$10,000
28.6%
2.5%
John Brokerage
MSFT
U.S. Stock
25
$10,000
28.6%
2.5%
John Brokerage
NVDA
U.S. Stock
10
$15,000
42.9%
3.7%
John HSA
VTI
U.S. Stock
30
$6,600
82.5%
1.6%
John HSA
BND
U.S. Bond
15
$1,400
17.5%
0.3%
Note: This is detailed! But necessary to understand your TRUE holdings.
Step 3: Calculate True Asset Allocation
Consolidate by asset class:
U.S. Stocks
$279,600
69.4%
International Stocks
$17,000
4.2%
Emerging Markets
$25,000
6.2%
Bonds
$36,400
9.0%
Target Date Funds (mix)
$45,000
11.2%
TOTAL
$403,000
100%
Breakdown target date fund (assumed 80% stocks, 20% bonds):
Stocks from TDF: $36,000 (80% of $45k)
Bonds from TDF: $9,000 (20% of $45k)
TRUE allocation:
Total Stocks: $279.6k + $17k + $25k + $36k = $357,600 = 88.7%
Total Bonds: $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!
Step 4: Set Target Allocation
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:
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)
Step 5: Coordinate Rebalancing Across Accounts
The Smart Rebalancing Strategy
Rules:
Prioritize tax-advantaged accounts (no tax consequences)
Maintain optimal asset location (bonds in IRA, stocks in taxable)
Use new contributions first (before selling)
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: $60k U.S. stocks, $25k bonds, $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: $45k 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 ($30,000 Trad + $45,000 rollover = $75,000 total after rollover):
Action: Allocate to bonds (tax-inefficient asset)
Current: $22k stocks, $8k bonds
New: $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: $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:
John 401(k)
50% US, 17% Intl, 12% EM, 21% Bonds
$120,000
Broad diversification
Jane 401(k)
50% US Stocks, 50% Bonds
$90,000
Balanced
John Trad IRA
100% Bonds
$75,000
Tax-inefficient bonds shielded
John Roth IRA
100% EM
$25,000
Highest growth, tax-free
Joint Brokerage
71% VTI, 29% VXUS
$50,000
Tax-efficient stocks
John Brokerage
71% VTI, 29% VXUS
$35,000
Tax-efficient stocks
John HSA
82.5% Stocks, 17.5% Bonds
$8,000
Aggressive (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!
Step 6: Manage Ongoing Contributions
The Contribution Strategy
Monthly contributions across accounts:
John 401(k)
$1,500 (+ $500 match)
$24,000
Jane 401(k)
$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:
Calculate current allocation
Identify underweight asset classes
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!)
Step 7: Simplify and Consolidate
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)
Step 8: Track Performance Holistically
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
Calculate True Portfolio Return
Formula:
Example:
Beginning of Year:
Total portfolio: $403,000
End of Year:
Total portfolio: $448,000
Contributions during year:
$66,200
Calculation:
Change: $448k - $403k = $45,000
Less contributions: $45k - $66.2k = -$21,200 (wait, negative?)
Actually: $448k = $403k + $66.2k (contributions) + return
Return = $448k - $403k - $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 - $403k - $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 - $403k - $66.2k = $20,800
Return = $20,800 / $403,000 = 5.2%
Use portfolio tracking tools to automate this:
Personal Capital (free)
Empower (free)
Kubera (paid)
Spreadsheet (manual but flexible)
Using Technology to Manage Multi-Account Portfolios
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:
Using Sage for Multi-Account Management
Portfolio-Wide Rebalancing Plan:
Contribution Coordination:
Common Multi-Account Mistakes
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)
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+/year on $100k (from fee reduction alone)
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)
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)
Success Checklist
By the end of this workflow, you should have:
🎉 Congratulations! You've unified your fragmented accounts into one coherent, optimized portfolio!
What's Next?
Now that you've mastered multi-account management:
Related Workflows:
Asset Location Optimization - Determine what goes where
Rebalancing Your Portfolio - Apply across accounts
Monthly Portfolio Review - Track all accounts
Tax-Loss Harvesting - Coordinate across accounts
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+)
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! 💰📊🎯
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